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The Future of Rewards is Now

Now Available: Download the full e-book to explore what consumers want out of their rewards — today and in the future.

We know what your consumers want.

When it comes to the Future of Rewards, we have the intel. This fall we conducted a survey to test our hypothesis (that the future of rewards is virtual) and provide additional new insights to help you take your incentives strategy to the next level. Here’s what you need to know:

  1. Rewards must be instant and digital. That’s non-negotiable.
  2. Delivering the right reward impacts consumer behavior more than you might think.
  3. Consumers expect to be “compensated” fairly for their time spent with your brand.

Read below for additional insights or download the full e-book now.

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The Findings

We looked at several key areas around the mindset for the Future of Rewards to bring you things findings.

 

Delivery Channel Preference.

In case you ever doubted it, the future is digital. And we have the data to prove it. The study proved that consumers overwhelmingly prefer to receive and use incentives instantaneously. In fact, 78 percent prefer rewards to be delivered online/direct-to-mobile immediately. And millennials even more so than the rest of the population surveyed. The other 22 percent still prefer to receive their reward in the mail. Consumers also place a high value on flexible spending options, wanting the ability to spend their incentives anywhere. The mobile-first mindset is no longer a nice-to-have, it’s a 21st-century mandate.

 

Role in Brand Engagement.

We learned that brand incentives influenced consumer purchase decisions just as much as customer reviews and recommendations. And even more surprising, rewards proved to be a more motivating factor than brand recognition. This proves that strategically chosen incentives can empower new companies to compete against their more-established counterparts. The illustration below indicates that Incentives tied reviews and recommendations as the second-most critical factor driving consumer preference — coming in at an impressive 28 percent — and beating out brand recognition (18 percent) by a considerable margin. 

 

Consumers’ Perceived Value.

In 2018 and beyond, brands must make incentives fair, meaningful and worthy of your consumers’ time. Afterall, we found that more than 70 percent of consumers participated in activities like loyalty programs or customer surveys solely for the incentives themselves. The vast minority (30 percent) say they usually participate in these activities because they want to help out. As a brand, if you value your consumers’ input and feedback, it’s crucial to provide rewards that don’t just check the box, but actively work to drive engagement and loyalty. 

 

 

Ready for more insights?

Download our Future of Rewards e-book where we break down the data and explore the trends shaping our industry. If you’re ready to get started or want to get in touch, give us a call or reach out via email. We hope you enjoy the e-book!

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Meet Our Partners

We teamed up with Koski Research, Lenny Murphy at Greenbook and Ask Your Target Market (AYTM) to conduct a survey of 1,000 U.S. general population respondents. 

 

 

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Already know what you need? Enter the following pieces of information about who - and how - you want to reward and we’ll be in touch shortly to build an incentives program tailored to your needs.

Want to talk now? Get in touch or give us a call at 800.854.6390