How to boost your bulk rewards for bottom line results
Follow these five steps to optimise your bulk rewards
1. Objective setting
Determine the type of sales promotion you want to run, based on your short to mid-term business objective. You may need a flash sale to move old stock or to launch an exciting, new product. Perhaps it’s new customers you want to acquire, or to appreciate, and bond with, your high-value, loyal customers. Be sure to set a clear objective for your promotional campaign, as this will help you establish the right incentive, and from there, match it to an effective bulk rewards.
2. Incentive-based rewards
Be clear in the communication of your promotion: What it is you want customers to do before they earn a reward, give-away, gift or prize. And keep it simple. When you have high traffic volume in-store or on your e-comm site, you’ll want the sales process to be seamless and efficient. Communicating your sales incentive simply and clearly is vital.
Hi-Q tyre fitment centres have run several, successful summer promotions around a simple incentive. The offer goes something like this: “Need extra summer spending money? Hi-Q and Goodyear are here to help you out. Buy any two or more Goodyear tyres before 17 December and receive an awardscard® loaded with cash.”
Simple. Engaging. Effective. And what a wonderful surprise-and-delight-inducing reward.
3. Zero in on your audience
It’s critical to know as much about your target audience as possible. If you’ve focused your promotional strategy on a single objective, there may be a sub-set of customers within your total audience whom you want to target first. Who are they? What are their spending patterns? And, importantly, what are their reward preferences?
Source and collect data from your CRM system. Also, consider doing some fast, pre-promo research into your niche target customers’ specific motivations and aspirations.
4. Select the right rewards
Invariably, a successful summer promotion will have sizzling rewards on offer as give-aways, gifts or prizes. But how do you choose the right rewards? The insights gained through an analysis of your high-value customers’ transactional and behavioural analytics will go a long way to help you select relevant rewards and fulfilment methods.
But what if you don’t have access to this kind of rich data? Start by asking yourself whether you want to give your customers the freedom to choose their own rewards. The GET Rewards gift card enables users to redeem rewards at any Mastercard outlet, nationwide – which is almost everywhere. This almost-endless choice of rewards is going to earn you brand fans, for sure.
But perhaps you want to get more targeted with your rewards? Digital vouchers are a great way to offer bulk rewards because they can be distributed and redeemed fast, easily and cost-effectively, via email and SMS.
According to Business Insider statistics, digital vouchers have ten times the redemption rate of conventional vouchers.
Plus, you can select retail vouchers that complement your brand, and even your promotional theme.
Offering a hot deal for a limited time only? Increase take-up using digital vouchers as a reward; to a local ice-cream emporium or trendy summer eatery. After all, summer is when consumers are socialising and spending. So, capitalise on seasonal consumer behaviour trends.
5. Partner with a reliable reward provider
Whether you’ve opted for bulk rewards in merchandise – because, let’s face it, who doesn’t love a free gift with purchase? Or digital retail vouchers that come with the possible benefit of a co-branded promotional communication campaign? Or a GET Rewards gift card that customers can use in your store – adding to your seasonal profit inflow – or any other store that accepts Mastercard, you can see that rewards are an all-important aspect to your promotion.
That’s why we recommend that you select a bulk rewards specialist to help you source, supply, distribute and deliver your rewards. There’s a lot to manage during a peak season sales promotion – leave the rewards, and the logistics involved in reward and fulfilment management, to the experts.
How to boost sales using bulk rewards
Five steps to optimise your promotion using bulk rewards
Don’t struggle to create a successful promotion. Put these simple, yet effective principles into practice and you can boost the results of your promotion with bulk rewards. Here’s to a long, hot, rewarding summer!
About GET Rewards
GET Rewards are the experts in rewarding your customers, channel partners and employees in ways that lead to deeper engagement and lasting loyalty.