Gift cards are excellent incentives for employees to boost productivity, maintain high performance, and stay with the company. Not only that, but gift cards are also great rewards for clients and customers. They’re a popular way to encourage repeat business and show appreciation, plus they can help increase engagement and advocacy, resulting in more leads and increased business. When businesses show clients and employees alike that they are appreciated, the company reaps the benefits. Their workforce becomes more loyal and hard-working, and they can retain and attract more customers.
There are several ways in which giving gift cards as customer rewards helps boost businesses’ success, including:
READ MORE: The Most Versatile Business Gift Cards for Your Reward Programs
Many companies today choose to give gift cards as employee incentives. This approach also helps businesses be successful by:
There are alternatives to gift cards that some companies choose to use to reward employees. Some of the most common include:
All of these options have advantages, but they come with drawbacks, too. For example, giving branded products is only an incentive if they are products the recipient wants and appreciates. Giving verbal praise is essential but may not be enough to persuade employees to stay if a competitor is offering other benefits.
In many cases, gift cards represent the best option because:
A points-to-rewards program is a great way for businesses to offer incentives that keep customers or employees engaged over time. This type of program involves awarding points to participants for taking certain actions. Customers may get points for signing up for a newsletter, referring a friend, or making a purchase, for example. Employees could earn points by sharing social media content, successfully launching a project, or attending a training session. When a participant collects enough points to hit a pre-set threshold, they can exchange them for a gift card reward of their choice.
Rybbon’s digital rewards management platform supports points-to-rewards programs with a host of features and benefits, including:
The Rybbon platform also offers flexibility by supporting instant rewards as well. With an extensive catalog of hundreds of gift card options, it’s an ideal tool for your customer and employee programs.