HOW INCENTIVE PROMOTIONS DRIVE ROI IN A LOYALTY PROGRAM
Does your customer acquisition marketing campaign need a little boost? Something to liven it up and add some pizzazz and excitement to your current recruitment promotion. Or perhaps you need to notify your loyal advocates of a new product and refresh the idea of current programs into a campaign that’s been on-going for a long period. If any of these apply to you, then you will benefit from a short-term incentive promotion marketing program and drive higher ROI.
You may be asking how does a short-term loyalty program work. In the Market Research world, you perhaps have a good base of research participants but have just started to notice and drop off in participation. You discover that the rewards have become stale and redundant and panelists are in need of a nudge to engage or update profiles. The offering has not changed in months, and you are on a decline – you are losing your base! This would be a good time when an aggressive attempt to grow the respondent base is needed but how can you acquire new customers or engage past ones? Better yet, how can you keep the ones you already have happy and loyal? This is a perfect opportunity for a short-term reward program to flash some new incentive offerings and get the attention of your participants via direct mail, email and text messages. Get them back to your site, back to surveying with new content! You can also offer the same new items to current users so that they will stay loyal.
Additionally, promotions for sales are regularly used by established businesses when launching new products. Perhaps you find that your sales team needs more education on the products and the services they are representing. You may already have a marketing promotion program underway but find that a particular item might need to be highlighted in the middle of the program to make way for a new model or overstock of something that perhaps has been overlooked by sales. By overlapping on the current program with the same theme, you will find that you can easily inject a fresh promotion in an existing one. Of course, the program you want will need to be seamless from start to finish. This transition from inception to reward compensation is one that cannot be overstressed. In the world of social media, one bad review or comment can have devastating results and cause hours or months of public relations clean up. Keep new clients coming in but keep your current clients happy and loyal.
Short term promotions are meant to target the ultimate audience — current customers. But the same techniques can be used to recruit, engage and acquire new customers. Following are some of the key promotions used in consumer-oriented short-term marketing promotions.
When approaching your incentive program’s requirements you should ask which program will work best, what are my goals, who do I want to attract, how often will the awarding take place and, of course, what is the budgetary and legal restrictions? Do you have access to an incentive program management system to enable you to accurately analyze and run reports to effectively run your promotions? You could answer these questions yourself but then what will you do with the answers? All Digital Rewards will, not only help you to make sure you have asked all the right questions but ADR will make sure you can address all the right answers. ADR has been expertly assisting clients design, build, launch, and manage consumer, employee, and channel incentive reward programs.
For more information on driving RIO in a loyalty program with incentives promotions, call us now at 866-415-7703