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.
Quality One, Cash Management
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 to 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.
Tip Two, Event Marketing
Event marketing is a huge industry that physically draws people in and gives them an actual experience. By hosting an event such as summertime sales, BOGOs, or even holiday sales. Draw people into the stores for the actual experience and create a customer relationship before they leave!
Point Three, Points of Purchase Incentives
Purchase incentives is a tricky business but if you think about it, rewarding your customer the moment they purchase is a useful tactic. By instantly rewarding for the amount they spend either money or on certain products your customers are more willing to spend their money with your company again.
Quality Four, Holiday & Year-End incentives
Offering incentives around the holiday season will bring more customers into your door and have them spend, spend, spend. Holiday incentives are perfect for gaining new customers because people will be watching and waiting for sales or money off. Not only do holiday incentives bring new customers in but they get returning customer talking. Offer what people are looking for and you will have higher sales and a greater sales funnel.
Rebate programs show the customer you are willing to give back. Offer these solutions so customers advocate for your brand and talk about your big deals. There are a few tricky options when developing your rebate program. First, make sure your customer can get their rebate instantly. Do not make them wait 2 months to get their money back. Secondly, offer rebates to be redeemed online. Therefore, your customer can access it from their mobile phone or laptop quickly and easily versus the mail-in option.
Number six, Referrals
Referrals are spreading the word about your brand or services. Offer referral incentives to catch those quality customers who actually do talk about your company and reward them for talking. This will incentivize them to keep talking and spreading good words.
Seven, Sales/Dealer Incentives
Lastly, we are discussing sales/dealer incentives. When you have other people selling your product to offer an incentive will often times make them push your product versus your competitor’s product. Offer a discount on merchandise or a chance to win some product that would help their company.
Incentives truly are the best way to get new customers, returning customers, and employees involved. Offer rewards such as rebate programs, prepaid debit cards, or consumer promotions to incentivize your customers and employees.
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