11 Jun How Interactive Rewarding Can Boost Return of Investment and Lift
Interactive rewarding in an affordable and targeted approach can be very powerful tool of enhancing loyalty to your brand. It is vital to clearly identify desired behaviors as well as their related value before setting up a structure for rewarding your clients. Of equal importance in this sort of engagement for enhancing social loyalty is identifying the right clients to target, give incentives and then reward. Most companies are currently in rewarding behaviors that are not beneficial in any way. Experts recommend tweaking your program structure, communication plan or incentives so as to encourage incremental behaviors. This tweaking must be based upon robust program analytics to ensure your mobile loyalty reward is successful.
In a successful mobile loyalty reward program, you have to first identify the right clients and the right time for engagement. Most programs reward members due to behaviors like making referrals, posting reviews and responding to surveys among others. However, in such cases the value obtained from such kinds of engagement is clearly not equivalent to the worth of making a purchase. Hence, interactive rewarding programs that allow clients to earn for interactions usually have a limit as to the level of rewards users earn through desired behaviors. A key part of social loyalty and rewarding interactions is proper financial governance.
A different approach to use within a subscription-based strategy is allowing clients to earn and renew their rewards on purchases, whether renewal or additional services. In this kind of setup, you would still give out a mobile loyalty reward for desired behaviors and users would earn points for all the purchases they made, which could later be redeemed to get special experiences or merchandise. Posting reviews, taking quizzes, answering surveys or viewing messages or trailers online as forms of engagement, all earn soft rewards. For instance, this could be special edition wallpapers, ringtone and member access to limited content, all of which have a high perceived worth to members but cost nearly zero. This way you can still enhance social loyalty but with less cost.
At penefit, we take you through the whole process of creating a profitable earning structure with recurring purchases by proper engagement and interactive rewarding. Our extensive experience in the mobile loyalty reward sector shows that brands that successfully implement our strategies experience nearly 10 percent lift for clients who received rewards. We have also seen better return on investment for money spent on rewards and better ROI with time due to more effective engagement. Regardless of which industry you are in, whether retail, travel or hospitality among others, we can run an evaluation and be able to advice accordingly.
All things considered, you have many options to implement a mobile loyalty reward program enhance engagement and social loyalty. Talk to us today at penefit.com and we will be glad to help you out.