Generate More Loans and Services with our Ribbon Rewards Program!
When a premium incentive adds excitement and interest to your loans or services promotion, it can increase your response rate. But what makes a premium giveaway the right choice for your members?
Research shows that successful incentives have a higher perceived value, and that the most successful premiums have a value based on how “useful” or “relevant” the incentive is perceived to be by the recipient. The higher the perceived value, the better the response.
Although an incentive isn’t the primary reason members will take advantage of your loans or a services package, it is that something extra that can nudge many members into making a buying decision.
Why the Ribbon Rewards Strategy Works
It’s simple. When a member takes advantage of a credit union loan for a specific amount (usually a minimum of $3,000 or $5,000), or chooses your accounts and services package, they can select one of 40 great gifts. The variety of gifts enables your members to choose the high value premium they perceive to be the most useful and relevant to them.
Better yet, the fulfillment process is easy for both you and your members. You simply give your members a Ribbon Rewards gift card and a booklet that explains their redemption options. There are no gifts to inventory or ship. Your members simply visit the Ribbon Rewards website and choose their gift.
Ribbon Rewards mails their selection directly to them – postage paid! Ribbon Rewards can also be used as an incentive for a primary financial institution services package. For example, members could receive the reward when they sign up for Checking, Bill Pay, Online Banking, Mobile Banking and Direct Deposit.