Figuring out the nuances of your customers can be a tricky business. If there's one thing everybody loves, though, it's a nice incentive to buy a product. We're not talking about a gold sticker or a lollipop here either – we're talking something of real value to the consumer. Something that will keep them coming back.
In the USA, company SVM (Solutions That Motivate) carried out a survey of sales and marketing professionals in order to figure out the practices, preferences, wants and needs in customer reward and loyalty programs.
The survey found that 87 per cent of companies offer gift cards as part of their customer reward and loyalty programs, with gasoline and open pre-paid cards the most preferred. For companies offering rewards to the consumer, cost, measurement and perceived value among recipients were the top challenges in need of addressing.
In addition to this, it was noted that the best customer incentive programs will make the consumer feel valued and will increase sales, loyalty, retention and acquisition for the company.
While the SWM survey was based in the US, it can easily be translated into an Australian setting, with many companies wondering just how they can please their all-important consumer base.
If your company is struggling to figure out how it can best reward its customers, why not design some customer survey questions as part of a customer feedback survey which can provide you with some insight into what your customers would most appreciate from you. When designing an incentive and rewards program, this can help to inform your decision and assist in ensuring that the program will be as successful as possible.
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