Historically, incentive reward providers have priced their services in a complicated and confusing manner, to say the least. But it doesn’t have to be that way—nor should it.
Instead, here’s what to look for if you want a modern and transparent partner for your rewards, incentives, and payout programs.
Companies and research institutions typically use gift cards for one of two reasons:
1. As a tool to achieve business goals—to fill their pipelines by increasing leads and referrals, lowering customer acquisition costs, motivating sales teams, and similar methods, to improve quality and quantity of survey responses for both academic and market research, or to improve company culture and lower attrition by fueling successful employee rewards programs
2. As an incremental revenue channel; B2B software platforms often integrate with gift card providers to distribute gift cards within the platform to monetize their offering.Increasingly, companies are also using digital prepaid cards (ie, Visa® and Mastercard®) as payouts for a broader range of financial transactions, such as settlements, research participation, and other types of business to consumer (B2C) disbursements.
Some larger companies also look to gift card distribution companies to monetize their incentive delivery solutions and/or add a reward distribution channel to their existing platforms.
Of course, there are other types of incentives a company might use—things like employee vacations, extra PTO, or classic (and increasingly dated) ‘merch’ like watches and branded socks.
And since gift cards can be used for merchandise, travel, and more, they actually encompass all other forms of incentives at once.
Moreover, research shows that two out of three people who receive a gift card as an incentive will remember why and how they earned it and what they redeemed it for. Better still, they associate that reward positively with the company that gave it to them.
"Digital gift cards get results