Category: Instant Gratification

Obtain valuable first-party data with instant rewards

← Back to Use Cases

ACQUIRE & ACTIVATE

Obtain valuable first-party data with instant rewards

At Perx, we revolutionize customer engagement by empowering brands to unlock the power of data-driven personalization

Amrith G, SVP | Marketing & Customer Analytics

Journey Popularity Index: 

The Rationale

Incentivizing users to share their preferences and utilizing that data for personalized targeted offers and subscriptions creates a win-win situation for both brands and customers. By gathering detailed insights into customer preferences, brands can tailor their offerings to align with individual needs and desires, enhancing the overall customer experience which fosters stronger brand-consumer connections

The Benefits

Delivering personalized offers and subscriptions based on individual preferences allows brands to provide customers with relevant, timely, and tailored experiences. This increases customer satisfaction and engagement, as users feel understood and valued by the brand. This also allows/enables brands to allocate resources more effectively

Ideally Suited For

Industry: Telecom, Travel & Hospitality, Media & Entertainment, Financial Services
Customer base: >100k users
Mobile app: Not Required

Key Performance Indicators

Conversion rate, customer acquisition cost, incremental revenue, attribution analysis

(Video title) “Visualizing User Success: A Journey Through Interaction” or “The Evolution of User Experience: From Interaction to Impact”

Consult with us to learn how you can transform your mobile first customer journeys

Get access to over 100+ ready-to-launch customer journey templates

Incentive-led First-Party Data Collection

Peter sees a Facebook ad requesting him to answer a few questions in exchange for an instant reward

1

ACTION 1: Perx Powered Survey

Enticed by the reward, Peter completes the survey, answering preferential and behavioral questions

2

Instant Gratification

Upon submitting the survey, Peter instantly receives an SMS with a unique link to access his reward

3

Perx Powered New Customer Acquisition

A Facebook ad is served to Peter, with a personalized offer based on his preferential data captured in the survey. The personalized offer lures him to sign up for the app

4

ACTION 2: Download and Install

Motivated by the tailored offering, Peter downloads the app and signs up for an account

5

ACTION 3: Phone Number Verification

Peter is prompted by an instant reward campaign to verify his contact details

CUSTOMER ACQUIRED

6

Instantly Rewarding Customer Action

Upon verification, Peter is presented an instant reward for completing the action

7

Activate Customer Through Gamification

To encourage Peter to transact often, a quest-based campaign carrying multiple actions and rewards is launched from the Perx platform

8

ACTION 4: Transact

Peter completes the first action in the quest series - A prepaid mobile phone top-up through the app

CUSTOMER ACTIVATED

9

Instantly Rewarding Customer Action

Peter is instantly rewarded with loyalty points for completing his first milestone

10

Milestone Completed

Peter is excited about being rewarded instantly for the action he completes. Peter is all set to complete his next milestone

11

Success With Another Peter

Insights from the survey are leveraged to target and engage thousands more with tailored messaging and relevant content

12

Explore more Use Cases

  1. Incentive-led First-Party Data Collection

    Peter sees a Facebook ad requesting him to answer a few questions in exchange for an instant reward

  2. ACTION 1: Perx Powered Survey

    Enticed by the reward, Peter completes the survey, answering preferential and behavioral questions

  3. Instant Gratification

    Upon submitting the survey, Peter instantly receives an SMS with a unique link to access his reward

  4. Perx Powered New Customer Acquisition

    A Facebook ad is served to Peter, with a personalized offer based on his preferential data captured in the survey. The personalized offer lures him to sign up for the app

  5. ACTION 2: Download and Install

    Motivated by the tailored offering, Peter downloads the app and signs up for an account

  6. ACTION 3: Phone Number Verification

    Peter is prompted by an instant reward campaign to verify his contact details

    CUSTOMER ACQUIRED

  7. Instantly Rewarding Customer Action

    Upon verification, Peter is presented an instant reward for completing the action

  8. Activate Customer Through Gamification

    To encourage Peter to transact often, a quest-based campaign carrying multiple actions and rewards is launched from the Perx platform

  9. ACTION 4: Transact

    Peter completes the first action in the quest series - A prepaid mobile phone top-up through the app

    CUSTOMER ACTIVATED

  10. Instantly Rewarding Customer Action

    Peter is instantly rewarded with loyalty points for completing his first milestone

  11. Milestone Completed

    Peter is excited about being rewarded instantly for the action he completes. Peter is all set to complete his next milestone

  12. Success With Another Peter

    Insights from the survey are leveraged to target and engage thousands more with tailored messaging and relevant content

Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?

Feedback From

Our Customers

Recommended for you

The 5 Loyalty Rewards Program Engagement Tactics Your Customers and Brand Need This Holiday Season

The 5 Loyalty Rewards Program Engagement Tactics Your Customers and Brand Need This Holiday Season

Amrith G.

SVP, Marketing & Customer Analytics | Nov 20, 2023


Is your loyalty rewards program going to deliver on expectations this holiday season — on both sides of the relationship?

5 Ways You Can Up Your Rewards Program Game

Reevaluate Your Scoring Systems

Many rewards programs are generic. They look, feel, and work the same – like a ledger that keeps a basic record of points earned and spent and does not really do anything else.

