In today’s fast-paced and diversified marketplace, customer loyalty is the backbone of success. Creating products or services that people want is crucial. But reaching consumers by developing a brand and culture that are relevant is also a must. So how does a company stand out from the masses to retain and gain clients? By giving them what they truly desire. The best way to stay in-the-know is simple: Ask them! And how do you get their answers? Reward them with something they value!
The Challenge of Gathering Valuable Feedback
People today are overwhelmed with the fast pace of life. Day in and day out, the average person is bombarded with an endless sea of information overload. This helps explain why businesses of all sizes have difficulty gathering accurate and up-to-date customer feedback. Email, phone or in-store surveys impede on one thing consumers have very little of: time. Requests are often refused or ignored, and the data isn’t reaching decision makers. So how can companies pierce the collective shell to gain the information they need to survive? Make it worthwhile! One of the best ways to persuade customers to engage with evaluation efforts is to reward them.
The Best Approach: Gift Card Rewards
With a global market value of approximately 379 billion U.S. dollars and projected growth for the foreseeable future, the gift card industry is thriving. Why? Because consumers love them. A preferred tool of loyalty programs, gift cards also ideal for developing effective feedback strategies. Although people are busy, their behaviours can be positively influenced when presented with a reward for their participation. Not only are clients pleased that their opinions matter, but they appreciate that their efforts are compensated. This method allows a company to gather quality input to enhance their business model, all while nurturing the critical relationship with consumers to increase a sense of belonging to the brand.
The Proof Is in the Pudding
The practice of offering gift cards in exchange for survey answers is so efficient that some businesses do that exclusively as their sole source of revenue. Consumers willingly share valuable insight for a few extra dollars. Because knowledge is power, innovative companies will gladly spend on rewarding participants with gift cards in order to maximize revenues and brand visibility, understanding that the return on investment largely outweighs the initial expense.
If you’re ready to craft your feedback campaign, let us help you. With over 200 different retailers to choose from, your customers will have the option to select their favourite gift cards, making your program even more inviting. It’s a win-win for all!