With acquisition and engagement costs on the rise, along with shifts in managing privacy, there has never been a better time to invest in incentive program technology. Incentive program technology is the key to future-proofing the internal and external engagement initiatives of your business.
It’s not enough to rely on a decentralized one-off view of single application type incentive programs to manage programs such as employee recognition,health and wellness,sales incentives, channel, and consumer promotions. to drive brand revenue, engagement, growth, and longevity companies look to advanced Platform technology developed on the foundation of security standards that can build and engage an internal and external participant base.
Loyalty is key
A loyalty and incentive programs are the ideal relationship-building tool to overcome these monumental changes because it provides a clear value exchange for participants.
Acquisition costs on the rise
Customer acquisition costs (CAC) increased over 60% in the past six years and showed no signs of slowing. Because programs have moved primarily online to interact with participants – participants notice when technology, convenience, or delays affect their experiences.
Organizations can combat rising costs by focusing on retention.
Benefits from an enterprise-level reward incentive program can include higher participant engagement, better insights, increased operational efficiencies, lower incentive costs, customer profitability, richer data, and more. A successful retention strategy needs to consider how incentives help build a journey of emotional loyalty.
Retention is not just a customer initiative. Incentive programs are vital and the secret sauce to future-proofing a brand. Organizations need to rely on internal health and wellness, sales incentive, and employee recognition programs to keep the internal teams contributing, productive, happy and staying put.
Loyalty and incentive programs provide deep insights into behavioral attributes, product interests, engagement history, and purchase behavior that cookies could previously offer.
It has never been more critical to engage the services of a loyalty and incentive technology provider that understands data controls for loyalty and incentive programs and regulations that can influence the engagement journey of employees, members, and customers.