What Is Trophy Value, And Why Is It Important For Your Rewards Program?
In the incentives and rewards industry, the best rewards make use of “trophy value,” offering recipients recognition and a long-lasting feeling of appreciation for their loyalty. Much like winning an actual trophy, such as in a sporting event, a trophy value reward serves as a cherished memory that continues well after the life of the reward itself, creating long-lasting satisfaction.
The reason trophy value is so important is that it provides a continual reminder to customers that the business values them. It also provides social and emotional value, which drives more sales. With regards to social value, when a loyalty participant shares the story of their new purchase to their friends/family/coworkers, it serves as free advertising. “Look at the all the amazing things I was given by this great company!” This visible sign of status and rewards encourages other consumers to purchase more to achieve the same goals, and it promotes behavioural change. On an emotional level, there is a higher perceived value in tangible rewards compared to a rebate or simple cash.
Offering tangible rewards has been proven to be an effective way to drive sales and instill loyalty. These awards can be anything from electronics and travel experiences to trips to the spa or a night at a fancy restaurant. With the TruCash card, members can use their loyalty points to purchase anything they want, whenever they want. Members can make their own memories and aren’t restricted to certain stores or unwanted purchases, like they are with other loyalty cards.
“The first benefit of trophy value has to do with triggering recall,” Dr. Scott Jeffrey, a professor at Monmouth University’s Leon Hess Business School, says. “When you see it, it reminds you both of the [memory] that led to it and reconnects you to the [company].” That aspect is a key to the importance of trophy value for the TruCash loyalty program. The multi-function TruCash card 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. Members simply shop at their favourite brands to earn points that convert to cash, directly on their card. They can then spend their rewards at any merchant that accepts Visa or Mastercard branded cards worldwide, offering them nearly limitless options and opportunities.
In this way, the TruCash card becomes the actual trophy.
“Trophy value is synonymous with residual value,” says Paul Gordon, vice president of
sales for Pine Brook, NJ-based Rymax Marketing Services. “You have a watch that you look at for the next 20 years, a TV that you watch for the next 15 years. And you tell the story the company wants you to tell.”
That “story” is another key to the importance of trophy value. When incentive program rewards have trophy value, they inspire people to tell their story. They will tell the TruCash story, and your business will be the hero of the story.
Mark McKoy, is a retired Canadian Olympic Athlete and Gold Medalist. Mark’s Gold Medal in the 110-metre hurdles was the first Track & Field Gold Medal for Canada in 60 years. He was also one of the inaugural recipients to be inducted into Canadian Track Hall of Fame. Since retiring from competition in 1996, McKoy has been a trainer, sports ambassador and business consultant.
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