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How to reward meaningfully: 7 tips from reward experts

In a hyper-connected world, brands have the opportunity to develop deeper, more meaningful relationships with people than ever before.

 

Now there’s growing understanding that rewards are the gateway of opportunity.

In its 2017 ‘Meaningful Brands’ report by Havas Group, brands that are considered meaningful ‘outperform the stock market by a staggering 206%’. The finding is unequivocal: Successful brands offer value to users beyond a product or service – they establish deeper connections, based on shared values.

Yet, finding these ‘moments that matter’, where brand values and personal values align, is no easy feat. Every other brand is trying to claim the same moment. Still, there are key connection points to be found in brand relationship building. They lie in experiences, which is why rewards play such an important role in unlocking brand value. Why?

Because we experience rewards emotionally, and the value of the experience is shared.

GET Rewards is positioned as a single-source supplier of South Africa’s widest range of rewards. Comprising a team of strategists, product specialists, logistics experts and support staff, GET Rewards knows how to bond people to brands through rewards.

We asked the team of product specialists at GET Rewards to share their know-how in making rewards more purposeful, more meaningful and ultimately, more profitable.

7 Ways to use rewards to build brand meaning and value

1. Reward cards because… retail therapy

Retail cards enable brands to give fans the greatest gift of all: Freedom of choice. GET Rewards’ range of retail cards is backed by MasterCard®, which has over 250 000 outlets, nationwide. The freedom to spend almost anywhere and on almost anything. That’s a loyalty value-add, right there.

2. Reward in real-time with vouchers

Transactional and payment software is enabling consumers to interact with brands in extraordinary new ways. With vouchers comes a host of value-boosting benefits, from delivering ‘surprise and delight’ moments to giving people the freedom to redeem their vouchers for the things they really want. Freedom of choice gets our vote, every time!

Brands can also choose to leverage value through brand association using voucher rewards. Here’s an example: A surf brand launches a sizzling summer promotion. Customers who are first to take advantage earn a smoothie voucher at SA’s coolest health food outlet. It’s a co-branding match made in reward heaven, made possible by vouchers!

3. Bank on the value of merchandise rewards

Gifts, prizes, premiums and give-aways, merchandise rewards take different forms and fulfil a host of brand-building functions.

They’re great for drawing traffic instore or online, while in the workplace, merchandise rewards mark meaningful milestones and can become lasting reminders of personal achievement.

Small or big, with the advice of a merchandise rewards expert, you can select rewards that will be valued by recipients, no matter what generation they’re in. Baby Boomers to Gen Y’ers, everyone loves recognition and rewards!

4. Travel rewards take brands further

The research is in and the results are definitive: Travel consistently scores on people’s wishlists of rewards. No surprise, really, given that travel is an experience, and the memories travel experiences create enrich our value and understanding of life itself.

So, if you want to set up a meaningful brand space, take your brand fans to a special place. Local or international, the destination may be decided by your budget – but the memories your brand brings into being on the trip will be cherished forever.

5. Once-off experiences rate high with Millennials

They’re said to be the least materialistic of all the generations. This makes sense given that studies show that Millennials place higher value on experiences than on cash or merchandise rewards.

With courses like learning how to cook, or draw or take stunning photos, you can’t go wrong in offering your Millennial customers, channel partners and employees experience-based rewards.

Also, if you’re looking for some unexpected experiences, GET Rewards keeps adding exciting, new concepts to its ample offering. The latest additions include ring carving workshops and perfume-making experiences. Sensory experiences are worth every cent.

6. Choose the right channel for efficacy and reach

Of course, you need to select the right rewards for your target audience. But don’t discount the importance of your fulfilment and delivery channel.

For loyalty marketers running a points-based rewards program, GET Rewards provides an app enabling 24/7 access to its total rewards offering. The first of its kind in South Africa, users can spend their points on airtime, retail vouchers and experiences, while managing their rewards wallet and cards.

7. Choose a reward partner you can trust

A lot can go wrong with rewards. Inappropriate selection. Short supply. Inefficient delivery. At a time when brands are competing on so many fronts: awareness; education; engagement and loyalty, it’s the smart marketer who turns to a rewards specialist for support.

From guidance and input to your reward strategy to affordable sourcing, supply and delivery, you’ll want to work with a team of dedicated reward and fulfilment professionals.

Today, we live and work in a world where people seek a deeper rationale for their loyalty. Rewards demonstrate the value you attach to the people who choose your brand. With the right rewards, that value can be priceless.

Rewards and ROI eGuide

 

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