Employees will work harder to meet their annual goals if an incentive is attached, while customers will repeatedly return to your business if they earn rewards. But all reward systems aren’t built the same.
Your company needs to offer customers, employees, and other stakeholders the right mix of incentives in your gift card programs. Well-designed programs allow recipients to choose anything from a gift card to their favorite restaurant to a vacation at the destination of their choice.
In recent years, virtual incentives have become a must-have component of every incentive system. Let’s dive a bit deeper into what’s making them so popular.
Virtual rewards are really popular with incentives and rewards for users. And it’s easy to see why. Virtual incentives, like digital gift cards, can be used almost immediately and give a sense of instant gratification. Virtual rewards are emailed to the recipient as soon as they earn it through the All Digital Rewards instant redemption process. Digital reward programs operate similarly to gift cards because users can activate their gift online or by phone to use immediately.
The effectiveness of your digital or virtual incentives depends on the type of virtual reward and how much your participants value it. Virtual rewards can come in many forms; some of the most popular are instant win games, visa virtual cards, and sweepstakes entries.
Primary Benefits of Virtual Rewards:
Digital rewards, such as virtual visa prepaid cards, are an excellent choice for any incentive program as they are viewed as a cash equivalent by incentive program participants. Participants can use virtual prepaid cards anywhere they want rather than being restricted to purchasing products or services from a single vendor.
Gift card incentives, whether virtual or physical, are another popular choice. Gift cards have many of the same benefits as prepaid cards and are often viewed as windfalls, which allow participants to use them on themselves instead of feeling like they need to be responsible with their spending. People view gift card incentives like cash. They’re irresistible and can be used by anyone.
Gift card programs help build trust among participants through brand recognition. Some of the top gift card brands incentive program participants love to claim are Target, Amazon, Starbucks, Walmart, Sephora, and Chipotle.
Your program can take advantage of virtual or physical gift cards, but virtual gift cards have the added benefit of immediate redemption. This is an essential factor to consider since we are living in a world that values instant gratification.
Gift card programs can be used in a variety of ways, including channel sales, promoting employee health and wellness, sweepstakes, employee recognition, market research, and points-based programs. You can even use them to encourage happy customers to leave reviews for your business on sites such as Yelp or Google. They can also be used for personal references for when people tell their friends about your products and services.
If implemented correctly, gift card incentives can help increase your incentive program ROI. In fact, many modern reward platforms even allow program administrators to access insights into how their program is performing at any moment. For example, ADR’s RewardStack™ software offers users visibility into how each of their marketing campaigns is performing in real-time, enabling them to adjust their reward mix in response to trends in the data.
All Digital Rewards can help you select the right gift card and virtual incentives to reach your organization’s objectives. This will help encourage the behavior of your participants to achieve the results you want at a cost you can afford. Plus, your team can access critical insights into the performance of your program at a moment’s notice.
All Digital Rewards offers gift cards from more than 300 popular brands and stores. Participants in your company’s gift card program can use their card to get a new summer wardrobe, pick up a new smart home gadget, or get their morning coffee from Starbucks.
To learn more about All Digital Rewards’ offerings, call us today at 866-415-7703 or schedule a demo!
The Ezeprepaid™ Visa Prepaid Card and Ezeprepaid™ Visa Virtual Account are issued by The Bancorp Bank, N.A.; Member FDIC, pursuant to a license from Visa U.S.A. Inc. Purchase, acceptance or use of the card constitutes acceptance of the Cardholder Agreement and Virtual Accountholder Agreement. The Visa Virtual Account may be used for electronic commerce, mail order and/or telephone order transactions everywhere Visa debit cards are accepted. The Visa Prepaid Card may be used everywhere Visa debit cards are accepted. The Bancorp Bank, N.A. does not endorse or sponsor, and is not affiliated in any way with this offer.
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