I don’t know about you, but I feel I’m constantly bombarded with ads, pop-ups and call-to-action buttons. As a marketer, I’m not just competing with my direct or even indirect competition, I’m also competing with every other brand out there. Everyone is competing for just one second of your attention to click on their Ad or post.
Social click-through rates on ads went from 2.6% in late 2018 to 2% in late 2019, a sure sign that social media users are experiencing advertising fatigue.
Ultimately, marketers need to try increasingly new and innovative approaches to grab consumers’ attention. Marketers work hard daily to create the exceptional message that can’t be ignored.
I’m going to share a strategy that could help your brand stand out in 2020: digital rewards.
Digital Rewards: The Secret Weapon for Standing Out
Digital rewards are e-gifts, that can be delivered in an instant via a link or email. These virtual rewards can help you stand out against competitors.
More often than not, marketers ask for consumer’s attention without much upfront benefit. Like my page, share my post, buy my stuff. Every time consumers see an Ad, they make a decision within seconds. They risk spending valuable time evaluating a purchase, but then ultimately decide not to. Digital rewards minimize that risk by creating tangible upfront value.
Digital rewards is a way of recognizing customer engagement and saying “thank you” for their attention. This approach can seem expensive however if you know your customers lifetime value, as well as what you are willing to pay to acquire a customer, the maths becomes easy to figure out what reward you can give a customer for shopping with you.
For example, if you sell cars and you know that you are willing to spend $2,000 to acquire a customer, what if you spent $1000 per customer offering them a free car wash for as long as they own the car? As a dealer you wash cars all day long, so there isn’t a huge additional cost to you, and you have managed to get someone into the show room to sell them their next car. The customer is happy with their car wash (no other car company is offering free car washes) and as the business owner you attract customers back into your show room while they’re waiting for their cars to be washed, and maybe they even take a new car for a test drive.
If the above idea sounds interesting here are five digital rewards strategies to boost marketing campaigns, accelerate engagement and maximise campaign ROI.
1 Host incentivesed webinars for your target audience.
What this looks like: “Attend our live webinar for a $10 thank you gift!”
Why you should do it? Incentivised webinars make it easier for consumers to evaluate your product. Additionally, the upfront value excites consumers and makes these webinars much more effective at lead generation than typical webinars.
Plus, the reward delivery email can be prime real estate to feature follow-up content and calls-to-action. Consumers tend to be more willing to provide data in exchange for coupons, loyalty points, or rewards, making it a powerful tool in accelerating the buyer’s journey. Companies selling time share have capitalized on this for years.
2 Compensate prospects and customers for taking surveys and sharing feedback.
What this looks like: “Tell us how you’re liking our latest update for a $15 reward.”
Why you should do it? Brand goodwill will come naturally when your consumers feel that you value their time and feedback. Simply saying you appreciate their feedback doesn’t do much to motivate a survey response. Digital rewards create motivation so you can worry less about representative bias and get the answers you need.
In other words, you don’t have to worry about feedback from people who only love or hate your product. You want to capture everyone’s feelings, and digital rewards can motivate the otherwise neutral crowd. With accurate data, your company will have the insights to adapt swiftly to shifting consumer preferences. Most importantly, your consumers will know you truly value what they have to say.
3 Create a referral marketing program to turn your customers into brand advocates.
What this looks like: “Get a $10 reward when you refer a friend. When your friend makes their first purchase, they will also get a $10 reward as a welcome from our team.”
Why you should do it? An effective referral marketing program turns your customers into your second sales team. A University of Chicago study found that non-cash incentives are 24% more effective at boosting performance than cash incentives. Digital rewards for referrals can be an effective lead generation tool that also establishes brand loyalty and goodwill with existing customers.
4 Boost your brand’s online reputation by rewarding customers for writing a review.
What this looks like: “Write a review of our software on Yelp or TrustPilot for a $5 reward.”
Why you should do it: Thanking customers for providing feedback builds brand goodwill. Their reviews will help you leverage word-of-mouth marketing and tap into new audiences who may be shopping for a product like yours.
5 Establish customer appreciation programs.
What this looks like: “Thanks for being a loyal customer! Here’s a $10 reward for lunch on us.”
Why you should do it? Customer appreciation programs establish brand goodwill, increase customer satisfaction, and develop long-term loyalty. Recognize and celebrate customer achievements and milestones with digital rewards. These happy customers will be more likely to engage in positive word-of-mouth marketing for your brand.
Digital rewards are easy to set up and a quick addition to your marketing toolbox, making them a nifty trick to keep handy when you need a boost.