There was a time — not that long ago — when offers like free shipping, buy one get one free or 10 percent off were gold in terms of closing a sale.
Today, however, as shoppers continue to seek increasingly personalized experiences, that “gold” has lost some of its luster. When the same ads appear everywhere, they’ve lost their ability to shine.
Incentives solution provider Ifeelgoods recently launched a platform allowing retailers to offer digital rewards like gift cards to iTunes and Amazon, movies, music, mobile apps and subscriptions to Skype and The New York Times. The catalog of offerings includes more than 1,000 rewards for retailers to choose from — incentives for consumers to buy, to sign up for mailing lists, to participate in social media efforts or take any other actionable steps. Unlike the original Ifeelgoods product, which launched in 2010, the new “frictionless” platform allows clients to choose the promotions themselves.
“Our point of view is that retailers suffer from how very hard it is to create new offers,” says Michael Amar, co-founder and CEO of Ifeelgoods. “Even when they give you a free vase when you buy flowers, or free handbag as a gift, it’s pretty complicated to do, and they don’t do it all year long. But we enable them to do it in a few minutes.”
“With our digital solution, they can create five, 10, 50 rewards — maybe 50 banners at the same time instead of two or three.”
Rewards they can use
Better yet, the Ifeelgoods platform allows retailers to optimize data they may already have on hand to choose just the right promotion for just the right audience; rewards can be matched based on age, gender, category, country, context and device. It also boosts opportunities for real-time analytics and offers a greater perceived value at a smaller cost than more traditional promotions or discounts.
“One-size-fits-all is not working anymore,” Amar says. “Consumers want rewards that they like. … They want something unique that is related to what they enjoy doing. More people are immersed in digital life — they watch movies online, listen to music online, play games online, so it’s great to give them what they want, a reward that they can really use.”
Though Ifeelgoods has worked with leading brands like Gap, L’Oréal and Walmart since its founding, the new platform has just emerged from beta testing. But so far, so good: Campaigns executed on the Ifeelgoods platform achieve two times the click-through rates and 30 percent more sales without eroding margins, Amar says.
The only thing required from the marketer is to put one pixel on the confirmation page, allowing the sale or other completed action to be tracked. “With that simple pixel,” Amar promises, “the retailer can access 1,000 different rewards.” Another benefit? The consumer is happy, too, having instantly received a relevant, unique reward.
Ifeelgoods is not targeting retailers directly; it is, according to press materials, “building a unique industry ecosystem based on appreciation and value, and creating a virtuous cycle for each stakeholder.” Those stakeholders include consumers, agencies/brand marketers, marketing/technology partners and content/gift partners. Ifeelgoods’ first channel partnership is currently underway with international communications group VivaKi, a leader in digital advertising solutions, which will be proposing the platform to its brands.