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Is your rewards program cutting it?

Written by Klara Vida on 27/01/2016 4:04:07 PM 0 Comment

Blog_image-bucqiVia For Love or Money – 2013 Consumer Study into Australian Loyalty Programs.

When it comes to building customer loyalty, the consumer landscape is a jungle where every business is grappling for its slice of the market.

Which is why almost every business in the marketplace has a rewards program in some shape or form to keep its customers coming back (or at least gives them incentive to return).

And it’s not just a nine-punch card gifting the 10th visit free that’s being used as the carrot. Reward programs are becoming more strategic to stand-out in the market, combining interaction at a digital and in-store level to hook consumers across a multi-layered experience. Who doesn’t love keeping score of rewards for their favourite brand?

But just because you have a rewards program doesn’t necessarily mean it’s working - as illustrated by the 2013 Consumer Study into Australian Loyalty Programs. This recent study took a hard look into consumers’ relationships with loyalty programs, VIP clubs, discount rewards and any combination of these that clutter the market, creating some valuable insight.

So if your rewards program doesn’t cut the mustard, this could be why…

It’s a crowded place
80% of consumers are seeking immediate price discounts
40% don’t believe that loyalty programs provide value!*
*2013 Consumer Study into Australian Loyalty Programs

If your program isn’t making loyalty stick, you need to find a way to cut through the crowd and present value, especially among loyalty lovers - the 11% of consumers who are members of 10+ loyalty programs (2013 Consumer Study into Australian Loyalty Programs). Ask yourself what do your customers want based on their likes and rituals, and how you can better cater to their needs?

Not all customers are equal
Interestingly, ‘men are members of fewer programs (average 3) but are more active in their memberships, whilst woman are members of more programs (average 5) and tend to spread their spend’ (2013 Consumer Study into Australian Loyalty Programs). Taking these figures into account when tailoring your rewards program can create more ‘stickability’ and tailored appeal.

Surprise the sceptics
Consumers are more discerning when it comes to buying into the value of rewards – and its little wonder in a digital era. Surprise the sceptics by giving unexpected rewards – according to the survey this tactic is well worth it when it comes to winning the love of your customers.

The survey stated that the key to a successful loyalty program is integrating multiple emotional and transactional benefits.

In other words, a successful rewards program factoring in financial (where they save money) and emotional elements (the latter including surprise) are better placed to break through the clutter and make customers feel more valued.

*For Love or Money? 2013 Consumer Study into Australian Loyalty Programs

Want a cutting-edge rewards program to make an impact in the market?

We’ve got you covered!

bucqi = bigger, instant rewards to make your customers love you
bucqi is breaking new ground in 2016 as a mobile wallet and rewards app that lets Bartercard merchants reward their customers by using trade dollars instead of cash.

  • Customers earn REAL dollar for dollar rewards where the value is clear and simple - 1 bucq = $1.
  • Customers receive up to 20% of each transaction back in rewards*, paid out in trade dollars.
  • Customers can redeem rewards across merchants.
  • It’s all done quickly and easily – consumers simply pull out their phone and scan.

Getting started is easy!
Complete the pre-populated application form in mybc as the first step to joining bucqi.

*Subject to change

Topics: MYBC,, bucqi, loyalty programs, rewards, loyalty, reward programs

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