Picking the Right Reward

by: Cletis Hoffer, Vice President, Payment Services

There are many different elements involved in a promotion, from initial design, to execution, to post-program analysis. One key step is the selection of the right reward. If you are choosing rewards that don’t have the right perceived value, don’t fit your intended demographic, or are not maximizing your return on your marketing investment, then you’re in danger of launching a program that doesn’t meet your goals.

How YA helps

At YA, we begin every promotion with review and discussion of our clients’ marketing objectives. This first step is critical for guiding our recommendations on the types of rewards that should be offered, as well as the best way to deliver them to consumers who participate in the promotion. We know that selecting the right reward will result in maximized engagement, happy consumers, a better overall consumer experience and, most importantly, a higher return on marketing investment for our clients.

Helping our clients select appropriate reward types, values and delivery methods is just the beginning for the YA team. We also provide deep-dive analysis to measure the effectiveness of different rewards and help guide future promotional planning.

YA leads the way with new ideas

There are so many options to choose from when it comes to reward selection — physical or digital, reward value, branding, and locations where the rewards can be used. We provide plenty of options and cutting-edge ideas that keep promotions fresh, exciting and effective.

The impact of the right reward

For many of our retail clients, we recommend closed-loop cards, which redirect the promotional reward spend back to their brick-and-mortar or online stores. That higher spend is just the beginning! This approach further engages their existing shoppers with their brand, drives repeat purchases and delivers valuable purchase information — win-win-win! No wonder our clients are devoting more of their overall marketing spend to marketing promotions like rebates, given they offer a proven tactic for delivering consistently high results.

Looking ahead

There are many exciting new developments in our industry! One example is the move to offering reward options, which allows a prepaid card to exist within a consumer’s mobile device or wallet. Eligible consumers can receive a reward card via email or text message and then use the embedded, scannable bar code to redeem the reward at a retailer. At YA, we like to say that what’s right for our clients’ consumers is right for us, and this is one clear example of a consumer-friendly, leading-edge process we are deploying for clients.

If you’d like to learn about how the right reward can motivate your customers in the right direction, I’d love to talk with you. Contact me to begin the conversation.

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