The Perfect Reward: Onbe’s Summer Survey Tracks Consumer Incentive Preferences

The Right Incentive at the Right Time  

Everyone loves a little something extra—but incentives are even better when consumers can get exactly what they want, Onbe’s Summer 2024 Incentive Survey found. The study of over 500 U.S.-based consumers discovered that shoppers have a clear preference for choice-driven, fast and convenient experiences. Tailoring rewards programs accordingly can help businesses get the most out of their marketing dollars by ensuring every incentive maximizes customer satisfaction...cue the referrals and rave reviews!

The Power of Consumer Incentive Choice

With 84 percent of U.S. businesses spending $176 billion annually on incentives for everyone from their customers to employees, competition is intense to deliver a standout experience—and that starts with choice. Onbe’s survey found that getting to choose an incentive was consumers’ top priority, but rewards experiences weren’t always up to par, with37 percent saying they did not get to select how they received their most recent payout. In other cases, their preferred choice wasn’t available—92percent of respondents said a digital payment would be more convenient than a check in the mail, yet checks were the second most common way to receive an incentive.  

With a modern consumer incentive solution, businesses can meet the demand for diverse payment options, from virtual cards to rewards points, while streamlining and automating incentive program management. Digital-led experiences not only make tracking and spending rewards a seamless part of consumers’ mobile-first lives, but businesses can more easily engage recipients with custom-branded communications and promotions that encourage incentive spend back and customer loyalty.  

Building Goodwill with Reward-Based Incentive Programs

The dollar value of an incentive isn’t consumers’ only consideration when comparing offers. Onbe’s survey respondents were drawn to incentives they could spend on whatever they liked, with 80 percent preferring flexible, reward-based options such as gift cards or prepaid cards. Almost all respondents—93 percent—said they would be more willing to make an additional purchase with a company after receiving a reward-based incentive.

Point-of-sale discounts and coupons were not nearly as popular—and while saving money at the register can motivate primary purchases, such discounts are less effective at encouraging return buyers and repeat purchases. In contrast, rewards-based incentives help maintain goodwill among loyal customers and have the added benefit of driving spend back.  

While implementing a rewards-based incentive program may require more effort initially than a discount-based promotion, the return on investment is worth these extra steps. Partnering with an incentive program manager such as Onbe makes it simpler to launch an exciting new rebate program or rewards initiative and start turning payouts into profits.

Positive Brand Experiences Drive Customer Engagement

Positive consumer incentive experiences inspired brand fandom and enthusiastic referrals among almost all respondents, with 96 percent saying that receiving a reward-based incentive quickly, securely, and via the payment method of their choice would improve their sentiment toward the brand providing the offer. 94 percent said enjoying a great consumer incentive experience would lead them to recommend the brand to a friend.

Companies can lean on digital solutions to meet their customers’ demand for fast gratification, popular payment choices and the flexibility to spend their rewards anywhere. Removing frictions such as a long wait time to receive a payout or the extra step of cashing a check at the bank helps ensure every incentive sparks delight rather than causing frustration.  

With instant digital payout options and industry-leading fraud prevention and security features, Onbe’s solutions for customer incentive programs deliver convenient, secure experiences directly to consumers. Equipped with modern payment capabilities, valuable customer data, and the options consumers expect, businesses will be ready to transform customer incentives from a cumbersome process to an engine that drives customer retention, referrals and revenue.  

Learn more about building a successful customer incentive program with Onbe.

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