E-Gift Codes and Your Incentive Program
Incentive programs drive behaviors and improve ROI. Incentive programs have become more popular every year and the options available are growing constantly. Whether for a health and wellness program, channel sales, employee recognition, loyalty, or something else, it’s worth considering upgrading your reward offerings. If you aren’t already offering them, prepaid cards and gift cards are a must-have, and these days you’ll want to make sure you consider whether you need virtual or physical cards for your program.
E-Gift Codes Vs. Physical Cards
Electronic gift cards, also known as e-gift cards, virtual gift cards, digital gift cards, mobile gift cards, and virtual prepaid cards, all refer to gift codes that are delivered using technology like email, SMS text, social media, and smartphone apps. Physical prepaid cards and gift cards are pretty much just like any other card you have in your wallet. Here are some considerations to review when considering whether or not to offer virtual cards.
When setting up an incentive program, costs are always a major concern. Offering codes and cards are wonderful incentives and tend to have excellent results. Codes are a lower cost option and it is simple to send to incentive program participants via email, text, or social media applications. Although it might seem like a minimal cost for each physical card, think how many cards you are sending out. The costs of cards can build up after a while, especially if you have hundreds of thousands of prepaid cards you are sending out.
2: Ease of fulfillment
Codes are quicker with receiving online, but they are also quicker with purchasing online. E-Gift codes need only be entered in a simple tab on your website for your customers to receive savings. With physical prepaid debit cards, the customer must wait to receive the actual card, then activate the card, then enter the numbers online. It’s a process that takes away from the customer experience. Simplify the process, receive happier customers.
Instant access is a priority. People are used to same-day pickup, instant access, two-day shipping, and many other forms of quick access to what they want. With a physical gift card waiting in the mail can be painful for impatient incentive program participants. Offering a gift code and having it sent out immediately can save you from becoming a source of annoyance for your participants. Within one to two minutes your participants will have their reward and remain invested in your program
4: Happy Participants
By satisfying your participants’ needs for instant gratification, you can focus more of your time on unique campaigns and promotions than on dealing with unhappy participants. Understand that your participant’s likes/dislikes will change throughout the years, but if you continue to offer relevant rewards, their loyalty won’t fade.
At the end of the day, you must choose an incentive program and rewards that work for your brand. Remember that people value honesty, transparency, and brands that strive for excellence.
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