Take Starbucks: long known for their brand stickiness and impressive customer loyalty, the big brand took a belly flop back in 2016 when they decided to ditch their intuitive and straightforward 1 purchase = 1 star, and 12 stars = 1 coffee rewards program model.

They changed to a 2 stars per dollar spent-based model and required 125 stars to redeem a free coffee. This meant the average customer who liked regular coffee had to spend $62.50 instead of $48.00 to get their free cup of coffee, and the core customer base was enraged.

The coffee conglomerate took a while to recover but eventually added tiers to their rewards program, stopped stars from ever expiring, and added gamification and personalized rewards for loyal customers.

A simple scoring system is not enough, so it is time to learn a lesson from Starbucks’ stumble and recovery and learn how to truly engage with gamification and long-term relationship-building strategies.

Make Things Personal By Leveraging Customer Data

Customer loyalty and customer retention are inextricably linked, and big data and analytics are driving both — the importance of personalization in a good rewards program and tracking loyalty marketing metrics.

Customers that are actively engaged with brands and their loyalty programs make 90% more frequent purchases, spend 60% more in each transaction, and are five times more likely to choose the brand in the future.

You can use big data and analytics to ensure the rewards and opportunities offered to match a customer’s spending habits – whether they customarily spend on travel expenses, entertainment tickets, fine dining, or expensive electronics.

Perx’s rules engine makes all this possible by identifying the best incentive to drive consumer action, weaving the offer and experience into a seamless mobile-first journey, and surpassing customer expectations with experiences and rewards that fit their lifestyle.

Ensure Every Reward Is Exciting Enough to Be Memorable

38% of consumers are not interested in joining loyalty programs due to their lack of perceived value. People value their time, and they will opt out unless you make it worth their while to participate in your loyalty program. So, you must figure out how to keep them consistently looking for the next chance to participate and receive a reward.

Use gamification to keep them moving and plan “free” bonuses at intervals to prevent stagnation along the customer journey. Make every reward high-value enough to make it worth the customer’s time to engage with each touchpoint and remind them frequently about the bigger prize at the end of each segment of the journey while teasing the next round of experiences.

Double Down on Instant Gratification

Instant gratification resonates with consumers, particularly the millennial and Gen Z audience, and 45% of consumers say they will switch brands if a company does not actively anticipate their needs. These customers crave immediacy and have become fast adopters of click and collect, needing that hit happiness that comes from getting a reward.

Start your customer journey with actions and rewards that offer immediate gratification. Then, slowly build to longer experiences with bigger rewards at the end to increase trust and belief in your program’s value. Provide nudges and assistance in reaching goals to prove your loyalty to your customers is as strong as you want their brand loyalty to be.

Beat Out Your Competition By Going the Extra Mile

What is your competition doing? It is time to investigate. If they are offering a discount on a loan or an increased interest rate to members of their loyalty program, find a way to sweeten the deal with an extra, personalized reward on top of the main offering to differentiate yourself.

Brand Loyalty Programs Designed For Maximum Engagement

Capital One’s “Purchase Erasure” recognizes it can be easy to forget to use bank card-associated air mile points during an impulsive travel planning session. As a result, customers can submit air mile point-eligible travel purchases up to 90 days after the fact for reimbursement. This makes customers feel like their bank is sincere about benefiting from their earned points.

One of Asia’s top three banks needed a creative and efficient solution to increase overseas spending of their high-end credit card customers. Perx identified a segment of existing overseas customers who were credit card users with a higher propensity to spend and leveraged real-time analytics and valuable customer insights into immediate, impactful business decisions and outcomes. As a result, the bank reached out to 21,000 of their existing customer base and 91% of targeted customers engaged with the campaign. Over 500,000 Instant Rewards were delivered in real-time, including 10M KrisFlyer miles, and the campaign achieved $24M in incremental spend for the bank.

Bonus Tip: Make it EASY

Perx rewards program for another bank used stamps culminating in a free high-value prize, with a QR code scannable at any participating outlet to redeem the reward and even a scheduling option for picking up the reward, propelling the customer through that last-mile to achieve their reward.

Conclusion:

The Perx Loyalty and Engagement Platform is ideal for brands looking to build real and meaningful relationships with their existing and prospective customers and create customer experiences that engage and excite them. Brands can use a digital loyalty marketing platform to drive meaningful behaviors that result in personalized rewards.

Recommended for you


Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?


What Messi's new Club and a Digital Bank Teach About 'Aha' Moments

What Messi’s New Club and a Digital Bank Teach About ‘Aha’ Moments

What Messi's new Club and a Digital Bank Teach About 'Aha' Moments

What Messi’s new Club and a Digital Bank Teach About ‘Aha’ Moments

Unleashing the Dynamic Trio of Game Theory, Instant Gratification, and Gamified MarTech Platforms

Amrith G.

SVP, Marketing & Customer Analytics | Aug 30, 2023


In the dynamic world of digital acceleration, customer engagement stands tall as the bedrock of triumph for formidable brands striving to connect with the mobile-first wave.

