Azar ChaturAugust 8, 2016
The year 2015 saw more money spent on gift cards that ever before, with U.S. residents spending $129.7 billion on gift card transactions. Market researchers can leverage this major buying power to learn more about their customers' preferences for specific products and consumer rewards programs.
How to Measure Which Products Consumers Like
Gift cards are easy for brands to use and welcomed by recipients. They can be offered as extrinsic rewards that accompany employee incentive programs or as incentives for survey takers. For market researchers, these cards "give back" by allowing insight into which products consumers like the most. By paying attention to buying habits and demographics, marketers can then adjust their marketing efforts.
Retailers can track what consumers purchase through loyalty cards, store brand credit cards, and more. Stores already do this to deliver targeted coupons at checkout, so shoppers are familiar with this behavior. If you buy a particular brand of coffee, you're more likely to receive a discount offer for that coffee than a coupon for an unrelated product, like chips.
Consumers increasingly expect brands to know everything about them; they want targeted marketing that speaks to them. Gathering data on purchase history and brand preferences is a way to best target your audience, for a better experience on all sides.
How to Measure Which Rewards Consumers Like
If you offer an incentive compensation plan, you can also track the rewards that people like, then tweak the incentives you offer. This can save money (since you aren't spending on incentives that aren't valued) while keeping everyone happy. Rewards cards are also a great way to motivate people to take market research surveys and boost the effectiveness of campaigns.
Incentive theory suggests that people are motivated by incentives or rewards. If you offer a choice incentive (say, for referrals) then your staff will try hard to deliver referrals. If the reward offered is only so-so, you won't see the same quantity of referrals and growth opportunities are lost. It's clearly in your best interest to see what's liked and replicate that success.
Giftbit offers monitoring capabilities inside the platform. Once a reward is delivered, market researchers can check in on consumer actions including open rates, claim rates, and which brand was selected from a gift of choice. The intuitive platform makes it easy to check this consumer behavior and draw connections, and automated tracking reports help you glean information this quickly.
If any recipients do not claim their rewards, you can get the money back, hassle free. There's no risk to you—only much to gain.
Ready to start measuring preference with incentives and rewards cards, for more informed decision-making? Get started with Giftbit’s rewards platform today.