Key to Success: Implementing Rewards and Incentives in Your Business
6th March 2023
Recognising the importance of a successful rewards and incentives scheme within your business is a key part of its success. Research shows that it can improve employee retention, engagement and loyalty, as well as creating a competitive advantage, as without them, you can lose market share.
Virtual First: Reducing Carbon Emissions
CI Group Rewards is a programme that achieves results and is an innovative, industry leading programme for FTSE, NASDAQ, tech, automotive, finance and FMCG companies, such as Camelot, Royal Caribbean Cruises, HP, Microsoft and Westcoast. The global programme offers a host of technological reward mechanisms that deliver a range of benefits from vouchers to virtual prepaid Mastercards. But, becoming even more important is how these schemes are delivered and not just why.
At CI Group, we know what works and have over 25 years’ experience in developing successful rewards and incentive schemes to drive change for our clients and customers, and with technology at the heart of the solution, CI can deliver not only comprehensive incentive schemes, but reduce the carbon footprint of the schemes at the same time.
Building out an Industry-first Program for Prepaid Virtual Mastercard
The prepaid, virtual Mastercard scheme was an industry first for CI Group, which replaced thousands of plastic rewards cards from circulation with a virtual Mastercard saving over 120,000,000 kg of carbon emissions. Despite the challenges of building out an industry first programme for a huge international brand, CI Group developed and built the technology in-house, in contrast to many traditional programmes that rely on prebuilt technology. By creating the solution internally, CI was able to customise it to address specific requirements, with the capability of not only controlling the speed of delivery, but also the cost. By liaising directly with the client and not having to rely on third parties to deliver the solution, all physical reward cards were replaced with a digital wallet, easy to access and simple to use
Being first to market with this capability, important lessons were learnt but it meant that any implementation issues could be resolved directly in-house, without having to spend additional time fixing technical problems with third party suppliers. Although CI Group had to invest more resource time and money to complete and refine the solution, the results have been highly successful – removing 100,000 plastic credit cards from circulation, thus supporting CI Group and our clients strategic objective to reduce the carbon footprint.
Engage with Mobile Users to Drive a Change in Behaviour
Interestingly, with all the loyalty programmes now moving to apps, due to the increasing amount of time people spend on mobile phones, this allows reward and incentive programmes to be centralised in once place, making it easier for reward scheme members to engage with and interact with the programme via the app, with CI Group developing a user friendly 2 click solution for easier navigation, the user experience has never been simpler.
According to recent research, 81% of millennials say that membership increases their spend with the company concerned (KPMG), whilst 80% of millennials and almost 75% of baby boomers prefer getting rewards for their engagement with favourite brands (Linchpin). Also a staggering 77% of the population are members of a loyalty programme, according to a recent YouGov survey, showing just how important reward and incentives schemes are.
80% of consumers are more likely to buy from a company that stands up for environmental issues (PwC Consumer Intelligence Series), again highlighting the importance of environmentally friendly schemes. Capgemini research highlights a strong connection between sustainability and core-business benefits including increased customer loyalty and brand revenue.
CI Group lead the way in bespoke solutions for businesses who wish to drive a change in behaviour in their customers and staff.
To find out more about how CI Group can support your reward strategy book a 15-minute call.