Many of us scroll past ads in their newsfeed, delete emails or even go to the bathroom in advertising breaks.
As consumers, we are constantly bombarded with advertisements and calls for action. This is the challenge of marketing: campaigns are everywhere.
And when campaigns are everywhere, it's easier to turn them off and ignore them.
In fact, the clickthrough rate for social media ads rose from 2.6% in late 2018 to 2% in late 2019, a sure sign that social media users are suffering from ad fatigue.
Ultimately, marketers need to try new and more innovative approaches to get consumers' attention. Marketers are working hard every day to create the exception: a message that cannot be ignored.
Here we're going to look at an innovative strategy that could help marketers stand out in 2020: digital rewards.
Digital rewards: the secret weapon to stand out
Digital rewards are e-gift cards from retailers or virtual Visa / Mastercards that can be delivered immediately via link or email. These virtual rewards can help you stand out from the competition.
In most cases, marketers ask consumers for attention without any great benefit in advance. Every time consumers see marketing campaigns, they make a decision within seconds – and this often follows the logic: "If I click on this Facebook ad, will I really buy this product?" You risk valuable time evaluating a purchase, but ultimately decide against it. Digital rewards minimize this risk by creating a tangible upfront value.
In addition, digital rewards are a friendly gesture that lets potential customers know you appreciate their time. In this way they can recognize their commitment and thank them for their attention. Gift giving is a classic way of showing warmth and appreciation for others.
With digital rewards, you can use this age-old social practice and modernize it for the virtual age. By sending personalized digital rewards, you create human connections despite physical distance.
Since digital rewards are a lesser-known tool, you may be wondering how to incorporate them into your current marketing strategy. Here are eight ways to boost marketing campaigns with digital rewards, accelerate engagement, and maximize campaign ROI.
Strategies and examples of digital rewards
1. Organize webinars with incentives for your target group.
How it looks: "Attend our live webinar for a $ 10 thank you!"
Why should you do it: Incentive webinars make it easier for consumers to evaluate your product. In addition, the upfront value thrills consumers and makes these webinars much more effective than typical webinars in lead generation.
In addition, the reward email can be a first-class property that includes follow-up content and calls for action. Consumers tend to be more willing to provide data in exchange for coupons, loyalty points, or rewards, making them a powerful tool to speed up the buyer's journey.
2. Compensate prospects and customers for taking surveys and sharing feedback.
How it looks: "Tell us how you like our latest update for a $ 15 reward."
Why should you do it: Brand goodwill naturally arises when your consumers feel that you value their time and feedback. Just saying that you appreciate the feedback doesn't do much to motivate a survey response. Digital rewards create motivation so you don't have to worry about representative prejudice and get the answers you need.
In other words, you don't have to worry about the feedback from people who just love or hate your product. They want to capture everyone's feelings, and digital rewards can motivate the otherwise neutral crowd. With accurate data, your company has the insights to quickly adapt to changing customer preferences. Most importantly, your consumers know that you really appreciate what they have to say.
3. Use the rewards in your ABM program.
How it looks: Request a key contact meeting and send a $ 25 reward as a thank you for the time.
Why should you do it: If you know you want a customer, digital rewards are a great way to show that you appreciate their time. Digital rewards can be a powerful tool to quickly track an ABM campaign and get the attention of the right people. Everyone loves to receive gifts, and digital rewards can be the perfect gift for building relationships.
4. Create a referral marketing program to turn your clients into brand lawyers.
How it looks: "Receive a $ 10 reward for referring a friend. When your friend purchases for the first time, our team will give them a welcome $ 10 reward. "
Why should you do it: An effective referral marketing program turns your customers into your second sales team. A study by the University of Chicago found that incentives increase performance 24% more effectively than incentives. Digital rewards for referrals can be an effective lead generation tool that also determines brand loyalty and goodwill towards existing customers.
5. Increase your brand's online reputation by rewarding customers for writing a review.
How it looks: "Write a review of our software on Yelp or TrustPilot for a $ 5 reward."
Why should you do it: Thanking customers for the feedback strengthens the goodwill of the brand. Your reviews will help you use word of mouth marketing and tap new audiences who may buy a product like yours.
6. Set up customer recognition programs.
What it looks like: "Thank you for being a loyal customer! Here's a $ 10 reward for lunch with us. "
Why you should do it: Customer recognition programs establish the goodwill of the brand, increase customer satisfaction and develop long-term loyalty. Recognize and celebrate customer success and milestones with digital rewards. These satisfied customers are more likely to do positive word-of-mouth marketing for your brand.
7. Reward prospects for participating in a product demo.
How it looks: "Take part in a short 15-minute demo for a $ 5 reward."
Why should you do it: Digital rewards show people that you instantly appreciate their time. Combining them with demos can accelerate the buyer's journey and give your product team the feedback they need to ensure a great product. Like the incentive webinar, use the follow-up reward email to your advantage by offering more content and calls for action.
8. Host a giveaway as a reward for promoting your product or service on social media.
How it looks: "Post on your Instagram about us to win a $ 20 reward!"
Why you should do it: Digital rewards can help your brand launch an influencer marketing campaign without the transaction pressure that cash generates. Showing potential customers that you value their time and social audience with a reward creates a positive relationship, and your brand can help reach new audiences.
However, you don't want to give $ 20 to everyone who writes about you on their social pages – this could result in thousands of lost revenue without having to gain much.
Instead, host a giveaway that will reward the first 100 posters if you share your story contribution again and tag a friend in the comments. This way everyone feels they have a legitimate chance of winning and you still have money in your marketing budget!
With the right incentive management platform, you can easily automate these limits and avoid budget disasters.
There are many ideas to consider above, but here's the good news: you are probably already implementing most of these ideas in some way. So take a step back and see how you can add digital rewards to your current marketing strategy.
Digital rewards are easy to set up and a quick addition to your marketing toolbox. This makes it a nifty trick that you always have on hand when you need a boost. An added bonus is that you can easily incorporate digital rewards into your HubSpot workflows. "Please connect" our digital Rybbon reward app on the HubSpot marketplace. Experiment with digital rewards in your next campaign and let the results speak for themselves!