We’ve all heard the term “motivated buyer,” but do you truly understand what motivates your cardholders? As a market leader in rewards and loyalty programs, we’ve developed successful promotions that allow your financial institution to connect with cardholders and encourage spending. Promotions help drive cardholder engagement and goal achievement through their spending and transactions. With four simple steps, financial institutions can capture the attention of cardholders through loyalty programs with effective promotional campaigns.
1. Create Time Sensitivity
Developing your promotions with a specific time frame helps build urgency with your cardholders. This will incentivize them to aim for the achievement of each promotional requirement before campaign completion. Here are some examples of time sensitivity promotion campaigns.
1). Spend Based Campaign: 2X bonus points on travel expenses for three months during summer.
2). Transactional Based Campaign: 2,000 bonus points after completing 50 transactions within the first month of enrollment.
By creating a specific time for the reward to be earned within your loyalty program, your cardholders will be more conscious of completion. Ultimately, they will often spend more using their rewards card as they work toward their goal.
2. Value Campaign-Based Quantity
Putting value on the number is important to have a successful campaign, whether it is in spend or transactions. If your financial institution is aiming to get cardholders to spend an average of $2,000 per month, you will need to set up a promotional campaign that encourages spending. You may choose to make the goal slightly higher than average, such as $2,500 or $3,000, to offset your average with consideration of cardholders who may not participate. Therefore, give your cardholder a solid number, like total spend or transactions they need to complete, so they have a clear understanding of what the goal is to achieve.
3. Offer Perceived Quality In Bonuses
Bonuses are not completely about how much you offer your cardholders. The quality of what you offer in exchange for completing a promotional campaign is equally as important. The reward should be driven by what offerings are most popular or in demand for your cardholders. This may include offering double points for every $1 spent during the promotional period, or giving a single reward on the quantity of transactions completed. Analyze how your audience is currently using their points in your program, and build the reward based on that data.
4.Market Through The Loyalty Program Campaign
Your role in the promotion doesn’t end when you launch it to your cardholders. You should continue to market to your cardholders throughout the campaign, encouraging them to engage. This can be done with reminder messages about their completion status and how much time is left in the promotion. Provide opportunities to redeem any bonuses points earned during the campaign and ways to reach their goal in a fast, efficient way.
We understand that it can be challenging to create impactful promotional campaigns to drive cardholder engagement. That’s where we come in! With a variety of promotion and marketing solutions, our team of Relationship Managers collaborates with your financial institution to understand your cardholders and your business. Let us help you build a successful rewards and loyalty program.
Talk to our team today to learn more and begin planning your next promotional campaign!
ampliFI Loyalty Solutions is proud to serve nearly 2,100 financial institutions, delivering robust loyalty and reward programs for 20+ years with the continuity of positive feedback that drives us to be the best in the industry.