There are plenty of reasons to use digital rewards as an incentive strategy for your business.
One such reason is a shifting demand for digital communications. With many consumers constantly connected via their smartphones, the digital space has become a valuable touchpoint for brands. This is only reinforced by the growing spending power of millennials, a generation heavily shaped by technology, who make up over a third of the UK population. Digitally native Gen Z’s are also now beginning to enter the workplace, giving them a greater disposable income and an entrance to the marketplace.
But it’s not only the younger generations that will favour digital engagement. With 96% of UK households connected to the internet as of 2019, it’s now a cultural standard and an industry expectation. The gift card market proves to be no exception, with digital gift cards far outperforming physical products according to research by the UK gift card and voucher association. This points to a growing preference for instant rewards, available through digital channels.
If today’s consumers prefer digital rewards, it’s essential to find new ways to engage and retain them. This may mean that businesses will need to pivot their strategies to meet growing trends. Here are three ways your business could employ digital rewards to increase engagement in a digital world.
Create effective engagement opportunities
When given in low denominations, such as £5 or £10, we’ve found that eGift cards can create opportunities for high-value marketing touchpoints. These products provide an opportunity to surprise and delight large groups, creating higher engagement and driving retention. These micro rewards can be sent swiftly via email, and even personalised with unique messages for each recipient when sent through our self-serve Reward Your Employees platform.
Make a speedy service recovery
Quickly turn a negative customer service experience into a positive one. Enabling your team to issue digital gift cards or e-gifts immediately will ensure a timely and relevant response before matters escalate. This reactive control can help to limit brand damage and prevent negative perceptions from forming and spreading. Speedy service needn’t be rushed; ensure your customer isn’t disappointed by placing the choice of reward in their hand. With Select you’ll be able to send an instant e-code that your customers can exchange for their choice of branded e-gift, ensuring the right reward every time.
Refer-a-friend programmes are one of the easiest ways to drive new sales. The benefits of referral schemes are almost endless: prospects buy faster, buy more and show greater loyalty. By incorporating digital rewards into your referral programme, you could decrease lead time by rewarding faster. Customers will be more inclined to refer your business if they can expect an achievable and instant reward. Again, there’s no need to compromise on choice. If you reward with One4all Digital you’ll be able to send an instant, customisable reward straight to the recipients’ phone. They’ll be able to claim their reward in their choice of thousands of stores nationwide or online, all using their mobile phone.
The digital age is affecting every aspect of modern business, even down to your incentive strategy. Now is the time to assess your offering and evaluate whether your rewards offer the same mobile and digital experiences you’ve worked hard to create in other areas.
If you're ready to start using digital rewards, then use the contact form to your right or call us on 0207 419 8191.