Digital Rewards, the New Option in Digital Marketing
Posted on October 11, 2012 in Articles
Despite so many recent advances in advertising technology — what with the advent of ad networks, real time bidding, yield management and other technologies — very little has changed in the past twenty five years when it comes to the actual offer that the ad promotes.
Think about it; it seems that since the beginning of time, retailers have been offering percent off discounts and bundle deals such as BOGO (buy one get one at discount) with just minor variations on the theme. This week in Chicago at the Shopper Marketing Expo, a representative from the world’s largest retailer, Walmart, sat down with Suchit Dash from Ifeelgoods to present to the conference attendees an entirely new way to create compelling promotional offers through the use of digital rewards. The term “Digital Rewards” is neither well known nor well understood, but here at Ifeelgoods we define it to mean the kinds of gifts and bonuses than can be delivered to someone through digital means. In some cases the reward itself exists in a digital format, but in other cases not, as in the case of a digital gift card where the end gift is actually a physical item. Digital rewards can be used to incentivize behaviors, drive conversions or user actions, provide recognition for accomplishments, or reward loyalty. The range of digital rewards we apply to digital marketing promotions through our technology can include gifts such as Skype credit, iTunes gift codes, Amazon e-gift cards, airline miles, XBox LIVE credit, HULU or Pandora premium credit, and over 100 other options. At the conference this week, Robert Yau from @WalmartLabs and Suchit Dash presented compelling data from their recent case study applying digital rewards to drive new user acquisition for a social commerce Facebook application. It’s just one amazing example of how digital rewards used in marketing promotions can be an incredible game changer for digital marketers looking to drive results. Not only did the choice of digital rewards help the world’s largest retailer target their desired customer demographic, but the use of rewards was a cost effective means of driving app installs. The good news for marketers everywhere is that with this new emerging option for creating unique and compelling promotional offers, the days of only being able to offer a percent off or a bundle offer are now over. With the new technology, a promotions manager can now run multivariate testing with their campaigns, trying various digital goods, in various denominations and combinations with other offers, and place them in different media channels to optimize their results. It all comes with a new power to bring the most creative campaign ideas to life without being restricted by old limitations. Stay tuned to our blog for the latest news and updates on using digital rewards for your marketing promotions.