What Makes a Quality Incentive Program in 2017?
Quality incentive programs help retain customers, boost acquisition, and increase conversions. But in order to get customers excited about a loyalty program, companies need to keep their customers engaged and offer personalized consumer incentives that reflect customer behavior. In 2017, a quality incentive program needs to include three things: appropriately-delivered rewards, digital rewards, and instant gratification. We all know having a digital presence is absolutely mandatory. Without a digital presence, companies won’t be able to achieve these three requirements.
Now that you understand the importance of digital rewards and having a digital presence, you may wonder why you can’t just deliver all your rewards online to make things easier for you to manage. Unfortunately, this is where many companies go wrong. The key to creating a quality consumer incentive program is offering rewards that can be redeemed in a multitude of ways. While one client may rely on the internet and smartphones for everything, others may not own a smartphone or may prefer to receive a reward in the mail or in the form of an instant-redeemable coupon.
The key is getting to know each of your clients personally to find out what their preferences are. And most importantly, you need to deliver rewards in a timely manner. If you say that the reward will be mailed to a customer within two weeks, make sure it gets there by then. If you say that the reward code will instantly be sent to them via text, make sure it happens.
Digital Rewards That Increase Conversion
Digital rewards are a necessity in 2017. Unless a consumer doesn’t use the internet, deliver your rewards and consumer incentives online or through email. Use email to send reward pin numbers, scannable coupons, and more. Email allows you to send a reward much more quickly than by mail, which is important when achieving the third incentive program goal of instant gratification.
Plus, digital rewards help to boost conversion rates. Often times, digital rewards encourage consumers to complete a task on your website. For example, a digital reward may give the customer access to a 15 percent off coupon code for all online orders or free shipping for orders over $25. However, the customer needs to visit your website to complete this task. When they’re on the website, they’ll likely click around and see what else is offered. If they don’t, they’ll likely come back again in the future if they had a good experience.
According to Lemonstand, 50 percent of customers only complete a purchase when an offer or promotion is involved. For shoppers under the age of 45, the number rises to 60 percent. As you can see, promotions (especially online promotions) are a smart move for your growing your business.
In 2017, consumers don’t like waiting. Thanks to advancements in technology that have allowed people to do things faster and more efficiently than ever, so who wants to wait around for a mail-in rebate to arrive or to receive a coupon in the mail. With a digital presence companies can expedite their marketing efforts in several different ways:
- If you can deliver products and services faster than your competition, announce it for all to hear. Use this at your advantage to put you ahead of your competition. For example, fast shipping puts Amazon Prime’s loyalty program way ahead of their competition. These days, nobody wants to head to the store in the middle of winter or wait one week for an item to arrive when they can order an item instantly online.
- Offer 24/7 email communication and live customer service chats.
- Give your customers faster shipping options. Offer same-day shipping, if possible.
- Make sure your website provides as much product information as possible. Include product photos, specs, shipping information, and customer reviews.
- Offer customers an instant freebie immediately after they place an order. Instant freebies could include a free digital music download, free movie, eBook, how-to guide, or coupon code for their next purchase.
Mpell Promotions offers customized consumer incentive programs —all at exceptional prices that get you the biggest return on investment. Contact us today to learn more about our services.