8 out of 10 travelers spend 70% of their daily commute on their Mobile device. – Researchgate 2023

As the mobile revolution navigates the course of consumer behavior, the art of innovation becomes paramount when going head-to-head with competitors. Delve into a transformative journey as we unveil how industry leaders have mastered the fine art of customer engagement, drawing strength from the potent trio of game theory, instant gratification, and cutting-edge MarTech SaaS tools.

Embracing the Mobile-First Consumer

The proliferation of smartphones has elevated the mobile-first consumer to a position of unparalleled importance. Large brands now recognize that meeting customers on their preferred platforms is vital to establishing meaningful connections. By embracing mobile as a primary engagement channel, brands have unlocked untapped potential and created seamless user experiences that resonate with their target audience.

For instance, Even before the acquisition of Lionel Messi, Inter Miami CF embraced the mobile-first consumer by launching its mobile app. The app allows fans to not only purchase tickets, check the team roster, and watch live games but also en route to launch a dynamic loyalty program that rewards every action and transaction a fan completes through gamification.

The app’s user-friendly interface and mobile-exclusive features have significantly enhanced fan engagement and loyalty. In just two years, Inter Miami CF’s social media followers went from 1 million to 5 million*, and the team’s average attendance has increased by 30%.

Inter Miami CF’s mobile app has been a success in engaging fans and driving growth. The app has been downloaded over 1 million times and has been used to purchase over 500,000 tickets. The app has also been praised by fans for its user-friendliness and features. *Notably, the leap from 2 to 5 million followers was indisputably propelled by the signing of Messi 🙂

The Power of Game Theory

Game theory has transcended traditional gaming domains and has found profound applications in customer engagement. Brands are now using gamification to drive user behavior and foster a sense of excitement and competitiveness among customers. By leveraging game theory, companies encourage increased participation, active involvement, and brand loyalty, all of which lead to a more engaged customer base.

For instance, a leading Asian Bank achieved a substantial $18 million boost in consumer overseas credit card expenditure through the strategic implementation of game theory for customer engagement. The bank’s once utilitarian mobile app, primarily used for routine tasks like balance checks and transfers, has ingeniously evolved into an instantly gratifying tool for customers’ day-to-day actions. By introducing a spectrum of virtual and real-world spending and savings-based challenges, the app incorporates leaderboards and offers rewards to commemorate customers’ accomplishments. Download Success Story

By harnessing the innate competitive nature of consumers, the bank has effectively converted previously passive customer engagement into a dynamic and rewarding customer experience. This transformation significantly contributes to the bank’s overall revenue, fostering heightened brand involvement and customer engagement.

Instant Gratification

In the era of instant gratification, customers demand immediate rewards for their actions. Brands that understand this psychology have implemented real-time gratification strategies to keep customers hooked and motivated. Instant rewards, personalized offers, and immediate feedback are just some ways brands delight their mobile-first audience, increasing overall engagement and brand affinity.

A striking example emerges from Singapore’s pioneering digital bank. This institution seamlessly melded game theory and instant gratification with the daily lifestyle elements of its consumers – for instance, by rewarding customers with daily essential items such as groceries, food, and transport.

Over a span of 60 days from its launch, the bank unleashed more than 500 distinct micro-experiences. Each experience deftly harnessed the power of gamification intertwined with lifestyle incentives.

The outcome was two-fold: not only did the bank successfully onboard over 300,000 fresh customers, but it also orchestrated millions of in-app banking transactions. This triumphant amalgamation of instant gratification and genuinely rewarding incentives played a pivotal role in the bank’s conquest of acquisition, customer growth, and retention endeavors. Download Success Story

Harnessing the Power of MarTech SaaS Tools

MarTech SaaS tools have revolutionized customer engagement. With over 9000 platforms in 2023, these tools offer robust automation, data analytics, and campaign management capabilities that help brands create engaging experiences for their audience.

However, these interactions often halt after the recipient engages with the CTA (Call-To-Action), whether through SMS, Email, or in-app notification. With consumers’ brief 8-second attention span for ads, standing out requires a shift from static to dynamic engagement. In the 2020s, brands must transcend conventional send-and-pray tactics. Enter dynamic engagement: launch > dangle a carrot > nudge customers to act > reward actions > repeat.

To achieve this, integrating new-gen MarTech platforms is crucial. These platforms enable in-campaign gamificationintuitive engagement mechanics, foster co-creation with generative AI and offer sophisticated loyalty protocols. Transitioning is pivotal to propelling customer engagement to new heights and captivating audiences like never before.

Conclusion

As we delve further into the intricacies of the mobile-first consumer mindset, its influence will persist as a commanding factor in shaping the landscape of customer engagement strategies. Among the ranks of industry giants, those who have enthusiastically embraced the realms of game theory, instant gratification, and customer journeys infused with gamification are spearheading the frontlines of innovation, delivering experiences that linger in memory. With these concepts taking center stage, companies not only captivate their audiences but also foster enduring relationships that transcend mere transactional exchanges.

More on this here or feel free hit me up to explore how you can contribute to your brand’s topline through dynamic customer experiences.

Recommended for you


Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?


