Every smart team knows that their strategies have to adapt to the times and the latest trends. And businesses all had to adapt a lot over the past three years. With both customer acquisition and retention being harder now, a rewards program is one strategy worth adding.
Offering a business gift card to prospects or customers can help you grow your programs and success. But even how you implement rewards should take into consideration current consumer behaviors and preferences. Here are three trends to know and a look at how you can use the right incentives to adapt.
Despite concerns about a looming recession, the apparent end of the pandemic will still spur an increase in spending, Forrester predicts. But those economic worries won’t be completely unseen, as consumers will become “highly selective” about their purchases and services, looking for the best value.
That means that while the spending increase is a huge opportunity, businesses will have to stand out to show their value and get their piece of the pie. A business gift card promotion with purchase may be just the incentive consumers need to choose your brand. You can also use rewards for existing customers to grow retention rates, generate upsell opportunities, and encourage brand advocacy.
Blackhawk Network research shows that consumers are far more likely to want to receive gift cards over physical gifts when the giver is someone they don’t know as well, such as an acquaintance or colleague. As far as the kind of gift card, preferences depend on the value of the card, according to another Blackhawk study. The higher the value, the more recipients want multi-brand gift cards or prepaid cards like Mastercard and Visa.
This shows how much consumers value flexibility and choice when it comes to their gifts and purchases. It’s safe to say that they certainly would prefer to get a business gift card from a salesperson they’ve never met or as a marketing incentive. Giving up on branded swag and other physical gifts will make your rewards that much more appealing.
READ MORE: 7 Ways a B2B Gift Card Is Better Than a Physical Gift
Nearly every American has a cellphone — and that’s not an exaggeration. The number stands at 97%, to be exact, according to the Pew Research Center. And with the proliferation of smartphones, consumers are using their mobile devices for a lot more than calls. By 2025, the World Advertising Research Center predicts that 73% of internet users will access the web only on their smartphones.
Even beyond that, more and more consumers are using their smartphones for payments, both online and in-person.
As mobile payments become even more popular and widely accepted, consider not only what kind of rewards to use but also how you deliver them. A business gift card delivered digitally via SMS message or email can be immediately claimed and added to a wallet app, giving your mobile-minded audience a seamless, delightful experience.
These aren’t the only trends that can affect your rewards strategy. Download our e-book to learn more!
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
