What To Look For In An Incentives And Rewards Provider
In the first two posts of our loyalty series, we outlined the importance of having an incentives and rewards program. The benefits–both to your business and to your customers–are huge! However, often times when it comes to creating and implementing a rewards program, too many companies make mistakes by not listening to their customers, making rewards too short-term, or by making things too difficult or complicated. If designed incorrectly, a rewards program will only return a small fraction of its value.
So what should you look for in an incentives and rewards provider?
Meet Your Business’ Needs
Goal: First and foremost, a loyalty program must make the job of gaining and retaining customers easier. It must instill loyalty!
Solution: The TruCash loyalty program is an excellent added-value tool for businesses looking to increase and improve upon their own loyalty, incentive, and reward program. The program allows businesses to combine incentive, rebate, or referral programs into one single platform, boosts customer relationships, and increases brand recognition with customization.
Goal: In order to have high customer retention, it’s important that your business knows what its customers value. When it comes to incentives, the reward for customer loyalty must be enticing, relevant, meaningful, unique, and, perhaps most importantly, valuable. 71% of consumers decide to join a loyalty program because of money off of every purchase.
Solution: The multi-function TruCash Rewards program allows members to earn points at hundreds of top name brand merchants using a wide coalition of national, regional, and local retailers across North America and Europe. Points can be converted to cash directly in their account, allowing members to spend their rewards on what suits their lifestyle. TruCash is also working on a program that will allow its members to donate their rewards directly to charities or causes that are close to their heart.
Rewards Must Be Easy To Attain
Goal: Too many companies make the mistake of offering a rewards program that makes it too hard to earn rewards! Customers must believe that their brand loyalty and consumer habits will actually earn them a reward. 57% of US consumers will abandon a loyalty program if it takes too long to earn rewards.
Solution: TruCash members simply shop for their favourite brands to earn points that convert to cash, directly in their account. There are no secret hoops to jump through, and there are no hidden rules!
Rewards My Be Uncomplicated & Seamless
Goal: A loyalty program must be simple to understand and easy for people to use. All customers should be able to easily understand how the program works and simply navigate through the process. 37% of US customers participate in a loyalty program because they are easy to understand. Only 24% of shoppers felt they understood their loyalty programs and how to earn rewards or change program tiers. 38 percent of consumers didn’t know they had rewards available, 43 percent found that their rewards expired before they had a chance to use them, and worse, when 65 percent of people tried to redeem a reward, they found it had expired.
Solution: The TruCash Rewards system offers online access to your account and reward points balance. It’s as easy to use as any of your debit or credit cards.
A Modern Rewards Program
Goal: To provide a rewards program that offers relevant, easy rewards in a simple format that does away with outdated systems like physical coupons, rebates, mail-in rewards, etc. 72% said their preferred method for accessing a loyalty account was via mobile/Internet
Solution: What makes the TruCash program stand out from other coalition loyalty cards is its easy-to-redeem feature that allows members to convert their earned points to cash online and then spend that cash at any merchant that accepts Visa or Mastercard worldwide.
Looking to start or upgrade your loyalty program? Whether you’re ready to start your program today, have questions, or are just looking for more information, we can help. Contact our award-winning team to see how you can implement the TruCash Rewards program today.