In mid 2007, Online-Rewards was asked to be a 'technical expert' for the Cincinnati Business Courier in regards to Incentive Program Technology. Once a month we answered questions related to the implementation of the Rewards Programs. They are reprinted here for your information.
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| 1. There seems to be an increase in the popularity of incentive programs, how do you account for this? |
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| 2. How can I use an incentive program to increase my sales? |
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| 3. How can incentive programs help me retain employees and save money? |
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| 4. How should I calculate my rewards program budget? |
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| 5. Why should I consider merchandise rewards when I already offer cash incentives? |
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| 6. I have a database of loyal customers, how can I leverage this with an incentive program? |
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| 7. How much time should I allocate to running an effective Reward Program? |
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| 8. How do I convince the decision makers in my company that implementing employee programs is a good investment? |
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| 9. What differentiates you from other employee program vendors? |
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I have a database of loyal customers, how can I leverage this with an incentive program?
Your loyal customers are very important for more than their business alone. This group of people is a great resource for gathering new customer leads, soliciting product opinions from, and testing new products on.
A rewards program can be used to offer your best spokespeople a simple gift for referring new clients. The program can collect the referral information, track the lead, and automatically deposit points into the referrers account when instructed. Sophisticated programs allow referrees to earn a bonus for becoming a client so that the process does not seem one sided.
Once the program is in place, customers can be surveyed about their experiences with your company, and about new products. You can track survey data alongside sales data to make better decisions about new products.
Finally, you can mine accounts in your system for valuable customer information like mailing addresses and email addresses for follow up marketing.