Customers don’t like paying full price and will go out of their way to find a better deal. Especially when the economy is struggling. Coupon usage is as high as its been in over 20 years and businesses are seeing that they have to provide incentives for customers to choose their product or service over their competitors.
Prepaid reward cards are an ideal incentive for companies that sell larger ticket products or services that face stiff competition. Merchandise rewards or future discounts are not viewed by consumers to be as rewarding as cash incentives. Checks can be costly to process and delay the reward getting to a consumer. Plus once its cashed or deposited, the consumer no longer has a connection to your company. A prepaid card with your brand on it offers a quicker and more cost efficient way to reward customers and keeps your brand on top of their minds longer.
There is typically one main goal of any consumer incentive program, either to acquire new customers or retain existing ones. The sections listed below provide example of customer reward programs for acquisition & retention including ideas and statistics.