What’s next for rewards-based marketing? All good marketers want to know who their best customers are, because they want to keep them, reward them and
What’s next for rewards-based marketing? All good marketers want to know who their best customers are, because they want to keep them, reward them and build their loyalty.
Rewards-based marketing is still an emerging tactic for many brands, but its advancements are constantly evolving to cater to new demands for measurement, immediate rewards and new or emerging platform measurement.
Nearly 85 percent of consumers belong to 1 or more loyalty programs, with the average consumer involved in nearly 30. That equates to over $300 billion in reward points distributed worldwide every year with a consistent year over year growth rate of 30 percent.
Rewards-based marketing predictions
- An added push at the point of sale: While online retail has continued to grow, brick-and-mortar stores are still our go-to at Grabbr for those looking to immediately have the product in their hands. Interactive, rewards-based marketing at the point of sale will only continue to expand, as “shelf talkers”—visual displays that distinguish products from similar competitors—integrate social for immediate rewards. These shoppers are looking for immediate satisfaction, so shouldn’t their rewards be immediate, as well? Whether it’s a coupon for a link share, or a contest entry, shoppers will be incentivized right at the store shelf.
- Mobile marketing and scan codes will become a staple in our everyday lives: We use our mobile devices to check everything and perform everyday tasks, so naturally, if there is a new product out that looks appealing, the first thing we generally do is Google it. To take advantage of this, more brands are starting to incorporate rewards-based advertising into the everyday scenery around us to drive product demand. This includes mobile displays on semi-trucks that offer QR codes, SMS response and Bluetooth beacons on board mobile displays and using individuals as walking advertisements through temporary tattoos and ink-pad stamps at events. These help to get the word out and offer rewards to the masses who are willing to share products and links with their networks.
- Tracking from ad to purchase: Measurement is extremely important in determining the actual value of a campaign and attributing sales to a specific ad or effort. Incentives-based marketing is no different, as we’ve seen recently with major movie distributors. Getting consumers to leave their homes and head to the movies has become increasingly difficult, particularly with so many streaming services at the ready. As this marketing tactic has grown, it’s enabled tracking for movie marketing, from the initial placement of the ad all the way to the actual ticket purchase. Through specific billboards, social media posts, posters, etc., marketing teams are now aware of which ads and which social shares are actually leading to sales.
Rewards-based marketing is a valuable tool for any marketer looking to gain a significant amount of exposure and provide campaign measurements, all for a lower cost compared with traditional social media marketing efforts. The potential for marketing with incentives is great, as we know that consumers are willing to share with their networks in return for compensation. By continually tapping into this drive, brands are able to boost their visibility without breaking their advertising budgets.