3 Ways Incentives Can Update Your Outdated Referral Program
If you’re looking to increase your sales and your customer base, referrals are the way to go; after all, satisfied customers are the best salespeople you can have. Not only can a referral lead to an overall increase in customer satisfaction, it can save your business money by cutting down on sales expenses.
The key to a successful referral program is to know and understand your target demographic group, learn what motivates them, and properly match their motivations with rewards. The type of rewards you offer your consumers is integral to the overall performance of your referral program. If you can offer multiple types of rewards you can help satisfy different referral behaviour. Your customers will appreciate you taking the time to understand their desires and point of view. Everyone is different, and there is no catch-all magic prize to satisfying every customer… at least until now.
Incentives are a great way to influence and motivate positive behaviours that are profitable for your business.
Delivering the right solutions will bring in lucrative results and lifetime value. Whether you’re launching a new product, having event giveaways, promoting a contest, or offering corporate gifts and awards, TruCash® Incentive Cards are an effective way to increase customer loyalty. Incentive programs can be easily and effectively managed through our user-friendly online interface, and an electronic payments referral program also allows for data-driven marketing and reporting.
Check out below for three reasons why electronic payments can upgrade your outdated referral program:
It should be obvious, but cash rewards can be very enticing to potential referrers. If you choose to give out cash rewards, advocates will be rewarded each time they make a successful referral that results in a qualifying purchase.
There are two different kinds of cash rewards:
– A fixed cash amount (ex: $10 for each referral made)
– A percentage of the referred friend’s purchase (ex: 5% of referred friend’s purchase for each referral made)
An incentive card is the superior alternative to rewarding your users with cash. Incentive cards are simple, secure, and can be used virtually everywhere that MasterCard, Visa, or American Express is accepted, including online and internationally, unlike traditional banking or cash-based systems. Payments can be sent out to cards in minutes, and payments can be made as often as required. As well, you can brand the cards so that when your consumer uses the card for a purchase they remember exactly who it was who gave them the gift!
There are two different kinds of coupons used in referral programs: single-use, and multi-use. With single-use coupons, users are rewarded each time they make a successful referral with a one-time code that can be used at the checkout. Like the name suggests, multi-use coupons allow the user to benefit from the coupon based on the number of successful referrals they can make.
Replace your old-school gift coupon program with a multifaceted payments program and offer something fresh and exciting to your customers. Incentive cards replace cumbersome coupons and offers more security, accountability, and manageability. Offer a closed loop/semi-closed loop card and ensure that users can only use the card with selected vendors while still offering choice, driving sales traffic back to your company. The cards eliminate the possibility of lost or stolen funds and provide the convenience of having all funds stored on one card, rather than receiving multiple gift vouchers or gift cards. Incentive cards also offer users the ability to track purchases, balances, and “coupon” accumulation online through the built-in “e-wallet” money management platform.
3. Customer Rewards
Some users may be motivated by something other than cash or coupons. Offer something fresh and enticing to bring in new consumers and keep old users happy, such as a personalized item, premium features, or unique experiences.
An incentive card can reward customers with exclusive, branded, in-store opportunities like the ones listed above. A reloadable card can be used as a great loyalty product, and make your users feel special by giving them access to special, members-only purchases, prize draws, priority access to new items, and additional rewards.