As online shopping continues to make the consumer marketplace broader than ever, incentive-based programs remain an effective way to gain, nurture and retain customers. Not convinced? Consider these eye-opening statistics:
• According to a January 2016 report in Chief Marketer, the average North American shopper is a member of 13 loyalty and promotional programs.
• Jupiter Research has found that 80 percent of Internet users enter a sweepstakes at least once a year.
Planning Your Promotional and Loyalty Programs
Promotional programs should be planned carefully to get the most bang for your buck. Here are three factors that play a crucial role in the success of any rebates, contests or loyalty rewards.
1. Big Data
While the term may not sound particularly sophisticated, it gets right to the point: “Big Data” refers to the massive sets of information that can be captured and analyzed to uncover consumer habits, patterns and trends. The amounts of available data are increasing exponentially, so the key is getting your arms around it up-front to keep it organized and consolidated in a way that allows for thorough and accurate analysis to allow you to have actionable information for your promotion.
2. Social Media
Platforms such as Facebook and Twitter have become popular vehicles for promotions, and growing channels Instagram and Snapchat have quickly joined the party. It pays to partner up with a promotions expert who understands how to best leverage social media for easy participation and maximum returns.
3. Rise of the Millennials
Millennials are defined as young adults born between the years of 1980 and 2000. Members of this tech-savvy generation are more willing than their parents to allow access to personal data and web habits when the results, such as personally targeted offers, benefit them. Combine that with an expected spending power of $1.4 trillion by the year 2020, and it’s clear that millennials should be a big part of your promotional plan.
Medallion Fulfillment & Logistics: Your One-Stop Solution
For 2020 plan on focusing on growing sales and boosting your marketing efforts and let us handle the rest. We have more than 25 years of experience handling fulfillment services ranging from receiving and warehousing goods to credit card and rebate processing. Contact us today to learn more about how we can be a full-service solution for your fulfillment needs.