Building loyalty with 5% more customers would lead to an increased average profit per customer of between 25% and 100% (The Loyalty Effect). Rewards and recognition are the tools to build that customer (and employee) loyalty. “Fully engaged” customers (those with a strong attachment to the brand or brand ambassadors) deliver a 23% premium over the average customer in market share of wallet, profitability, and revenue (Cap Gemini). Now, all of this is wonderful information. But, where do you bring this into play? How does your brand build customer loyalty with rewards and recognition? Read on for the 6 types of successful rewards and recognition using prepaid debit cards.
1: Holiday & Year-End Gifts:
Firstly, let’s discuss the successful use of prepaid cards in brand holiday buying. Oftentimes, you can’t walk into a store without them stating, “Sign up for our card today and save 40% on your purchase!” Although this tactic is used across the board, it typically works. People are willing to come into the store and purchase more for their money-especially if they can save on their year-end gifts.
Next, there are multiple options for establishing rebate programs or even refunds options for coupons or membership qualities from that branded prepaid debit card. Brands use prepaid cards for cents off gas, groceries, and added percentages off those pesky prices. Integrate rebate programs to involve the customer with your brand. You may want to include a social media requirement for an automatic brand referral to all of the customer’s followers or friends. We always say be proactive and creative.
3: Service Anniversaries
A typical recognition promotion, service anniversaries take note of your customers (or employees) who have been with you for years! Take note of the time and money each person has invested in your brand and give back based on those years. For example, offer a coupon for years one, three, and five. While possibly giving a percentage for years two, four, and six. Percentages off final costs are a great way to give back to your loyal customers.
4: Wellness Incentives
Wellness incentives add positive morale and reflection upon your company and are also highly popular. Consumers are health conscientious and will spend their money where they can save on health products and gym memberships. Offer a cashback promotion with your prepaid debit card, and you will be sure to bring in bigger sale numbers.
The security of consumers is one of your top priorities. If your card is not safe, do not expect users to refer your brand or to continue to spend money with your company! Show compassion and be 100% positive that your customer’s information is safe and secure with your business.
6: Employee referrals
Recommendations and referrals are always a high-quality promotion tool. However, when coming from employees about promotional prepaid debit cards, customers can’t seem to get more involved! It is estimated that consumers have 22 separate loyalty rewards programs and prepaid debit cards in one household in 2015. Reach out and build your customer base and prepaid debit card base through employee referrals.
By rewarding and recognizing your loyal customers, you are fulfilling the consumer’s expectations for a quality brand. Thus, developing a customer-brand relationship. Let ADR help you design a recognition program that works and sets your company apart with Inventory Simplification and fulfill your next incentive promotion.
For more information, call us at 866-415-7703.