Adopt these eight “best practice” resolutions to optimize your incentive program in 2015. Reinvent your program with usable information and real insights, not meaningless jargon that simply “talks around” your issue.
Resolution 1: Choose the right reward
Since all good incentive programs rely on the rewards, you need to know what your customers want. To ensure success, you need to understand a few things about the ever-evolving marketplace. Cash is still king. In general, people prefer cash equivalent rewards, such as open loop prepaid cards or closed loop gift cards.
Variety is the spice of life. Trends shift based on the demographic and dollar value, so listen to your customers carefully. Make sure your incentive program partner can provide multiple types of rewards—open loop prepaid cards, closed loop gift cards, digital payments and merchandise—so you can easily adapt your program as trends shift.
Resolution 2: Market the value
You can offer the best consumer incentives in the world, but it does no good if no one knows they exist. Learn how to effectively communicate your incentive programs as a tool to drive behaviors. Don’t make consumers do the math. People respond to total dollars more than a variable discount. For example, instead of 10% off, give them $15 back. In terms of reward preference, fixed, quantifiable incentives win every time.
Take advantage of the opportunity. If you’re offering $15 back, give it on a branded prepaid card, delivered in a custom envelope carrier, containing additional on-brand messaging and cross-sell opportunities. The reward is for your customer, but the opportunity to make another sale is all about you.
Resolution 3: Train your team
Treat your in-house teams—sales, customer service, installation—like customers by engaging them, in this order:
Create a buzz. Educate them on the incentive programs you have running and why.
Make an offer. Top performing companies also layer internal incentive programs for team awareness and engagement.
Hitch your wagon to a star. Identify and reward your top performers by partnering with an incentive program provider that allows you to easily track field efficiency by region, sales rep or product line.
Resolution 4: Keep it simple
Time and time again it’s been proven through research that in-market, customer engagement increases with a streamlined process. Some steps to stay ahead of the game:
Work the system. Today’s consumers are willing to do a little work for a big reward, but don’t frustrate the customers you just won by making them work overtime. A simplified process is the gateway to capturing additional insights.
Technology is your BFF. Today’s technology enables a great online or mobile experience. The easier you make an incentive, the more likely the consumer will opt-in, take a survey or provide additional information.
Raise the stakes. Execute an outstanding program by working with a proven partner with a proven platform capable of leveraging multiple technology solutions.
Resolution 5: Communication is key
Want a quick gut check? Customers should always know three key pieces of information. First, are they eligible for the incentive? Second, how do they participate? And third, when can they expect their rewards? To carry out an effective incentive program you need to be proactive with your communication. How to start the conversation:
Loop them in. Acknowledge your customers. You might be surprised how far a simple “your information has been received” or “we need some additional info from you” email can go.
Cultivate the relationship. Streamline the communication process and manage expectations via a customized, online portal (which should be provided by your incentive program partner). Here, customers can engage with your brand, receive updates and learn more about your products.
Captivate your audience. Every communication opportunity is a chance to engage your audience. Use these touch points to cross-sell, drive business back in-store, and get your customers to enroll in loyalty programs.
Resolution 6: Timely turnaround
If you can’t meet expectations then it’s best not to set them. Industry practice indicates that a provider should be able to process and issue rewards within a few days. Since there’s nothing worse than over-promising and under-delivering, live by these hard-and-fast rules:
Be straightforward. Delivery timeframes should be clearly communicated throughout the process. If you know you’re likely to run behind in fulfillment, pad a little extra time. The customer won’t know the difference, and you could be mitigating a negative experience.
Turn it around. If the delay is totally unforeseen and significant, it’s a good idea to acknowledge the mishap and make it up to them—bonus their redemption, offer extra incentive opportunities—and always give a heartfelt apology.
Resolution 7: Empower your program
When customer issues arise (and they will), enable your front-line customer service team to take care of the problems.
Wiggle it (just a little bit). Have a couple of options your representatives can pull from, depending on the situation and the relationship with the customer.
Have all the answers. Educate your customer care team about your promotions. Because they are the ones talking to the customers, they should be the experts. Create an infrastructure with your incentive program provider that is on-brand and in-line with your expectations.
Resolution 8: Keep talking
Throughout the redemption process and post-fulfillment, keep talking to your customers to find out what worked and what didn’t.
Inside information. Mine the data that you have and integrate the information into your CRM program.
Dance with the one that brought you. Remember the program that got customers in the door and created loyalty? Use it! Leverage the incentives that resonated with customers for additional behaviors, such as supplementary purchases, referrals, and paperless and automatic bill pay, for example.
Do the two-step. A specific incentive and an initial purchase are the first steps to the customer engagement and loyalty profile you desire. Work with a proven incentive provider and an account team that can develop referral and loyalty programs.
Theresa Wabler is senior director of marketing at Blackhawk Engagement Solutions. She can be reached at [email protected].
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