Design customer centric campaigns for enhanced Loyalty

RETAIN & GROW

Tailor related-product recommendations to match spending preferences

Our tailored use-case empowers businesses to leverage spending preferences and deliver personalized related-product recommendations, captivating customers with relevant offerings that foster loyalty and drive long-term revenue

Shalley Mohta, Customer Engagement Strategist

Journey Popularity Index: 

The Rationale

By tailoring related-product suggestions, businesses can enhance the customer experience, increase engagement, and create a strong incentive for customers to continue their purchasing journey, resulting in improved customer retention and ultimately driving revenue growth

The Benefits

By tailoring related-product recommendations to match spending preferences, businesses can create a personalized and seamless shopping experience, leading to higher customer satisfaction and loyalty. This, in turn, increases the likelihood of repeat purchases and drives revenue growth

Ideally Suited For

Industry: Banking, Telecom
Customer base: > 100k user base
Mobile app: Not Required
Existing Loyalty program: Not a must

Key Performance Indicators

Reduce churn and inactive customers

Nudge for Customer Action

Jolene receives an SMS nudging her to use her Prospera debit card for an instant reward

1

Customer Action 1: Online Transaction

Enticed by the reward, Jolene uses her Prospera bank card during checkout payment on a retail app

2

Reward for Online Transaction

After the transaction, Jolene receives an SMS with a link to access her reward

CUSTOMER RETAINED

3

Engagement through Gamified Reward Experience

On clicking the link, Jolene is taken to the Prospera app and sees a gamified reward experience

4

Instant Gratification

Jolene engages by moving her phone on multiple axes to land the ball in a slot of her choosing

5

Cross-selling Related Product

Because of her online payment on a retail app, Jolene receives an SMS from Prospera bank, offering her a new credit card with huge benefits for retail purchase

6

Customer Action 2: Credit Card Application

Jolene immediately applies for her new credit card to maximize her benefit on retail transactions

CUSTOMER GROWTH

7

Nudge for Next Action

After a few days, Jolene receives her credit card, nudging her to make her first transaction and win a reward

8

Explore more Use Cases

Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?

Feedback From

Our Customers

Recommended for you

Secure customers and influence actions through dynamic experiences

ACQUIRE & ACTIVATE

Present personalized offers by understanding customer needs

This journey fuses gamified engagements, rewards and instant gratification to drive growth

Ravinder Singh, Head of Customer Enablement

Journey Popularity Index: 

The Rationale

This journey fuses gamified engagements, rewards and instant gratification to drive product cross-selling and user growth

The Benefits

Leverage this approach to experience an increase in app installs through referrals, and generate higher cross-sell revenue

Ideally Suited For

Industry: FMCG
Customer base: > 50k user base
Mobile app: Yes
Existing Loyalty program: Not a must

Key Performance Indicators

App installs through referrals, cross-sell revenue, referrals

Perx-Powered Nudge to Sign-Up for Rewards Program

Shirley purchases a SpotAway product from an online retailer and receives an SMS from SpotAway. The SMS thanks her for the purchase and urges Shirley to sign-up for the SpotAway rewards program

1

Customer Action: Sign-up on the Microsite

Shirley accesses the Perx-powered SpotAway rewards micro-site and signs-up for an account

2

Instant Reward for Action

On her first sign-in, Shirley is presented with a SpotAway voucher via the Instant Reward campaign

CUSTOMER ACQUIRED

3

Customer Action: Complete Onboarding

As a new valued customer, Shirley is presented with a Quest campaign to complete a series of onboarding steps to understand her preferences, and be rewarded

CUSTOMER ACTIVATED

4

Reward for Game Completion

Shirley completes her onboarding Quest campaign and is rewarded with loyalty points that she can use to collect and redeem vouchers for her next SpotAway purchase

5

Explore more Use Cases

Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?

Feedback From

Our Customers

Recommended for you

Keep customer engaged through gamified micro-experiences

ENGAGE & MONETIZE

Delight customers and promote related products

With our innovative platform, businesses can effortlessly drive user actions through timely prompts and nudges, while instantly delighting them with a gamified reward experience, seamlessly blending motivation and gratification

Amrith G, SVP | Marketing & Customer Analytics

Journey Popularity Index: 

The Rationale

Gratifying user journeys not only drive immediate actions but also cultivate long-term engagement, loyalty, and positive brand experiences. It allows businesses to stand out in a competitive landscape, differentiate their offerings, and ultimately achieve their strategic goals by leveraging the power of motivation, instant gratification, and gamification

The Benefits

Implementing this use-case enables businesses to boost user engagement, improve conversion rates, enhance customer satisfaction, gain valuable data-driven insights, and gain a competitive edge. The combination of nudges and rewards drives actions, fosters loyalty, and delivers measurable results

Ideally Suited For

Industry: Industry: Financial Services and Banking, Telecom
Mobile app: Not Required

Key Performance Indicators

Action completion rate, conversion rate, customer lifetime value

Prompt For Customer Action

To activate Alena, a Perx-powered campaign encourages her to make her first in-app transaction

1

Action 1: Transact

Alena deposits $500 to complete her first savings milestone

2

CUSTOMER ENGAGED

Instant Gratification

Alena is instantly gratified with a gamified reward experience for completing her first transaction

3

Engagement Through Gamified Reward

Alena receives a personalized reward, tailored via the spin-the-wheel game. By tapping on the screen and spinning the wheel, she receives her reward and can save it in her digital wallet

CUSTOMER DELIGHTED

4

Product Cross-sell

To monetize Alena, a personalized credit card offer is presented to her

5

Action 2: Card Application

Intrigued by the offer, Alena applies for a credit card

6

CUSTOMER MONETIZED

Instant Reward For Customer Action

Upon approval of the account, Alena instantly gets rewarded with her personalized gift

7

Nudging Next Customer Action

To encourage Alena to start transacting, she is sent a cashback offer on her new credit card

8

Action 3: Credit Card Use

She uses her credit card to make online transactions and is instantly gratified with cashback

9

Explore more Use Cases

Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?

