How Gift Card Rewards Improve Customer Retention and Satisfaction

To keep engagement and retention rates high, businesses must give customers plenty of reasons to stay. 
 

For financial-sector companies like Wesleyan, where engagement can be challenging, personalised rewards have been a valuable asset.
 

This article explores the effectiveness of using gift card rewards - what they are, why they are effective, and how they have played a role in Wesleyan’s success. 

What are Gift Card Rewards?

Gift card rewards, often referred to as voucher rewards, are a popular element of many loyalty programs. These rewards come in the form of digital or physical gift cards that customers can redeem at various retailers. 
 

The allure of gift card rewards lies in their versatility, offering recipients the flexibility to choose rewards that align with their exact preferences and needs at that moment.

Why Gift Card Rewards are a Great Choice for Customer Engagement

• Offering different gift card options is a truly personalised experience

When you offer a range of gift card rewards, you allow your customers to choose something that they really want. Personalisation is key when it comes to customer loyalty. 

For Wesleyan, who are aware that their customers have diverse needs, the concept of tailored rewards is a no-brainer. As most of their clientele work in the care and education sector, Wesleyan chose to offer different gift card options that can be used on health and well-being products and services. The result? An enriched customer experience that really resonates. 

• Enhance value to increase retention

The objective of rewards is to elevate the customer experience and create long-term relationships. For Wesleyan, gift card rewards added value to their service and increased retention rates by giving customers yet another reason to stay.

Giftcards in action: How Wesleyan pleases their customers with the right rewards

• Wesleyan Wallet cashback app

The Wesleyan Wallet is an easy way for customers to accrue cashback through card-linking and affiliate links. A seamless integration of payment cards into the loyalty platforms allows Wesleyan customers to effortlessly accumulate points with every purchase they make. Points are redeemable for digital gift cards from esteemed retailers that offer something for everyone, such as John Lewis, M&S and Adidas. 
 

• Wesleyan Rewards
   

Tailored for high-value clients, Wesleyan Rewards offers an exclusive annual gift through an easy-to-use microsite. Each year, Wesleyan’s customers get to choose a highly valuable gift card as a thanks for being a customer. This approach acknowledges the loyalty of customers who continue to do business with them year after year, and has significantly increased customer retention. 

Wesleyan gift card rewards - results and impact

Whilst navigating the challenges within the financial sector, Wesleyan has achieved remarkable success with its gift card incentive solution. With a redemption rate of 68%, an overwhelming 96% of customers expressed satisfaction with the rewards on offer, contributing to a commendable 4.6/5 customer journey score.

According to Wesleyan, “White Label Loyalty has helped us provide something of value to our Member base with early results indicating a high level of customer satisfaction. Member Rewards is on course to becoming a business-as-usual offering’.