The majority of loyalty programs are not offering a complete set of rewards that could be exciting and make loyal members eager for them!
In the reality of 2016 your customer needs a full range of reward options, not only instant rewards. Our #1 post from series ”Customer loyalty in 2016” will give you some good examples of rewards that will make your customers feel unique and happy.
More personal rewards
Nowadays and more than ever, consumers want to be recognized, communicated and rewarded based on their personal preferences and interests. Customized communication to your customer can generate satisfaction, retention and increased sales. A key challenge in this process is to collect customer data across multiple channel. We know it sounds difficult but QIVOS with its experience over the years can do this for you! Get a glimpse of our work here!
Not only cash rewards
People say that they prefer only cash rewards, but a study at the University of Chicago reveals different results. The study found that non-cash rewards are 24% better at motivating behavior. Think about it: when was the last time you remember what you did with a cash back from a purchase? A cash reward is frequently forgotten and used for day-to-day expenses. Cash is less memorable and less valued over time than non-cash rewards in the form of points, travel, or merchandise.
More experiential rewards – not only discounts
The new trend in loyalty programs is called “Experiential rewards” which gives an emotional connection between the consumer and the brand by rewarding the consumer with an experience rather than just offering coupons or discounts. With that kind of rewards brands can meet the interests and different tastes of people in different stages of customer life. People want to feel special, so giving your customers experience based rewards such as VIP event access, tickets, trips or products you can create lasting memories in their minds! Experiential rewards are also effective and important to reaching the millennial generation. According to a study done by JWT Worldwide, 72% of Millennials would rather spend money on experiences than products.
And one more: listen!
Once the program is launched listen to your customer in a regular basis and see what they like and what they dislike. Then check, evaluate and act properly!
Source:
– Econsultancy