Feedback From

Our Customers

Recommended for you

Attracting digital natives in a mobile-first, instant gratification economy

Attracting digital natives in a mobile-first, instant gratification economy

Grace Alexander

MarTech Blogger | June 6, 2022


Connections between companies and their customers are going digital. This isn’t the kind of shift that business can or should try to counteract — rather, they should start searching for the best ways to make these mobile-driven online connections flourish.

Both sides of the customer-business divide are digital natives. Today’s young consumers have grown up in a connected world, able to search out any information they need from their smart devices. Start-ups, too, have come of age in a digital world, rising rapidly using cloud technology and often preferring to market their products and services via mobile means.

The fast-moving world of always-on connectivity and instant gratification is the new battlefield where companies have to compete for consumers’ loyalty. Organizations that are able to adopt this mindset and give customers the compelling digital experiences they’re looking for are well equipped to become leaders in their fields.

Attracting young customers’ attention

Using a smartphone to interact with a brand isn’t like sitting at a computer. While today’s phones are capable of delivering powerful web browsing experiences, the sheer fact that they’re portable means people will often interact with them for short moments in time.

Picking up a smartphone while riding public transit, walking or getting lunch may lead to a very short interaction — if an activity takes a long time to accomplish, a phone user may skip it. This means that bands hoping to reach young consumers primarily through mobile devices must focus on memorable experiences that can be completed in seconds.

Getting a brand’s audience to commit to an ongoing loyalty and rewards program when interactions are so short and attention spans are so fractured is a unique kind of challenge. Making a positive first impression on customers is a key best practice in this regard. 

 What should that first interaction entail? The consumer should receive a reward or incentive they actually care about, something that has value. Even though it may seem tempting to give out very small amounts of points at first, to ensure consumers have to come back and earn more, such a withholding approach may simply cause customers to become bored and disengage. 

 In addition to having value, the engagement should also be gamified. This means it will have some fun, game-like characteristics, such as making progress toward an objective or earning a spot on a public leaderboard. 

 Finally, every quick interaction should be part of a unified customer experience. CMSWire noted that when brands take their CX seriously, they build long-term connections with their audiences. People who receive consistent messaging from a brand through every channel — in-person, online and mobile — will feel more comfortable continuing to engage with that business. 

Keeping digital natives loyal 

Once smart device users have had one good interaction with a company, it’s up to the brand to keep bringing those consumers back for more. They can make this easier by not creating barriers between audiences and the business 

 If people have ways to keep interacting with companies in ways that don’t involve spending any money, that helps the connection between the two parties flourish. This may mean granting badges, and allowing consumers to rise in rankings and creating gamified point systems that reward touches and engagements rather than purchases.  

 In addition to creating more possible engagements, customization may be a key part of the ongoing interaction between consumers and brands. MasterCard noted that in the digital age, people are not as willing to select rewards from a long list — this is a time-consuming interaction, and it may drive customers away. Rather, brands should be using the data generated by interactions to personalize rewards individuals will like and offer those. 

 Distinctive, customized interactions leading to personalized, data-driven digital rewards are the backbone of a loyalty program that can win over young, digital-native consumers. 

Turning loyalty into ROI 

Ongoing, non-monetary contact with customers doesn’t automatically turn into value, but businesses that commit to such a strategy can use it to nudge their audiences in the direction of a purchase. One of the valuable traits of a data-driven and automation-heavy digital rewards program is that it evolves over time. This can culminate in suggesting more direct commercial engagement. 

 A gamified customer journey that starts with simple mobile interactions can lead to a more all-encompassing connection between shopper and company. As Mondia Digital CEO Paolo Rizzardini suggested on his LinkedIn blog, gamification can set the stage for a long-term bond between these parties, with the highly engaged consumers speaking positively about the brand and reengaging often. 

 A loop of positive engagements, powered by evolving rewards, can build up loyalty and keep customer relationships strong over time. Rizzardini pointed to the Nike Run Club app and the Starbucks loyalty points system. Both programs use gamified interactions to keep users’ attention for the long term. 

 The common thread between compelling customer loyalty programs in the digital age is that they don’t demand much of consumers. Interactions with companies’ mobile-first digital tools are fun and enjoyable, and often don’t require a purchase. Audiences can stay in touch with the businesses, earning customized rewards and building positive associations — then, when it’s time to buy, they know where to turn. 

