Tag: api integration

Top Five Reasons to Use Gift Cards in Your Overall Loyalty Strategy

Posted on by Geoff Miller

Top 5 Reasons to Use Gift Cards in Your Overall Loyalty Strategy

I’ve spent over two decades in the loyalty and rewards space, and for the entirety of my career, one thing has always been true: people love choice. Which is exactly why they love gift cards. And whether you’re building a new loyalty program, or looking to optimize an existing reward platform, you’ll love digital gift cards, too. They’re flexible. High impact. Improve engagement and retention. And maybe best of all, they are a powerful tool to help with speed to first redemption—one of the main tenants of any loyalty program. But you don’t need to take my word for it. The facts prove it out.

84 percent of people prefer digital gift cards in loyalty programs

Can digital gift cards boost redemption and engagement rates?

Yes. Redemption is the heartbeat of any loyalty program because that’s when your members feel the benefit of their engagement and participation. Typically, programs that include gift cards see a higher redemption rate than those that don’t for a variety of reasons—they are instant (quick engagement), come in small denominations (easy engagement), and can be customized for each program and demographic (personalized engagement). Which all makes sense, because 84%1 of consumers say they prefer receiving digital gift cards in loyalty programs. Even more proof is the fact programs that include digital gift cards see a measurable lift in engagement and satisfaction as well.

73 percent of millenials used digital gift cards

Can digital gift cards enhance flexibility and appeal?

Absolutely. Almost everyone uses gift cards. In fact, 90%2 of consumers use them annually. Oxygen and water may be the only things more universally appealing. Gift cards also cross generational lines—it’s all about the brands you choose. Think about Millenials and Gen Z for example. 75%3 of Millenials have used a digital gift card, the most of any generation. Younger consumers can be a hard-to-reach demographic, but digital gift cards for brands like DoorDash, Apple and Google Play, get right to the heart of their mobile-first, instant-delivery, lifestyle, especially in categories like food delivery, specialty retail and gaming.

15-20 percent Faster Enrollment Growth

Can digital gift cards accelerate program enrollment and participation?

Of course! Gift cards are an excellent way to increase your member base quickly, and efficiently. Incentives matter. They’re why people sign up. And loyalty programs that offer gift cards see 15-20% faster enrollment growth. Additionally, 74%4 of consumers have taken advantage of gift card loyalty incentives in the past year, and 71% have downloaded a merchant’s app to access rewards programs or gift cards. Clearly, digital gift cards offer an attractive value proposition to get people to sign up.

85 percent of consumers are joining loyalty programs

Can digital gift cards improve member satisfaction and retention?

Again, yes. And for numerous reasons in numerous ways. One gets back to choice (which is why we created Reward Choice). Programs with gift card options usually see higher satisfaction scores with users calling them ‘personalizable.’ They also refer to digital gift cards as ‘valuable’ and ‘easy to use.’ All good things that make people happy. Gift cards are also a fantastic way to reward members for milestones and elevate tiered programs. In fact, 85%5 of consumers are joining loyalty programs. And gift cards are rapidly becoming a key driver of customer loyalty, especially since they can even be leveraged in micro-rewarding (think $2-$5) which is a proven tactic to ensure fast gratification and consistent engagement.

$2-$5 Microrewarding is a proven tactic to ensure gratification and engagement

Can digital gift cards simplify and speed up fulfillment?

Absolutely. Digital gift cards are not only instant and global—they’re also far easier to fulfill than physical merchandise or travel rewards. That translates to happier members and less operational stress for program administrators6.

After working with hundreds of brands and building some of the industry’s most innovative gift card reward strategies, I truly believe gift cards are the unsung hero of loyalty programs. They can drive real, measurable results across every stage of the loyalty journey, from enrollment and engagement to retention and revenue. And when you add cash-like options including Mastercard and Visa Prepaid, along with major brands like Amazon, WalMart or Target, plus niche and regional brands that appeal to your audience, there is nothing more powerful than digital gift cards to deliver a successful loyalty program.

If you’d like to know more, reach out to me. Or contact any of our awesome customer service folks at NeoCurrency. And if you’d like to see a full list of our ever-growing portfolio of brands, check out our reward catalog at any time.

— Eric Thiegs
Head of Strategy & Growth, NeoCurrency
(25+ Year Loyalty & Gift Card Expert)

Recommended articles (helpful links)

• The Power of Choosing the Right Gift Card API Provider
• Best Practices for Leveraging Brand Rewards in Promotions

Sources
1 The Strawhecker Group (TSG) in partnership with Bank of America
2 Retail Gift Card Association research
3 Capital One Shopping research
4 Retail Brew report
5 Fiserv’s Q2 2024 Gift Card Gauge
6 PaymentsJournal report

7 Steps to Create a Successful Employee Recognition Program

Posted on by Geoff Miller

7 Steps to Create a Successful Employee Recognition Program

Employee recognition programs are the backbone of a positive company culture where workers feel valued and appreciated. Launching one has no downsides, but it does take some effort and creativity on the employer’s part. 

