Rewards are the ideal way to show your customers, channel partners and employees just how important they are to your brand and your business.
Plus, they can be used for everything from reward point programs to instant gratification, and surprise and delight moments.
If you’re looking to advance your brand reach, one reward you definitely need to be looking at is vouchers.
Why vouchers? Simple. Because they’re…
With more and more vouchers being digitally despatched, this type of reward is as quick and easy to deliver as it is to redeem. So if, for example, you’re a brand manager looking to reward loyal customers, simply select the brand-appropriate voucher and its value and have it sent via SMS or email to the recipient’s phone. Once it’s arrived, your customer presents it in-store to redeem their reward. What could be easier?
Vouchers do an excellent job whether you’re an HR manager looking to surprise and delight your employees on a birthday or work anniversary, or a brand manager wanting to serve up instantly gratifying rewards to your customers for a competition, product launch or brand activation. And with vouchers covering everything from airtime and data to memorable experiences and in-store shopping at popular retailers and fast food outlets, the spend opportunities are incredible and there’s a voucher for just about every brand and situation.
3. And affordable
Because the entire process, from selection through to redemption is a digital one, and there’s no need to incur pricey despatch or delivery costs, vouchers are an incredibly cost-effective way to reward customers.
4. They’re also scalable
Whether you’re looking to reward your top 100 customers or thousands of loyal fans, vouchers can be delivered to recipients’ cellphones quickly and easily – and you won’t need to jump through endless admin hoops to make it happen.
There may have been a time when vouchers seemed like an impersonal choice – ever dashed into your favourite retailer to pick one up as a gift for a friend because you didn’t have time to shop for a present? These days, however, given that more and more retailers offer vouchers, you can be highly selective in which voucher you choose to send to your customers, channel partners or employees. Plus, with vouchers being sent via SMS or email, it’s now possible to add a personalised message, making for memorable brand moments and authentic connections.
6. And build brand loyalty
Like all great rewards, vouchers deliver big-brand impact, which in turn creates loyal customers. And here’s the thing about loyalty, it costs considerably less to retain loyal fans than it does to acquire new ones.
As Navar CEO Amit Sharma explains, “Building long-term customer relationships is crucial considering that acquiring a new customer is at anywhere from five to 25 times more expensive than retaining existing ones, and that increasing customer retention rates by just 5% increases profits by 25 to 95%.”
These statistics also deserve consideration:
- Existing customers spend 67% more on average than those who are new to your business (Bain & Company)
- 80% of your future revenue will come from 20% of your existing customers (Gartner Group)
Then, think about these insights from Bain & Company:
- Customers returning to your brand for a second time will refer an average of three people to the business, while…
- Customers returning to your brand for the 10th time will refer an average of seven people to the business.
Now add the fact that 90% of consumers trust peer recommendations, while just 33% of consumers trust advertisements (Nielsen Global Trust in Advertising Report), and loyal brand fans suddenly become your most credible way to advance your brand reach!
Which goes a long way towards explaining why brand evangelism has become so significant and why brand evangelists, which Surveygizmo.com describes as, “highly satisfied customers who just can’t wait to sing your praises from the tops of mountains,” have become the end goal for brand managers around the globe.
Ready to start using vouchers to advance your brand reach?
It’s important to keep the following in mind when deciding which vouchers to send to your customers.
1. Be selective about your voucher partner
Make sure that the match is a good one by asking yourself whether the vouchers you’ve chosen align with your brand and its values.
2. Mine your data for the best reward fit
Use what you know about your fans to match retail vouchers to them, based on income, personal interests or location. So, for example, if your customer is a high net worth individual, make sure that the voucher you choose is for a restaurant, retailer or brand that they perceive as being as attractive and desirable as yours.