Perx is the right rewards platform for digital natives

The right rewards platform is an essential piece of technology to connect digital-native companies with digital-native consumers. The Perx Loyalty Engagement Platform is the right solution for the modern, fast-moving customer relationships because of its comprehensive, future-minded feature set. 

 From gamified experiences and non-monetary rewards to powerful automation tools and a high degree of customization, the system is a compelling choice for businesses hoping to become more tech-forward and mobile-centric. Campaigns can naturally evolve over time, keeping users interested with fun interactions, then guiding them to commercial sites when the time is right. 

 In a world of short attention spans, it is possible to hold customer attention for a long time. Businesses simply have to know how to string countless small moments together into ongoing relationships. Request a demo to learn more. 

Recommended for you


Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?


Financial Brand Loyalty Marketing: It’s All About Gratification

Financial brand loyalty marketing: It’s all about gratification

Instant. Constant. Consistent. Paving the way for true top-line growth

Grace Alexander

MarTech Blogger | May 4, 2022


Loyalty marketing for financial brands can be a tricky thing. Banks are inherently distrusted by one set of consumers, typically younger generations who view them as self-serving and unsupportive of their goals. In contrast, fintechs are given the side-eye by older generations who value longevity and a track record over digitized, mobile-first interactions.

Both sets of consumers want a financial brand experience driven by transparency and a clear motive to gratify their needs and wants. Whether they are traditional banking institutions or budding fintechs just getting a foothold, brands that achieve this will be able to drive top-line growth and lasting, active, and engaged brand loyalty.

Properly done, financial brand loyalty marketing boosts earnings, increases sales, and enables long-term expansion. A well-planned and implemented loyalty and rewards program can assist you in retaining existing customers, attracting new customers, and growing revenues. This happens through last-mile engagements, which can rise by 12 times with a modern and tech-driven program.

Brand Stickiness vs. Brand Loyalty

Any brand that caters effectively to the needs of its customers enjoys some level of free customer stickiness and retention because switching brands — especially financial brands — can be a hassle.

However, most brands take this free element and don’t build on it to lasting advantage. For example, banks have incredibly high customer stickiness, but very few implement effective customer engagement marketing to transform that stickiness into true brand loyalty.

On the other hand, fintechs may be knocking it out of the park when it comes to customer engagement, but haven’t sufficiently aligned their messaging and brand loyalty marketing to lock in their more fickle customers and make them truly stick in the face of an ever-expanding market of options.

Instant Gratification in Your Bank Loyalty Program

Today’s banking customer expects and demands instant gratification at each touchpoint. You can leverage these opportunities by providing instant gratification, so that interacting with your financial brand becomes a normalized part of your customer’s lifestyle.

The rewards offered at these interactions should be flexible to provide customer choice and match each consumer with a personalized bonus. In addition, these instant rewards should be visible to other members of the person’s social circle, keeping the brand top of mind and providing a positive incentive to come back and earn more.

Account opening

Customers want instant access to benefits, from a ready-to-use ATM, debit, or credit card to loan application and line of credit options.

  • Potential reward: An instant large reward (a one-time reward for each account opened, the scale of which may vary based on the opening deposit amount.)
Account balance checks

Customers expect instant information without jumping through hoops to access their accounts and repeatedly prove who they are.

  • Potential reward: A token or bonus reward if over a certain balance (a recurring reward, given every day checked, the amount may vary based on target balance tiers.)
Account transactions

Customers desire the ability to complete a deposit, transfer, or bill payment instantly and receive real-time confirmations and notifications.

  • Potential reward: An instant reward given when a predetermined milestone is hit (a recurring reward, given every time a new milestone is achieved, the amount may vary based on milestone type and size.)
Set up direct deposit

Customers want to take advantage of time-saving benefits and receive their reward (typically a discount on bank fees or a cash bonus) right away without waiting for 30, 90 or 120 days.

  • Potential reward: An instant reward is given when a new direct deposit is set up (a one-time reward for each direct deposit, the size of which may vary based on the average deposit amount.)
Check or cash deposits

Customers demand instant availability of funds without waiting for them to clear. This includes funds from regularly scheduled, automated deposits that fall on weekends or holidays.

  • Potential reward: A token or bonus reward every time a deposit over a certain amount is made (a recurring reward, the amount may vary based on the amount of the deposit)
Referrals

Customers want immediate rewards for “helping their brand out” by referring other people who become customers as part of a customer loyalty scheme.

  • Potential reward: A large instant reward (a one-time reward for each successful referral, the amount may vary based on the type of account opened or amount of initial deposit.)

These interactions provide the ability to add touchpoints to an ongoing customer journey and provide instant gratification as part of a customer rewards and brand loyalty program.

Constant Gratification in Brand Loyalty Marketing

Don’t drop the ball. You have your customers’ attention, and the way to keep it is through constant, consistent reiteration.

The customer journey is ongoing

You can’t depend on “set and forget” vanity programs that simply count shares and likes. Every time you have the chance to reach out to a customer, whether it’s to congratulate them on hitting a new milestone or encouraging them to complete a journey leg, you need to take it.

The customer journey is unique.

Personalized experiences require constant monitoring, tracking and check-ins to drive additional opportunities for engagement, and data analysis to ensure you are providing ultimate rewards customers actually want to collect.

