The Power of Email Marketing For Your Rewards Program
Many times you want to assess the performance of your reward program. There are various means to do this but one of the important metrics you may want to try is the redemption rate. If you direct your focus on assessing the reward point’s redemption rate, you will ultimately get to know whether or not customers are into your program. The easiest approach to doing this is through examining the percentage of total issued reward points that are being redeemed. Any program that is well established and functioning should have at least twenty percent redemption rate. A successful program has many reasons for that. A good customer engagement is one of these reasons. Poor customer engagements culminate in a redemption rate that is low. When customers are not adequately engaged, they won’t be able to complete the valuable actions. Low action completion rate will definitely lead to less earned rewards. This obviously will lead to low redemption rate.
Customer reward and engagement management, Edenred provide cutomer reward and loyalties solutions, thanks to their over sixty years of offering customer reward and loyalty solutions.
With that said, your main concern should be getting customers to be active. While many ideas would come to mind on how to accomplish this, there is always a simple and easy way of getting it done; telling them to participate! Getting customers really engaged may not be the easiest thing to do. This requires promotion. Effective promotion is the best way of ensuring and maintaining customer engagement in your program. Promoting your program is a sure way of securing your program recognition. In any case, no customers will ever participate in a program they have never heard of.
Forms of rewards program promotion
There exist various forms of promoting reward programs. You may decide to choose from on-page banner ads and adding links to your navigation bar such that the link directs customers to an explainer page. These ideas are all valid and effective but as targeted email campaigns, there are other means superior to them. For instance, segmented emails have been proven to generate over half of all the revenue from e-commerce. With growing internet usage, most customers prefer getting any type of content related to promotion through email. Email is preferred to social media tools because of the easiness of retrieval. In fact, over 72% of customers prefer using email as opposed to other social platforms.
So, email is a platform that will give a competitive advantage of enabling you to work towards improving and enhancing your program’s redemption rate. However, not every email is relevant as not anytime is appropriate for sending emails. Therefore, knowing what email to send and at what time is the best approach.
This article will give you what your emails campaigns need to be successful; from creating, executing and optimizing the campaigns. It is important to note that the end result of this is to increase the redemption rate. We look at five email strategies
Building better marketing with point balance emails
A normal person has over 13.3 reward programs. These are too many programs to keep track with and inconvenient for one to recall what their membership is all about that’s why customers sign up and forget about the program. You need to make the program visible and make the value provided by the program available to new and potential customers. Showing the customer how much points they make and how close they are to achieving the reward reduces point of breakage while simultaneously increasing your redemption rate.
Building better marketing bonus points campaigning emails
Building encouraging incentive program will help you put it ahead of your customers especially when their point balance isn’t high. Campaigns to give customer bonus points to give them the opportunity to increase their point balance faster. There are two decisions to be made while running bonus points campaigns. First is the frequency of running the campaign, could be daily weekly monthly while some program during holidays.
The second decision is selecting the items to be included in the promotion. To build brand interest, you can coordinate the bonus points product release. It’s important to advertise about the campaign to your customers in advance. Using of email promotions, on-page ads, and social media gives you a wide reach to all your customers.
Building better marketing with redemption campaign email
Customers are encouraged when they see their accounts with many points. This creates anticipation of the rewards they would gain from, your program’s success depends on customers following and redeeming the points. You encourage your customers to spend reward by engagement with the customers regularly such as free shipping. Secondly, with time, you add value to the customer’s points with limited time promotion. Lastly, when the customer buys a specific product you improve the customer points’ value. This directs purchase for the purpose of length promotion on a certain area of the store. This strategy guarantees to increase the redemption rate.
Building better marketing with referral program promotional emails
Customers who are contented with your store will refer their family and friends about it to experience a similar shopping experience. This builds trust between loyal customers and your brand, they become brand ambassadors and help generate a new customer base. Referral programs reward the loyal customers for the people they refer to the brand. Growing the theory of brand ambassador requires getting the information to the best customers to show appreciation, and introduce them to the referral programs and benefits. This is important to the brand as you expand the marketing reach and lay promotion power to the customers. Word of mouth promotion complements individual promotional efforts your sites and increases opportunity to find more customers. Building better marketing with points for product promotional emails
There is a satisfying feeling when you get something valuable for free. A product reward catalog is a page that shows customer rewards they can earn as a member of the reward program. There is an increase in perceived value demand and motivation to earn by working harder to achieve. This is especially true when the reward can only be earned by reward points.