Our clients often ask, “What is the best reward to offer our consumers?”
The honest answer is: It depends.
While this answer is frustrating for some clients to hear, the reality is that there are many factors that go into choosing the most engaging rewards for consumers. Understanding the options and picking a reward that excites consumers is a key factor in promotional success.
The first consideration underlying every reward strategy is the recognition that consumers are humans with motivations. Secondly, the companies issuing rewards have budgets and constraints. Therefore, when building an incentive marketing program, we invite our clients to build their reward strategy along these three paradigms:
Many to few rewards
Instant delivery to white glove handling
Value to premier cost
By determining where your program lies on these paradigms, the reward strategy will start to take shape. The next step is to choose rewards, YA groups them into the following categories
- Prepaid Cards
- Gift Cards and Gift Codes
- Direct Payment
- Merchandise and Premiums
Creating successful reward programs can be tricky and costly, but with a clear strategy that ensures the goals of the promotion is met is essential to successful campaigns.
Kevin Palmstein is a Vice President of Product, Alliances and Marketing at YA. He works with clients everyday to design custom rewards programs.