12 Industries That Can Increase Retention Through Prepaid

Increasing customer retention rates by just 5% increases profits by 25% to 95%. (Bain & Co). Keeping your customers happy– and coming back — is integral for any company, in any industry. The question, then, is “how can I build a long-lasting relationship with my consumers?” The answer is: by rewarding them for their continued business.

62% of consumers don’t believe that the brands they’re most loyal to are doing enough to reward them. So reward them with something they actually want! Quick, easy, and cost-effective, prepaid cards are a great way to reward customers, and to keep them buying and to keep them coming back more and more.

Check out our list below of 12 industries that could heavily benefit from the use of a prepaid card program, and how they could go about using it to retain customers.

ENTERTAINMENT

Season ticket rewards
One-time incentives
Timely rebates
Closed-loop loyalty

Examples:
Buffalo Bills “Bills Bucks” Loyalty Program
Buffalo Sabres ‘Sabrebucks’ Loyalty Program
How to Maximize Sports Fan Loyalty

AUTOMOTIVE

Referral programs
Rebates
Sales incentives
Dealer loyalty – product sales and service programs

Example:
Friends And Family Rewards Program

ENERGY & UTILITIES

Sign-up incentives
Purchase rebates
On-time payment incentives
Sales incentives

Example:
Just Energy Prepaid MasterCard
Energy Case Study

HOSPITALITY, TOURISM, & TRAVEL

Agent incentives
Travel cards
Timeshare incentives & referrals
Innovative loyalty programs

Examples:
American Resort International Holiday Network TruCash Prepaid Incentive Card
IMAGINE Loyalty Program

RETAIL SALES

Consumer incentives
Employee SPIFFs and rewards
Closed loop loyalty
Virtual rewards

Examples:
3 Strategic Ways Retailers Can Use Virtual Prepaid Cards
4 Ways Retailers Can Leverage Prepaid for Innovative Incentives

HEALTH CARE

Clinical Trials
Manufacturer Rebates / Points Loyalty Program
Thank You Gifts

TELECOMMUNICATION SERVICES

Purchase incentives
Employee reward programs
Rebates
Sales incentives

Example:
A Network With Benefits! 3 Ways Incentives Can Help You Stand Out!

PUBLIC SECTOR / GOVERNMENT

Government benefit disbursements
Employee expense programs
Emergency funds
Student loan programs

Examples:
TranZtec Prepaid MasterCard
CFMWS (Canadian Forces Morale and Welfare Services) MasterCard Prepaid Card Program
Prepaid Cards Are Best For Government Programs, And Here’s Why

FINANCIAL SERVICES & BANKING

Prepaid debit cards
Current account programs
Employee incentives
Full fledged loyalty programs

Examples:
le chéile Group TruCash Prepaid Card
Carta Worldwide

FOOD & BEVERAGE

Brand promotions
Distributor incentives
Employee / server incentives
Loyalty programs
Cash back rebates.

INSURANCE

Insurance payouts
On-time payment incentives
On-going loyalty

Example:
Corporate Prepaid Cards Are The Best Bet For Your Business, And Here’s Why

TECHNOLOGY

Digital rewards
Innovative incentives
Points or cash based loyalty

Examples:
Why Mobile Rebates Are The Way To Go
6 Reasons Why Reloadable Cards Are The New Way To Pay
TruTap Mobile Wallet

You may also like...