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Are your loyalty program members letting their points gather dust? Are you looking for new ways to enhance engagement? If so, we’ve got good news for you. Our recent research revealed what will get your members earning and burning their points—and keeping your brand top of mind. Yup, the right reward mix can get them to take action.
Aspirational rewards are nice; achievable rewards are better
Sure, some brands will have big spenders who can earn that luxurious first-class trip-for-two to Bali. But most loyalty programs attract more budget-minded members. You know, people who prefer value over prestige. (Honestly, though, who wouldn’t want to be pampered in Bali?) In fact, 80 percent of our survey respondents want to redeem for rewards at values well below $100.* And even a $10 reward makes sense in many categories, such as beverage and dining.
Make sure your reward mix includes a variety of values to satisfy every member—including the point hoarder who enjoys saving up for a higher-value option.
Stuff is okay; reward cards are better
Some people enjoy redeeming their hard-earned points for merchandise, but it’s hard to curate a catalog with items that appeal to everybody. A toaster? No thanks. Bedroom slippers? Are you kidding?! There is one reward that is almost universally popular: prepaid and gift cards.
Prepaid cards can be used just like a debit card, offering the ultimate in reward choice; this option gives the freedom to buy more from you (either in-store or online) or choose a different place to spend it almost anywhere else. And gift cards, good at a brand or brand family (such as The Gap brands), still lets a member to choose a favorite merchant and spend their reward there. Here’s how popular reward cards—both physical and digital versions—are for different types of loyalty programs:*
• Online retailers 70%
• Phone companies 65%
• Utility companies 61%
• Retailers 56%
• Banks 56%
Loyalty is good; the right rewards make it better
The right rewards strategy can make your loyalty program feel fresh, new and appealing so it re-engages your customers. And when you partner with the right reward card provider, you’ll also be able to make the most of special promotions, such as discounts on dad-delighting cards before Father’s Day or holiday designs at year-end. In fact, you can even access a broad portfolio of rewards that you can change throughout the year. You’ll love your reward card provider, and your loyalty members will love your brand. That sounds like a better deal for everyone!