Reward programs in marketing works and we don’t have to look very far behind, to find the evidence.
A recent study found out that 82.4% of customers tend to shop more from stores that have some form of reward program. This goes on to prove the effectiveness why use reward marketing and how it can help you in edging out the competition. This blog attempts to dig deep and find out the inner workings of the marketing strategy in question – What is Reward Marketing and How it Can Help?
What is Reward Marketing?
Reward Program has a vast scope as it can be used to create better engagement with – employees via employee rewards, channel partners, and customers via different reward and loyalty programs (anything to do with building a human relationship). When applied in marketing, rewards can help you –
- Build connections
- Increase customer loyalty
- Deepen engagement and
- Attract new customers
Reward marketing is a practice where you leverage a reward or loyalty program through program participation. This is done by providing appealing and attractive rewards.