How to Personalize Incentives for Consumers
We’ve learned a lot about incentives for customers over the past few years. But most importantly, we’ve learned about the importance of personalized marketing—specifically personalized rewards. According to a 2016 customer loyalty study, 56 percent of consumers say that personalized incentives increase their chances of considering a company over a competitor. Interestingly, Millennials feel that personalization is even more important to them. 85 percent of Millennials say that they are more likely to purchase a product if it is personalized to meet their interests, wants, and needs.
Additionally, personalized incentives help to create repeat customers. According to a November 2016 loyalty study by Nielson, 77 percent of loyalty program members say that they enjoy when a company uses their purchasing history to offer them personalized bonuses and rewards. And corporations and for-profits aren’t the only companies that need to focus on creating customized rewards and experiences. An Abila donor loyalty study found that 74 percent of donors feel more engaged with a nonprofit when an organization personalizes their messaging. For example, personalized information includes using names, relevant information, and age appropriate material in all communications.
Personalize Your Incentives for Customers
Now that you understand the importance of offering your incentives for customers in the form of personalized rewards and communications, let’s dive in and discuss the personalization process. First, consider the different types of loyalty programs that are available.
Some of the largest companies charge loyalty members an annual fee to join their program. An annual fee will reward users , with things like free two-day shipping, unlimited photo storage, music, movies, and gift cards and more.
Once you figure out which types of rewards your consumers want to see, you can begin to create a loyalty program that best fits your business. Here are some tips to help you get started:
- Personalize your current customer loyalty program or create a new program
- Go above and beyond your competitors’ loyalty programs
- Offer digital rewards
Personalize Your Current Loyalty Program
The first step in personalizing incentives for consumers involves updating your current loyalty program. If you don’t already have a loyalty program, now is the time to create one. As we mentioned earlier, customers want to see personalized rewards, so it’s important that we figure out what it is that they want to receive from a company. To find out, gather information about your customer’s behaviors by collecting data and creating targeted marketing strategies.
Once you obtain this information about your top clients, you’ll know how to create relevant rewards. Occasional discounts and deals are great, but customers prefer memorable experiences over anything else. Give your clients the memories they crave by personalizing rewards based on the data you collect from them. Offer them a digital gift, a customer anniversary gift, or birthday gift.
Beat Your Competitors’ Rewards
Studies show that the average consumer is enrolled in more than thirteen loyalty programs, but only around six of them are actively used. Personalized rewards can help to keep customers engaged. Once you’ve gathered information about customer behavior, you need to segment the information based on consumer consumption and shopping activity. Next, make sure that the loyalty program can be accessed in a variety of ways. Make the redemption process as easy as possible, and eliminate any hassles.
In addition to offering outstanding customer service, high-quality products, and exciting rewards and incentives, you need to do bigger and better things than your competition. Reward your customers when they least expect it. For instance, you could surprise your customers with a free gift just because you value them. It doesn’t need to be a certain day of the year or a special celebration. Many loyalty programs allow customers to keep track of rewards points for receiving free gifts that they expect, but a nice surprise keeps shoppers engaged.
Offer Digital Rewards
In 2017, companies need to offer digital rewards in order acquire and retain customers. The most influential shoppers of today are the Millennials, and many Millennials depend on digital rewards and consumer incentives. Companies who do not have a digital presence risk losing valuable customers. This is where Mpell Promotions comes in. At Mpell Promotions, we offer exciting digital rewards, advertising gifts, promotions, incentives, rebates and rewards, coupons, gift cards, and customer loyalty program, all at affordable prices that fit in with your budget.
Mpell Promotions are the experts you need to help you personalize your incentive programs.