Viewpoint: The State of the Incentives Industry
People have become accustomed to being incented, and now expect it. They are also becoming more sophisticated and regularly look for consumer incentives like consumer rewards, consumer rebates and loyalty incentives. These incentives need to be smart, fast, intuitive and easy to redeem.
This past summer, I was able to participate in a broad incentives conversation at the 15th Annual Incentive Magazine Industry Roundtable. The event assembled a panel of industry leaders from all segments of the incentive and loyalty business to discuss the issues and the opportunities the industry faces.
During the event, I made sure to bring up meaningful points that support our values and products. Some of my insights were published in this month’s Incentive Magazine cover story, including:
“In the last year, 64 percent of consumers in the US purchased at least one prepaid card product. It’s really a booming business, and the more we see that in the consumer space, the more you will see it in the corporate space. Gift cards offer a lot of choice without a lot of the headaches that you see with fulfillment and delivery of merchandise, or the heavy planning around travel. It’s an easy option.”
In relation to open loop prepaid: “Generally, when you’re selling to a corporative incentive client or a client doing a consumer promotion, they’re going to want something that resonates with everyone.”
“The way that the card is presented also provides a lot of opportunities for the corporate client to brand — the card carrier, the inserts, the envelope itself, and they often take advantage of that. When it’s presented, you’re reinforcing your brand.”
“Lots of manufacturers that we work with use them to give rebates to consumers. All of a sudden I’m getting this card and all these materials from this provider of my eyewear, for example, then I’m more apt to ask for that brand the next time I go to my provider, because I had some kind of affinity with that manufacturer or that brand. So the level of customization really does resonate.”
Read more of the 15th Annual Incentive Roundtable cover story.