Our advanced rewards program software supports everything from a single rewards program comprised of a few levels to unlimited reward tiers comprised of unlimited levels. We have everything you need to gamify your rewards program and create distinction!
Since rewards are a critical component of most loyalty programs, it makes sense to ensure your rewards catalog is as diverse and as strong as possible. Diversity and strength are often achieved by reaching outside the bounds of internally procured products, services and discounts, and incorporating externally procured rewards into your program. Having the right "blend" of internally procured rewards with externally procured rewards yields a strong rewards program that will enhance your brand and drive revenue!
Implementing the right rewards program for your business, with easy management and advanced intelligence is par for the course, with Preferred Patron™.
TYPES OF REWARDS
There are three types of rewards, internally procured rewards, instant download digital rewards and monetary discounts. By creating the perfect blend of rewards from these three categories, you can create a compelling rewards structure for your business.
Internally procured rewards are derived from your own products and services. This kind of reward has numerous benefits. First, they are the most economical reward options because your acquisition cost for them is far less than their perceived value to customers. This helps keep the overall cost of your rewards program lower, increasing your ROI potential. Secondly, you're self-promoting your own products, services and brand; customers are more apt to spend their points to try your premium services, more so than buying them with cash for the first time. This gives you the unique opportunity to make an impression and influence those customers to purchase those premium services next time. Additionally, you may require customers claim these rewards in person, when visiting you, instead of at home. This is very important. Not only do your customers benefit from immediate in-store gratification, but these also serve to bounce customers back to your business for additional visits!
Instant download rewards are digital rewards which are procured third-party, such as Amazon® shopping codes, Apple® Music, movie tickets, concert tickets, Visa® prepaid cards, airline tickets, and electronic gift cards to major retailers such as Starbucks®, Macy's®, eBay®, Best Buy®, Airbnb® and much more. While these externally procured rewards are more expensive to you, as your cost is the face value of each reward, they are important as they diversify and add interest to your rewards catalog. For this reason, incorporation of digital rewards is recommended and should be considered to broaden the appeal of your program.
Monetary rewards are common in rewards programs. Examples are 10% off or $5 cash back, etc. These generally make for a less interesting program than rewards comprised of products and services, but they do offer simplicity and they are perceived well, none-the-less, by your customers. Remember, you're not actually giving cash to your customers. $5.00 off does not really cost you $5.00. You're giving these rewards in terms of cash credits; credits on the items they are either purchasing now or will purchase in the future. Preferred Patron™ has special provisions for handling monetary discounts, whereby cash back or discount percentages are applied to the sale and banked in a customer-associated spending account for future use. Why do this as opposed to giving instant discounts at the point-of-purchase? While your customers won't complain, you lose significant bounce-back opportunities that would otherwise result!
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