There are many reasons why sending digital rewards are a great opportunity for businesses. One of these is a shifting need for digital communication, as millennials enter adulthood and begin to outspend boomers as they grow families of their own. Millennials have become notorious for disrupting any industry they can get their hands on, and businesses need to keep pace with their needs. For instance; 65% of millennials say they prefer digital rewards versus 45% of boomers. Even more importantly, many millennials are forgoing loyalty programs altogether; 34% of millennials don’t join a loyalty program because the enrolment process is too long. Businesses need to pivot, or at least, adapt to these growing trends. If tomorrow’s households are not joining loyalty programs and prefer digital rewards, we must find new ways to engage and retain these consumers.
That being said, it’s not just millennials who require instant gratification; it’s a global standard across every consumer segment. Today, 78% of all consumers prefer to access rewards and incentives online and want them immediately.
This is why a digital rewards platform is integral to any company’s business development and retention strategy. Although eGift cards are traditionally sent on special occasions as a “thank you”; they have the ability to do much more for your business. If you run a small to medium sized business, digital rewards can propel your sales forward with some simple marketing know-how.
There are a number of tactics business owners can employ to develop a retention strategy with digital rewards, but for now, we’ll stick to the basics. Here are 5 ways you can get more business using digital rewards:
Referral Returns
Refer-a-friend programs are one of the easiest way to drive new sales. The benefits of referral programs are endless; prospects buy faster, buy more, and have greater loyalty. By incorporating digital rewards into your referral program you can decrease lead time by rewarding referrals faster. Customers are more inclined to refer your business if they know the reward is achievable and instant.
Customer Retention
It’s important for businesses to nurture the relationships they value the most. By having an automated digital rewards program, you can set your nurture campaigns on autopilot. If you use a CRM system, that stores your existing customer’s e-mails, you can easily start a drip campaign that sends out digital rewards based on their engagement, or to milestone events. Let’s say they have been a customer with you for a year; this would be a great time to send a digital reward and a top of mind message to thank them for their business.
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Optimizing Sales Teams
Most sales associates receive a commission on the sales they close, and the renewals they earn, but what happens in the meantime? They are still working hard for your business, even when they haven’t closed a deal, and sometimes it pays to show them how valuable their work is to your business. If your business requires cold calling, filling out quotes, or even free trials, you can harness digital rewards to incentivize sales people throughout the buyer journey. Rather than limiting employee rewards to the deals and referrals they close, show your appreciation across the customer journey. This will motivate them to work harder and sell more in the end.
Cross-Selling/Up-Selling Products
Repeat customers are easier to sell to (and they spend more money). Digital rewards make it easy to show your appreciation when customers try a new product, or upgrade their service. Let’s say you are a carpet cleaning company, and you offer your customer a specialty cleaning solution for $100 more. If the customer accepts, you can thank them with a small digital reward for choosing to upgrade. This results in more sales, without any added labour on your end. Similarly, they are more likely to choose this upgrade in the future, and will therefore spend more on your business long-term.
Social and Online Sales
Before you earn someone’s business, there are more and more likely to Google you first. They want to research your services, read reviews, and see how active you are online. Many potential may pass over your business simply because you lack social trust and content. That’s why there is so much value behind customers who like, share, and write positive reviews for your business. By rewarding customers who engage with you online, you are powering a network of brand ambassadors who are essentially driving new business your way.
Are you looking for more ways to drive sales with digital rewards? Be sure to check out these tactics to help you get started.
