To turn a casual shopper into a life-time customer, you need to offer genuine value and stay connected. At EML, we help clients create customised rewards programs every day. We’ve seen it all and compiled the best of customer rewards programs for you, including:
- Discounts to Cash Rewards
- Personalised Rewards Through Data
- Paid Loyalty Programs
- Influencer Rewards Programs
Discounts to Cash Rewards
As the old saying goes, money talks. Many companies are moving to cash-incentive programs that pay out a certain percentage or fixed amount in the form of a check, statement credit, or gift card. Most credit cards have moved to this form of rewards program and retailers are making the move as well.
For example, Discover recently introduced cash rewards by enhancing their 5% cash back program and dropping their Discover Deals program. The change to a 100% cash-back rewards program comes as the company moves towards providing simpler and more meaningful ways for card members to earn rewards.
Personalised Rewards Through Data
Tailoring your customers’ rewards experience is easier than ever due to the vast amount of information companies can gather about their clients during their everyday transactions. Through personalising a campaign and being able to reach customers in a meaningful way, businesses have the opportunity to truly connect with the customers they’re looking to nurture.
Let’s rewind to 2017 for a minute when DSW launched an email campaign that was a game changer for their rewards program. The email included the customer’s name, reward points total, active offers, and how much more they needed to spend to get a $10 off certificate. The campaign was a hit, and they saw over 60% higher open rates, and a 13% higher click through rate. This is the perfect example of data in action.
If you want to create a successful rewards program like DSW’s, make sure you choose a platform that can leverage a reward program so it’s flexible and adaptable now and into the future. The EML Payments Rewards program provides businesses with vital insights via real-time reporting. Clients using EML Payments Rewards know which users are driving real bottom-line business results and can track spend, social activity, visits and feedback. These insights facilitate continuous improvement and help keep customer communication more personalized to help drive engagement and loyalty.
Paid Loyalty Programs
Customers want to have an experience they can remember, something that makes their lives easier and adds value; and they are prepared to pay for it. Amazon is a great example of a paid loyalty program. Customers pay their yearly subscription and receive free shipping, music streaming services, TV shows and more.
For retailers in industries where products and price points are similar, a unique loyalty program can become a competitive advantage. A membership fee allows you to give better deals and perks. Also, the upfront investment will encourage customers to spend more to validate their decision to enroll in your program.
Influencer Rewards Programs
Social media has driven the rise of influencer marketing programs, which leverage social media users with a large following. The influencer advertises a company’s products in exchange for a percentage from the sales they generate, usually through a discount code or tracking code, free gear or other perks.
In 2016, companies using influencer marketing strategies as part of their marketing activity, saw an average of $11.69 in earned media value for every $1.00 spent – that’s a 4.4% year-over-year increase. One of these companies was Nordstrom. With an estimated 74% of mobile traffic coming from referrals, Nordstrom is cashing-in on its influencer rewards strategy.
Reward programs are everywhere. The key to choosing one is to prioritise the needs of your customers and always deliver on your brand values. Constant innovation and customer communication, will help deepen customer relationships, stay top of mind, and build brand loyalty.
Here at EML payments we utilise the latest technology and card features to manage experiences and deliver personalised rewards in real time. Designing a flexible and tailored rewards program that influences consumer behavior and fosters brand loyalty is how you’ll generate incremental sales and profits. If you’re ready to learn how to attract & retain loyal customers through a rewards program that will grow your business now and in the future, contact us.