a truly customer centric rewards model
Most current reward programs, are designed serve the interests of businesses and their associated brands and partner groups. These traditional programs are based on a particular view of customer loyalty, on terms set by the business. Today mobile commerce opens a new perspective.
Looking at the picture, it is easy to see who runs the house. There is an old story about the difference between cats and dogs. Dogs think, “my owners looks after my every need, they house and feed me and look after me. They must be God.” Cats think, “my owners look after my every need, they house and feed me and clean up after me. I must be God!”
Shoppers now understand that they are in charge. The total transparency of price and supply, through their mobile devices puts the power in their hands. According to research by eMarketer Survey, more than nine in ten social discussions about current retailer’ loyalty programs are negative.
iMobileMedia engages shoppers with universal rewards. People capture the data that defines their relationships with brands and merchants, they can shop anywhere and get a common reward from businesses everywhere. On their own terms, truly reflective of the value they bring to the businesses that supply their household.
The primary objective for iMobileMedia’s universal rewards program is to create relationships based on value and recognition, for individuals everywhere. So, instead of a business based program that invites people to join, we host a people based program, that invites businesses to join. Our client therefore, is the individual.
Universal Rewards uses two trademarked digital currencies called FuelCents & PinMoney. These are non-cash digital values, that accumulate and can ultimately be redeemed as cash, in return for a subsequent action or purchase. FuelCents and PinMoney are digital and so do not require any cards, coupons or vouchers. They are device agnostic, so do not require bespoke apps. They can be presented and redeemed through any digital or social media. You can present FuelCents offers on your Facebook page. They are retailer agnostic, so do not require any systems integration nor even the participation of the business where a reward might be redeemed. FuelCents is currently in release, PinMoney will be introduced early next year.
The challenge for retail marketing has always been to engage customers and influence purchase decisions, by presenting value, without giving away the farm.
Price discounting is the easiest go-to method of driving sales. Discounting is an important marketing tool to establish a value perception, especially when used on targeted lines, supplier specials or for inventory management.
Discounting however, is also a blunt instrument that can cause damage, by undermining price integrity, eroding brand value and reducing margins. Rebated rewards maintain shelf pricing while presenting a personal reward only to those engaged by the offer. Pricing policy can be stabilised, delivering higher overall margins, while delivering ongoing personal value to recognised shoppers.
To be ubiquitous, reward levels must be genuine and sustainable. iMobileMedia’s Universal Rewards have little impact on shelf pricing as they are rebated after the sale, only to participating shoppers. Rewards however must be sufficient to influence behaviour and acknowledge the customer.
Most importantly, as the name suggests, universal rewards such as FuelCents operate in any channel and any store. They can therefore follow the shopper across their entire shopping journey.
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