There is a common saying that says ‘you want what you can’t have’. Whether that’s a job, person, money or even food, things that are out of our reach are often so much more desirable than those within our grasp. This is common psychology, but have you thought about how you could apply these principles in a business setting?
The most obvious example of where desire can come into an experience is through merchandise rewards. At the end of your rainbow is a pot of gold, but the road to these rewards is paved with the requirements of being loyal and consistent with your brand.
TVs are one option through a merchandise reward program. In this article, we’ll focus on how merchandise rewards work.
Merchandise rewards – an overview
Applicable to your staff, customer and channel partners alike, merchandise rewards are designed to maintain loyalty over a set period of time. During this period, participants are kept up to date with their progress and what they need to do to get the reward. This constant engagement and excitement helps the merchandise reward program to maintain momentum – keeping people in for longer.
At the end of the day, the rewards will depend on your budget, target audience demographic and overall campaign goals. However, we can offer big brand-name products and design the whole system from start to finish – making it easy for your business.
Of course, there is always this question: Do merchandise rewards rewards actually work?
The benefits of merchandise rewards
82 per cent of small businesses reported improved morale with this type of reward program.
According to the Incentive Manufacturers and Representatives Alliance (IMRA) Small Business Merchandise Market Study, 82 per cent of small businesses reported improved morale with this type of reward program. A total of 80 per cent noted it was an effective way to engage motivation and 61 per cent said it was more memorable than cash rewards.
Additionally, 72 per cent said that they saw business growth in the past year thanks to merchandise rewards.
It doesn’t matter whether you’re thinking about customer gifts, rewarding top performers or highlighting loyalty, paving your road with golden treats could be the best way to grow your staff satisfaction.