Loyal2.com uses a voucher-based approach to rewards management and we believe that this is the best method of rewarding your customers.
Flexible and Secure
Vouchers offer you the perfect mechanism for rewards because they are extremely flexible, and yet provide incredible controls to stop fraud and control liability. The Loyal2 Voucher Management system issues each voucher with a unique voucher-code which is then validated before any benefits are issued. Vouchers are also dated and set to expire after a set period of time. Voucher liability reports indicate what outstanding liability you have and what is expiring in the coming months.
It's all in the wording
The flexibility that Vouchers offer you as a reward type is truly unlimited. The power given via the voucher is literally limited to the description assigned to it, giving you ultimate control based on the wording you choose. For example 'applies to purchases of XYZ brand until 20 December' provides the correct benefit with limits.
Make it valuable
A common mistake in reward schemes is that the rewards offered are essentially meaningless to the end user. This is counterproductive and actually reduces rather than increases brand loyalty. When deciding on your voucher descriptions, limitations and values take great care to make them highly valuable to your customers. Put yourself in their shoes and ask yourself if this offer would bring you back into the store to redeem it.
Types of Vouchers
To start with there is the most basic assumption which is that the voucher equates to money. You can issue a voucher with a fixed value, or as a fixed discount percentage. Linking this to an event, time or product may make it more relevant to you but can also reduce the value to the customer, so this needs to be done with caution so as not to make it meaningless to the end user.
You can also issue vouchers that are a call to action for your customers. For example, as a competition entry. This could then stipulate that they need to hand it in to one of your stores, where it is included in a prize-draw which takes place in the store at the same time, ie: 'Bring this voucher into our store on Saturday, as it is your entry ticket for a prize draw that will take place at 11am. All entries need to be submitted by 10am to qualify.' If the prize is sufficient enough (make it a really good one!) your store will be brimming with customers from 9am till after 11am... good for business!
Voucher codes can also be integrated with your online shopping process. Your customers can use the voucher codes issued to them to get discounts in their checkout process. These codes can also be used to enable downloads or other online bonus features that apply to your business.
Worth considering is sharing the value of your vouchers with other vendors to broaden the appeal for your customers. For example, offer discounts at a local restaurant or donations to a local charity. Though these appear to be direct out-costs to you with little benefit, the true value is how they are percieved by your customer. Ultimately you still benefit because the vouchers and the sales that generate them originate from you.