The most important thing to remember is employees are a company’s most valuable asset. Their satisfaction and motivation directly affect business outcomes. Formalizing a recognition and rewards system boosts performance, employee retention, and employer brand. 

Jump in to learn how to build, launch, and refine a recognition initiative that delivers powerful results.

1. Assess current practices

The first step to revamping an employee recognition program is to audit current practices. Even without a formal system in place, it’s essential to see how recognition culture currently operates. 

Speak to a group of employees with varying levels of tenure and hierarchy. Diversify across departments and locations to understand how consistent accolades and rewards are delivered. 

2. Define program goals

After establishing what is and isn’t working, it’s time to formalize the program objectives. A strong recognition program uses the organization’s values as a base. Company culture, employer brand strategies, and overarching business drivers heavily influence these goals. 

Consider what this initiative needs to accomplish and deploy the SMART criteria to ensure goals are specific, measurable, achievable, relevant, and time-oriented. A few examples could include: 

  • Increase employee retention by 10 percent within six months
  • Reach 80 percent uptake within one year of program launch
  • Boost employee referrals by 20 percent within three months

To make goals measurable, you’ll need a baseline for employee satisfaction, turnover, retention, and engagement metrics. Work with HR, internal communications, and IT teams to understand the current data points. 

3. Identify employee preferences

Understanding what motivates employees is critical to keeping them feeling appreciated and content.

Use surveys to glean employee feedback on preferences for praise, the types of rewards they’re interested in, and how they feel about the current company culture. Some companies resort to culture meetings or focus groups to better understand the sentiment surrounding rewards programs.

Refer to reputable studies like Deloitte’s Total Rewards and Workforce Experience report. It highlights how public praise from senior leadership, direct supervisors, and colleagues is a form of recognition employees prefer the most. 

4. Draft a recognition program

Annual, performance-based recognitions and rewards are routine and occur behind closed doors or in private meetings. Since employees thrive on public and frequent praise, public recognition is crucial to success.

Reaching major milestones and overcoming obstacles are excellent activities to recognize. Workers also appreciate all kinds of positive feedback, including celebrating life events, small wins, and daily notes of gratitude.

Peer-to-peer recognition is an important way to encourage public acknowledgment of a job well done and contributes to a supportive team mentality. The ideal program makes praise and rewards easy to share, ties efforts to company values, and connects different teams.

5. Identify the rewards or incentives for the program

Employees feel more satisfied when they believe their employer cares about their interests and well-being. Yet, generic rewards or one-size-fits-all approaches for unpopular prizes fail to convey this concern.

Personalizing rewards makes the experience more valuable to workers. For instance, offering workers a choice of gift cards for over 2000 stores or choosing from a selection of brands that speak to the interests of team members.

Offering choice demonstrates the company’s commitment to worker satisfaction. As workplace diversity increases, rewards must be more personalizable to appeal to most employees.

6. Choose the right tools and platforms

Employee recognition platforms foster participation through gamification and social recognition, all while ensuring accessibility across organizations.

Ensure the platform supports scalability, user-friendliness, and customization. Prioritize options that integrate with HR and communication software and allow API connections with bulk gift card providers. This approach reduces the cost of rewards and makes distribution more efficient.

Investing in recognition platforms lets employees know the program is a priority. 

7. Announce and launch the program

Effective communication and employee buy-in lead to strong program adoption. 

Create a communication strategy explaining the system’s details, benefits, and participation methods. Utilize multiple channels to reach employees where they are most receptive. 

Choose an executive or team of leaders to support the program publicly and encourage participation. Once launched, these higher-ups must be visibly active and motivational on the platform.  

Follow up with additional reminders after the initial launch. Encourage participation by sharing success stories, holding training sessions, and incentivizing early adopters. 

Tips for successful recognition programs

Employee recognition programs are ongoing initiatives. They need refinement as time goes on. Use these additional tips to keep things impactful: 

Solicit feedback after the first few weeks. Identify areas that need more clarification, training, or customization. 

Use gamification to keep employees involved. Point systems, engagement badges, and leaderboards encourage healthy competition. 

Train managers on how to effectively acknowledge employees. Consistent recognition impacts worker satisfaction and motivates others to heap praise on the praise.

Track participation and recognition frequency rates. Check-in on the progress of the original objectives and adjust accordingly. 

Include the program in the employee recruitment and onboarding processes. If it’s a priority, it should be one of the first things new employees learn about the company. 

Conclusion: Personalize employee achievement with a brand they love

A well-designed recognition program includes public and frequent praise tied to the company’s core principles. Clear and measurable objectives aligned with company values influence engagement and impact. The opportunity for peers to recognize each other is a key component.

Effective communication and leadership support ensure strong program adoption. Choosing the right platform and prizes is fundamental to success. Corresponding tools must be scalable, user-friendly, and efficient. 

It’s wise to connect with workers frequently to understand their reward preferences. This approach keeps employees motivated and demonstrates the importance of workers’ interests and well-being to the company.

Explore how bulk gift cards offer the personal touch to reward-based recognition programs employees appreciate the most.

Request a demo to learn how much you’ll save by integrating bulk gift cards from NeoCurrency into your employee recognition program.

Recommended articles (helpful links)