Businesses are continually seeking to find effective ways to acquire and keep customers. Both customer loyalty and acquisition are top goals for companies across the globe. A customer loyalty incentive program can help you meet both goals. Customer incentive programs create loyal brand advocates among your current clients and entice new customers to turn to you. How do you make sure your customers are engaging with your brand, and you are getting a solid return on your incentive program investment? One sure way is to make sure you consistently update your customer incentive programs and let your loyalty program shine. This can be done by simply updating your reward mix by adding new rewards or features. Customer incentive programs upgrades can include things like sweepstakes, points-based incentives, instant win games, or point of sale incentives. Each program should be tailored and branded for your company for maximum effectiveness, and rewards should be carefully selected to fit your consumers’ tastes and needs. With the right customer acquisition programs, customer incentive programs, loyalty rewards management technology, loyalty program platform, and excellent rewards incentives, you can increase your loyalty program ROI. Reward and prize incentive companies will tell you that some of the […]
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These are the Top Market Research Panel Incentive Program Essentials
Panel loyalty programs are an essential part of market research. These programs increase research firms’ panelist retention, panelist acquisition programs, and survey frequency, making them foundational in increasing the revenue and profitability of research firms. When implemented effectively, market research panel incentive programs can build brand advocacy and increase the lifetime value of the panelists. The four essentials when creating a successful panel loyalty program strategy, include objectives, support for the program, participant rewards, and measuring program success. There are several steps you will need to take while creating your company’s panel loyalty program. Evaluate what currently is and isn’t working with your promotions. Decide on the goals for your program. Consider your audience. Your program’s main focus should be to make your panelists happy and keep them “your” panelists. Your loyalty program platform, structure, and technology should support the experience of your panelists. When planning out your panel incentive initiative, you need to show upper management that you have a good business case for your plan, which should include accurate metrics. You must ensure your loyalty program’s value is clear to your key stakeholders. With a solid plan in place with clear financial objectives, your company’s decision-makers are more […]
Why Your Next Incentive Program Needs Virtual Rewards
The best sales incentive plans, rebate incentives, customer incentive programs, and health and wellness incentive programs will almost always offer some form of virtual rewards. An important consideration is the time-frame of a virtual reward. A virtual prize is an incentive reward that is awarded immediately as a reward for an action or an event undertaken by a participant and then delivered via a digital medium. Virtual rewards allow for instant gratification, which can increase the feelings of satisfaction from your participants. The effectiveness of your digital or virtual incentives depends on the nature of the virtual reward and how valuable it is perceived to be by participants. Virtual rewards come in many forms; some of the most common are: Virtual gift card rewards, visa virtual cards, instant win games, and sweepstakes entries. Virtual incentive rewards such as virtual visa prepaid card rewards. These are a solid choice for incentives as they are viewed as a cash equivalent by incentive program participants. Gift cards have many of the same benefits and are often viewed as a windfall, which allows them to spoil themselves instead of having to be responsible with their spending. Primary Benefits of Virtual Incentives: Sweepstakes and instant […]
Lack of Engagement is Killing Your Profitability
Lack of employee engagement is killing your business’s profitability. It sounds harsh, but it’s the truth. Don’t believe it? Take a look at the statistics. Gallup’s 2013 report on the state of the American workforce showed that companies with highly engaged employees had 22% higher profitability, 28% less theft, 48% fewer safety incidents, and 10% higher ratings from their customers. Those averages were even higher when looking at just Millennial workers. Additionally, when employees are engaged, they’re three times less likely to leave your company. This is another area where engagement will save money for your company. On average, it costs over $4000 to hire a new employee. Recognition plays a huge part in employee engagement. 74% of employees who receive daily recognition reported being very engaged in their jobs. The more often an employee receives recognition, the higher the level of engagement reported. The question is, what is the best way to engage your employees? One of the best, easiest, and most cost-effective ways you can engage your workforce is through incentive programs. A 2016 study by DCRStrategies reported that 79% of companies that have used employee incentive programs say that their incentive program resulted in achieving their established […]
