In today’s increasingly digital world, managers of incentive programs must find ways to provide rewards that meet and exceed the expectations of their participants. Skilled incentive program managers and rewards companies are always searching for more meaningful incentives for their program participants. Digital rewards can be a critical component of B2B, B2C, B2B2C, employee incentive, wellness reward programs, and more. But what makes a powerful rewards program? Here are a few best practices. A study from the Incentive Research Foundation (IRF) found that top-performing technology companies prioritized the following features when designing an incentive plan: Prepaid digital reward solutions make it easy to build and operate programs that embody all of those characteristics. Gift card options were a favorite form of reward among companies featured in the study. Fortunately, companies don’t need to decide on the reward mix on their own and purchase them on an ad hoc business. Both gift card and digital prepaid card rewards can be provided by a reward supply company. Once a company chooses a provider for their incentive program, the rewards can be seamlessly integrated into a rewards marketplace as easy-to-redeem virtual gift cards and custom prepaid debit cards. Participants will be happy prepaid […]
Tag: virtual rewards
Are E-Gift Codes What is Missing From Your Incentive Program?
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. […]
Incentives In a Changing World
The world is changing, and with it, the way we conduct business is changing as well. Companies are seeking new methods of customer acquisition. Employee recognition ideas are a high priority. Sales incentives are becoming more common as part of channel marketing strategy. Virtual incentive options are being sought out. You can spend thousands on advertising, but that doesn’t guarantee customer acquisition. You can experiment with both new and existing models to retain employees. You can look into new ways to increase sales from your direct channel marketing. All of these are reasonable ideas, but you could say yourself some time and money and use a strategy that works: Incentives. As we go forward in the years to come, incentives are going to continue to be an essential part of daily operations for businesses in nearly every industry. If your company is needing a change, and you have the budget and organizational support to execute, it may be time to either start an incentive program or upgrade your existing program. One of the biggest challenges facing businesses is choosing the right rewards and technology to manage their incentive programs. Incentive programs, whether sale incentive programs, employee recognition incentive program, customer […]
Why You Need Virtual Incentives For Your Rewards Program
Virtual rewards are a fantastic, bordering on necessary, incentive for any rewards program. Why do virtual visa prepaid cards, digital gift card rewards, e-code redemptions, and other virtual rewards continue to dominate incentive rewards programs? Because whether they’re used for sales incentives, customer incentives, health and wellness, market research programs, or something else altogether, they meet a vital participant need: immediacy. Benefits of Virtual Incentives: Instantly issued participants Can’t be lost in the mail Easy for your participants to use No production cost Participants in your consumer incentives programs, channel partner incentive programs, or sales incentive plans all have one thing in common. None of them want to wait to be rewarded. With merchandise, bulk visa prepaid cards, or checks, your incentive program participants will have to wait, sometimes for weeks, from the time they redeem their reward to the time they receive it. Virtual gift card incentives and visa virtual cards don’t have that problem. When considering market research, consumer, or sales incentive program ideas, think about your demographics. Are virtual incentives a good fit for them? If so, look at your options. To properly offer virtual incentives for your points-based loyalty programs, sale incentive programs, customer incentive programs, […]
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 […]
The Effectiveness of Gift Cards As Incentives
Gift cards are commonly found in incentive marketplaces, but how effective are they really? In the Incentive Research Foundation’s fall 2019 issue of their quarterly academic review, they reviewed the effectiveness of gift cards in incentive programs. Gift cards are one of the best representations of non-cash Rewards, and carry all of the benefits typically associated with such incentives. Well-designed incentive programs will almost always offer some type of gift card or prepaid card, such as a VISA virtual card, in their reward offerings selection. Every type of incentive rewards provider, whether they be instant win game providers, market research incentive program managers, reward management technology providers, or digital reward providers, will offer and potentially recommend gift cards. As with most incentive programs, gift cards can encourage positive behaviors and better workplace outcomes. When looking at sales incentive program ideas, consumer reward program ideas, or ideas for other types of incentive programs, gift cards will almost always be listed as a recommendation. Gift cards are a fantastic choice for almost any type of incentive program. The IRF quarterly academic review found that people tend to mentally think of gift cards as “fun money”, rather than money that has to be […]
Choose The Dine and Go™ Prepaid Card For Your Incentive Program
Choosing the right rewards for your incentive programs are one of the most important steps in creating an incentive program. With a strong knowledge of behavioral economics and understanding matching up relevant incentives to drive behavior, we can identify and define demographics and choose the right rewards and incentives. Whether it’s a program focusing on health and wellness program, customer acquisition programs, channel sales incentive plans, rebates, employee recognition, or customer loyalty, it has been shown consistently that cash-equivalents are a favorite among incentive programparticipants. Our research has shown that Millennials (Generation Y) and New Silent (Generation Z) participants are looking for dining and entertainment reward card incentives that will support the local establishment in the communities they live in. All Digital Rewards created the Dine and Go™ Visa® Reward Card to do just that. Participants can now use this custom card incentive program at their local restaurants, bars and entertainment. Gone are the days of having to issue big box restaurant gift cards. Reward cards are wonderful brand awareness and customer acquisition tools and known revenue generators. These cards are popular because of their ease of use, perceived value, and universal acceptance. Additionally, incentive programs that use prepaid cards […]
