Personalization is becoming increasingly important to consumers, and as a result, they are expecting far more from retailers’ loyalty programs. So it’s no surprise that personalization has become one of the hottest emerging trends in marketing today. According to Virtual Incentives, 56% of consumers said receiving a unique, personalized incentive would improve consideration of a brand.
Of course, retail giants like Amazon and Nike have the resources to take customer personalization to new heights. But innovative medium and smaller retailers are capitalizing on this trend as well. One idea gaining lots of traction with mid-sized retailers is targeting customers with personalized incentives that provide immediate rewards, vs. accumulating points for later discounts.
“The biggest changes in loyalty programs”, says Precima President Brian Ross, “is that they can now be personalized right from the start. The days of launching cards with 10 points per dollar, or a 1% value proposition, are over.”
Customers are more willing to share information for right incentives
An Accenture Interactive study reports 54% of shoppers said they are open to sharing personal information and shopping preferences with retailers in order to receive personalized offers (up from 33% in 2014). This shows that consumers are more prepared to give trustworthy data about themselves for a personalized incentive that offers a clearly perceived value and an immediate reward, such as Encore Incentive’s RewardsCardPlus program.
Encore Incentive’s RewardsCardPlus program offers the permission-based transparency, simplicity, and immediacy that today’s customers are seeking. In addition, cash incentives have proven to be the highest motivator for positively influencing customer behavior and increasing brand loyalty.