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. 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. […]
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The Power of Incentives in Building Relationships
Building loyalty among customers, employees, and partners is essential to business success, now more than ever. Incentives can be used to inspire loyalty and influence behaviors. Whether it’s experiential rewards, rebates, merchandise, e-rewards, such as e-gift cards, sweepstakes entries, or virtual gift cards, the right rewards for the right program can make all the difference. When building relationships with your customers, incentives increase brand loyalty and the likelihood of referrals. Loyal customers are 68% more likely to share your brand or business on social media if offered a reward for referrals and word-of-mouth marketing is important, even in our digital age. Referrals are one of the biggest strengths of developing a customer relationship. Offering referral incentives can help you gain those quality customers who talk about your company and it rewards them for spreading your business name. Merkle’s annual Loyalty Barometer Report found that points-based rewards programs are the most popular type of incentive program among consumers. Points-based incentives, particularly with rewards marketplaces are an excellent way to inspire customers. 85% of consumers surveyed for the report said they would like to be able to select the benefits and rewards they receive. This makes it important for companies to select […]
Why eGift Cards are Making An Impact On Your Business
Incentive programs efficiently get new customers in the door and reach out to retain your loyal customers. There are roughly 2.5 billion loyalty memberships in the U.S. (Colloquy). Last year U.S. companies spent $76.9 billion on incentives and promotions, while $22.7 billion of that was spent solely on incentive and loyalty gift cards alone. It is safe to say that incentives work. However, when is the right time to implement an incentive rewards program into your marketing strategy for consumer promotions? Read on for the top incentive reward promotions. Incentives range from cards to rebates to giving physical gifts or even handing out cash. Incentives drive the customer to make a purchase, come in the store, or even share on social networking sites. Incentives drive company exposure, and that will drive your sales up. When thinking of incentives, virtual is typically better if your customers want immediate rewards and/or online fulfillment. Virtual rewards cost less and save time and confusion for the customer. Cash management is just that. Managing cash for the customer. When having an e-gift card, it is typically not reloadable. On the other hand, prepaid debit cards offer multiple options for putting more money on the card, thus, having […]
