What do Women want in Reward Programs?
75% of women in India are the primary shoppers in their households. The psychology behind what women and men want in relation to consumption are polar opposites. Rewards entice women to try such brands for the first time. Implementing a loyalty program integrated with needs of a woman consumer can only help benefit an enterprise.
Loyalty program membership is higher for women in the beauty, restaurant and household supply categories in contrast to men who show more interest in the media, automotive and financial services categories. They take their time to compare between products and brands unlike men who tend to shop quicker not seeing the opportunity cost of their purchase. Finding monetary value is a huge factor in determining which products women purchase. Men are more inclined to status rewards than women who use loyalty programs to receive free gifts, discounts and unexpected rewards. There is a clear need for brands to adapt their loyalty programs based on gender differences.
Studies have shown women to be more involved and engaged in loyalty programs. Women are interested in brands that try to emotionally connect with them. Personalization and Story-telling often attract women towards purchasing specific brands. 47 % of millennial women know their favourite brands origin story. Brands need to keep in mind that women are more engaged on social media than men. Dove, for example, believes in personalization of products and offers based on customer needs. This award winning loyalty program sends offers to customers based on factors like skin type and in order to achieve this feat they conduct quizzes, games, and beauty tip video galleries in order to engage their customers.
According to Hubspot, 85 % of users would like to see more personalized video content from brands. Visualizing a brand is a vital factor in women pursuing a brand further. Visibility is a driving factor for engagement. In order for brands to personalize and publicize their offers users need to be able to access the rewards pages easily. For example, Johnny Cupcakes makes the ‘Your Rewards’ section accessible from any page on their website. In addition to this, brands need to explain their reward programs so consumers can self service information clearly. Implementing tier based loyalty programs is an immensely effective way to make a woman feel special. Visualization, visibility and creating a sense of community amongst women can boost loyalty programs.
Women are part of 6.2 loyalty programs on average and tracking these programs proves to be an uphill task. A loyalty program should be unique, self- explanatory and should stand out. Their loyalty is driven by social interaction with a merchant to a large extent. Race, income and age are all important driving factors but still remain inferior to gender when it comes to benefits consumers want from reward programs. A well customized, visible loyalty program is a stepping stone for enterprises to fathom women’s buying patterns and help engage with them better.