Research highlights challenges in rolling out an inventive programme
The survey findings reveal the power of cash rewards in boosting sales but only if businesses are able to offer and implement them effectively. For instance, almost one in three (29.4 percent) said rewards and incentives like prepaid cards, free gifts and cash credited to their accounts would most likely prompt them to make a purchase. But equally, 35 percent said they had been put off taking advantage of a cash incentive believing that it is likely to be a scam and that they would never get the reward.
When asked what is the most important, 44 percent said they have to want what is being offered, followed by 36 percent who said the incentive has to be effortless for them and 35 percent who said it has to have real value for them.
Businesses that focus marketing efforts on rolling out a successful incentive programme stand to make significant gains. Four in ten (41 percent) said they would find incentives such as prepaid cards, free gifts and cash credited to their bank accounts the most compelling when purchasing a home or garden appliance. A further 29 percent said that these would prompt them to discuss ‘a good deal’ with friends.
John Bird, UK General Manager, at 360insights said: “This research highlights a serious challenge for businesses. On the one hand, we can see that rewards and incentives play a huge role in swaying consumer purchase decisions. But at the same time, consumers expect this experience to be effortless and valuable at a personal level. Different customers respond to different types of incentive. Businesses that create and execute these programmes digitally, harvesting data-driven insights, will set themselves apart from the competition and steal market share.”
Here’s the link to an accompanying eBook on The Six Secret Super Powers of Rewards: https://get.360insights.com/consumer-rewards-super-powers
360insights provides the industry-leading channel success platform. The platform empowers brands to create, measure and manage their incentives programs such as sales incentives, rebates and co-op/mdf in real time with 100 percent auditing and fast payout of claims. The Canadian company serves over 100 of the world’s top brands and has expanded to have operations around the USA and in London, UK.
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