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. 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 […]
Tag: Prepaid Cards
The Truth About Initiating a Consumer Incentive Program
Roughly 12 million Americans used a prepaid debit card at least once a month and collectively loaded $65 billion to them. Prepaid cards can be an awesome tool for many different people. They are safer than cash and remove the threat of overdraft fees and bounced checks. According to a recent market research study, 96 percent of users of respondents said the cards were useful, and 94 percent would recommend a reloadable prepaid card to someone else. Prepaid cards are the top customer incentive of 2015. So what are some key points for developing a successful consumer incentive program? Read on for the top seven qualities in prepaid debit cards. Cash management is… just that! An option for managing your cash flow. This allows customers to put how much money they want to spend on the card before they go purchase. This makes spending easier for families to watch their budget and possibly manage to spend for young children. Other options allow consumers to earn points from specific products they purchase, such as gas, clothing, or possibly even groceries. Event marketing is a huge industry that physically draws people in and gives them an actual experience. By hosting an event […]
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 […]
What Does Research Say about PrePaid Cards vs. Cash?
Businesses are thinking of new ways to reel their customers in. It is highly evident that incentives and customer rewards play a huge role in retaining customers but which is better? Prepaid cards or cash? After we did our research, we noticed all of the reasons that prepaid is in and cash is out. Prepaid cards have become increasingly popular in the loyalty and incentive world, but what are the benefits of prepaid cards? Apart from being an easier and safe way of carrying money, prepaid cards are reloadable. Once a customer runs out of money on the card, they can add more online and not worry about hassling with cash. Prepaid cards are efficient budgeting tools. It is easier to keep your spending under control when you load how much you are willing to spend and when the amount is gone- it’s gone. It is impossible to overspend. This technique is perfect for parents wanting to teach their teens about budgeting and spending money. Because the system of prepaid cards is nearly all digital, ATM withdrawals and direct deposits are a definite must. It is fairly simple to get cash if you do need it for those street fair […]
Cash: Do You Really Need It? We Can Help You Decide
Do you remember that special birthday where you were given some cash inside a card you never read? Do you really remember who gave it to you? Would it be a fair guess that you would rather have had something other than THAT? Something where you knew they were thinking of you or at least trying to think of you. It just seemed like a last minute gift or a cop out? Maybe even “cheap”? It’s a well-known saying and cliché, “Cash is King”. We all love a roll of bills in our pocket or the check that arrives in the mail. We even get excited to receive that PIN number to activate a virtual prepaid card online. Why? Generally, it is because of instant gratification and has a known or expected quality. Yes, the check usually takes a few to several weeks to arrive. Yes, the virtual prepaid card cannot usually be used for fuel, paying bills, or in the grocery store, but it’s there for other things. So why, in today’s world where most loyalty programs based on cash incentives, are they struggling to keep their end-users engaged and performing? One word: emotions. Just like the introduction above, […]