The customer experience should be fun!

Add gamification for an even more engaged customer base. You don’t have to build everything in-house to develop customer experience ecosystems with which your customers will love to interact.

Consistent Gratification in Customer Engagement Marketing

Banking customers are discerning and aware. Customer loyalty systems and rewards programs that aren’t consistent will soon be dismissed. It’s a big mistake to offer a 100-point incentive for an action one time, then offer half the incentive a few months later. Be consistent, and constantly improve and expand.

How Perx Drives Bank and Fintech Brand Loyalty Marketing Via Experiences

The Perx Loyalty and Engagement Platform (LMP) transforms how banks and fintechs engage with their customers, and helps you instantly, constantly and consistently provide gratification through personalized experiences and rewards.

With this platform, you can maintain customer engagement marketing as you scale, bringing in new business and retaining high-value customers while driving revenue-generating actions. It allows you to:

  • Prevent waste associated with legacy brand-building and marketing.
  • Make the customer journey frictionless, instantly gratifying and socially viral.
  • Provide rewarding experiences that drive real revenue and keep brands top of mind.
  • Create a seamless and gratifying online to offline customer experience.
  • Automate processes so loyalty processes can evolve with minimum time and labor.
  • Design programs that allow legacy organizations to compete with mobile-first and digital-first financial brands.

Your financial customers are waiting to be wowed by your commitment. Are you ready to take your brand loyalty marketing to the next level? Ask for our free demo today.

Recommended for you


Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?


Is Loyalty dead, or does it just need a defibrillator?

Is Loyalty dead, or does it just need a defibrillator?

Is Loyalty dead, or does it just need a defibrillator?

Amrith G
VP, Marketing | June 28, 2021


Okay, so that is not entirely true. Customer loyalty isn’t really dead – it’s still a top priority for marketers and brands world over.

Only thing is, it’s vastly different now.

For one, brand-centric loyalty metrics like the recency, frequency, and monetary value (RFM) of customer spends aren’t relevant anymore. Instead, today, loyalty is all about how well your brand fits into each customer’s life, powered by emotions.

In 2021, if you want customers to continue buying from your brand, just showing up with good products or services isn’t enough. You need to offer additional value, and it has to be personalized to fit each individual customer.

Which brings us to the most important portion, “lifestyle marketing”.

In a world where technology has drastically altered consumer lifestyles, it is the panacea to your customer loyalty conundrum. It involves building brand affinity by offering content and experiences that your audience doesn’t want to live without. This is why, today customer loyalty can be built through wholesome experiences, enhanced by instant gratification and hyper-personalization.

But, first, let’s unpack the reasons for the evolution of customer loyalty to what it is today.

Why customers deserve their pound of flesh in the digital era

Today’s customers are a mobile-slinging, well-informed, and dynamic bunch. They are switching between channels, devices, and sites as they shop. At the same time, they are spoilt for choice, constantly being bombarded with targeted messaging, on their smart devices.

Technology has also lowered switching costs. So, while starting a new business and acquiring new customers has become easier, so has losing customers. Especially considering it costs 5 to 10x more to acquire a new customer, your efforts need to be focused on retaining loyal customers.

All of this has completely shifted the power dynamics. It’s the customers, and not brands, that wield the real clout and they are demanding their pound of flesh. They want a relationship that is more than just basic transactions.

To stay relevant, brands not only need to innovate beyond traditional offerings but also need to transform their loyalty programs into customer engagement engines. By embracing lifestyle marketing brands have started to place customer engagement at the core of any customer-brand touchpoint.

This is why you will find B2C and B2B2C businesses trying to become lifestyle brands. For instance, several insurers are venturing into fitness and wearables. Traditional banks are emulating a super-app-like ecosystem of digital lifestyle services within their banking apps or jumping on the Buy Now Pay Later (BNPL) bandwagon. Speaking of wagons, something core to people’s daily lives such as owning and fueling an automobile to move from point A to point B is shifting from a single price tag to a subscription-based service offering a lifetime of energy in form of battery swaps (electric cars).

But four fundamental questions remain!

1. What is the purpose of a business?

Contrary to popular opinion, brands shouldn’t be only about making profits and providing employment. These are merely by-products of doing business. Instead, your focus needs to be all about offering customers ‘real’ value by addressing their needs and solving their problems. The idea is to keep them constantly engaged. Ultimately, this value exchange creates a sense of emotional loyalty and shared purpose amongst your customers.

2. How to run loyalty programs right?

Loyalty programs have become a hygiene and a prerequisite. Today, successful loyalty programs run by Starbucks and American Express are considered the gold standard.

The only issue is that they are not very well thought-out. Mostly, they are just knee-jerk reactions to a competitor’s customer retention efforts.

To create loyalty programs that offer more strategic and long-term value to customers, you can follow these strategies:

  • Deliver additional customer value, be it functional, emotional, social, aspirational, or psychological, above and beyond the core offerings. Customers really value such add-on benefits. This is why ‘Paid Loyalty’ programs (like Amazon Prime) are becoming so popular.
  • Harness customer data smartly to offer hyper-personalized and authentic appeals to the head and heart. Thus, actively giving customers a reason to earn and burn their loyalty points.
    Is Loyalty dead, or does it just need a defibrillator?

