Prepaid and debit reward programs are among the many kinds of incentive ideas businesses use to motivate employees, channel partners and customers. Marketing and research organizations continue studying the incentives to determine which type of incentive reward is more effective. At the end of the day, the incentive reward that will be most successful for you depends on your reward program goals and how you manage your reward system. With this in mind, let’s focus on managing techniques for that maximize the effectiveness of a prepaid debit reward program.
These four strategies will help you make the most of a prepaid card or debit rewards:
Use Branded Debit Card Rewards
In an age where information and opinions about brands are blared on social media and widely available on review and research sites, it is more important than ever to create positive sentiment about your company. Whether your reward program participant base consists of employees, channel partners or customers, you want them to identify with your brand and feel proud to do so. Branding your prepaid card or debit rewards is an easy and straightforward way of doing just that. A branded prepaid card reward means that, when your reward participants use their card rewards to pay for gas or groceries or bring smiles to their children’s faces with birthday presents, they’ll think of your organization. These meaningful and personalized experiences endear reward recipients to your brand, which facilitates greater participation in your reward program and ensures its success.
Use Debit Rewards for Short-Term Incentive Promotions
[ezcol_1half]Accumulative, points-based rewards are great for long-term customer loyalty programs. Participants can save up their points over a long period of time and redeem them for big pay-off rewards like HDTVs and outdoor grills. But when you want to fire up participants quickly—to increase sales of a new or specialty product, for instance—prepaid or debit card rewards will serve you well. According to Steve Damerow, CEO of Incentive Solutions prepaid and debit cards work best when used as short-term promotion rewards. “For a SPIF or a rebate, a debit card works better. A SPIF or rebate may only last three weeks to three months. For that reason, you want something that people can easily understand.” ]
Set Specific Debit Reward Program Goals
Consider which of these goals is easier to track and more compelling to reward program participants:
- Provide better customer service this year than we did last year.
- If you achieve 15% more overall positive customer feedback surveys in quarter three than quarter two, you will receive a $500 debit card reward.
The second goal is clearer and more motivating, because program participants know exactly what kind of rewards they’re receiving, as well as how and why they’re receiving them. If you fall into the trap of vague incentive goals, your program participants will expect to receive rewards for general behaviors. They may end up thinking, “Hey, I performed better this quarter than I did last quarter. Where’s my debit card reward?” The effectiveness of prepaid and debit card rewards is diluted if participants believe they can receive them at some other, undefined point in the future for some equally undefined action.
Track the Debit Reward Program’s Performance
[ezcol_1half]Think of your debit reward program as a living, breathing entity responding to the goals and instructions you’ve given it. The specific goal mentioned above, for example, becomes useless if no one monitors or analyzes the results of the initiative. As you assess your results, you’ll discover various factors that may contribute to the success of one reward promotion over another. Performances may vary according to reward amounts, for instance, or depending on when or how often debit rewards are offered. This kind of data analysis may sound like a daunting task to drop on an administrative team likely already overwhelmed with their day-to-day tasks. But, using a reward program provider that offers communication and marketing strategies along with detailed ROI planning and implementation, you can make sure your debit rewards are earning their keep by motivating participants and meeting your goals.
A prepaid or debit reward system on its own certainly has the potential to motivate, drive performances and increase sales in your business. By implementing your prepaid/debit card reward program strategically—using branded cards, using cards as rewards for short-term promotions, setting specific goals and tracking your reward program’s performance—you can boost the effectiveness of your prepaid or debit card rewards, helping your program reach your goals faster.
CEO of The Incentive Solutions Group of companies, consisting of:
• Incentive Solutions, Inc.
Sales Hotline: 866-567-7432