    Source: McKinsey & Company – Preparing for loyalty’s next frontier: Ecosystems

  • Balance monetary rewards with experiential offerings such as exclusive events and early access. After all, 72% of millennials prefer to spend on experiences vs products.
3. What is the purpose of customer engagement?

The goal of customer engagement is to secure top-of-mind recall for your brand. This can be achieved by delivering customer value through interactions across varied channels that strengthen the relationship with customers.

The only problem is, nowadays, the focus of customer engagement and loyalty programs have shifted AWAY from customer value. Customer engagement strategies are disjointed from consumer lifestyles.

Luckily, Perx lifestyle marketing solutions resurrect loyalty as a concept for brands. We help by building data-driven engagement opportunities, targeting customers, and rewarding their actions. Growth in customer engagement rate by up to 6 – 12x compared to what you are experiencing now with traditional digital marketing.

4. What exactly is customer value?

Customer value is the satisfaction a customer experiences (or expects to experience) by taking an action relative to the cost of that action. To deliver real customer value, be sure to get regular customer feedback. Find out what the customer considers important and deliver better on these factors than the competition.

Tying all of it together

Any customer engagement strategy or loyalty program has to be centered around consumers’ lifestyles. Why? Because as individuals and as a society, our needs have evolved over time from the tier-1 physiological needs to the more sophisticated cognitive and self-actualization (emotional) needs.

Is Loyalty dead, or does it just need a defibrillator?

Source: 1 Maslow’s Hierarchy of Human Needs

Read More

Welcoming Banks to the mobile-first instant gratification economy

Welcoming Banks to the mobile-first instant gratification economy

Amrith G
VP, Marketing | February 13, 2020


Too late! That is how large enterprises traditionally have responded to disruptions.

If you look at historic data just from the last 60 years, the least critical way of answering this question would be ‘not quite effectively’ Richard N foster in his book, ‘Creative Destruction’ proves the same by quoting ‘The life span of a company back in 1958 was 61 years and in 2018 it reduced to 18 years.’ In the next 7 years 75% of companies in the S&P 500 index are expected to be replaced by new emerging challengers in each industry.

The category of companies in the crosshair of displacement are the large B2C enterprises who serve the millions of end consumers – the you and me of the world.

Focusing on the Banking industry. 47% of key banking transactions such as C2C and C2B payments, funds transfers and personal loans have been executed by fintechs and digital payment gateways. The wedge that the Apple and Google Pays of the world have pegged between the banks and their millions of end customers is a sizeable one and if not addressed it is only bound to grow exponentially en-route to erode a bank’s profit margins, 1 micro percentile at a time.

In the era of fintechs and the shift towards digital and virtual banks, the one who holds the key to last-mile customer data becomes the victor by default. Last-mile customer data is the new oil, and the trick to master and acquire it is in how closely you position yourself as an enterprise to your consumer – This translates to how much of the customer’s mobile mindshare does your brand, products and services enjoy? With over $100B invested in existing and new mobile-first fintechs globally every year, the wedge between traditional banks and their customers will turn into a larger crevasse.

So how can banks respond to these disruptions? The customer engagement and loyalty platform from Perx enables large B2C enterprises across Banking and other core verticals to reduce this wedge. With the majority of Perx customers represented by Banking & FSI, Perx facilitates them to get back in the driver’s seat by intelligently incentivising its customers for every action and interaction they have with their bank. Let’s face it, in this instant gratification mobile-first economy, the one who conquers your smartphone has the map to succeed.

By arming marketers in the banking industry with a platform that drives not just vanity metrics such as likes and shares but ‘true top-line growth’ through revenue generating customer actions, Perx enables banks to conquer last-mile customer data and interactions – reversing the growing wedge into a disappearing crack.

The Perx-Oracle partnership delivers the sharpest tool in the marketing armoury that banks have long needed.

Leandro Bark, Head of Partnerships, Perx

Perx’s partnership with Oracle and its Open banking APIs initiative helps address and solve this problem at lightning speed. With over 1200+ global banks trusting Oracle Core banking systems, they now get a chance to take the fight back to disruptions such as the mobile-first customer, fintechs and the rest of the herd.

The Perx platform integrated with Oracle open banking APIs allows banks to instantly drive customer transactions, increase credit card spend, reduce loyalty debt and drive meaningful customer engagement all with instantly rewarding customers for doing so.

Our partnership with Perx enables banks to conquer the elusive last-mile in customer engagement.

Sanjay Mathew, Senior Director, Oracle Financial Services

Singapore’s largest bank drove S$ 24 Million in net new credit card spend on a single customer engagement onboard the Perx platform in a matter of 14 days. The largest bank in Philippines drove $64 Million in net new transactions over a week through a dynamic, gamified customer engagement campaign, and one of Singapore’s largest telco increased its daily engaged customers by 110x in the first 60 days of onboarding Perx.

Learn more about Perx. Connect with us to find out how Perx + Oracle can help you drive top-line growth for your company.

Recommended for you


Global businesses have driven over 5 billion customer-brand interactions on Perx.

Ready to join them?