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Consumers face an onslaught of purchase decisions every day, particularly as we approach the biggest shopping season of the year. From grocery shopping aisles to Amazon carts, we are continuously navigating the influences of our purchase decisions. To understand those purchase levers and the role of rewards and incentives, Koski recently conducted a survey among 1,000 U.S. adults with Leonard Murphy, Virtual Incentives, and AYTM.
There are numerous levers brands can use to influence purchase decisions. We were interested in finding out where rewards and incentives fit.
We found that consumers are more favorable towards a company or brand that offers rewards. In fact, 75% feel more favorable toward companies that offer rewards and incentives.
Beyond increasing brand favorability, how do rewards and incentives drive actual purchase behavior?
Overwhelmingly, consumers in our research ranked price as the most influential factor in their purchase decision making. However, when we look at the next most influential factor, we see that offering rewards or incentives ranks higher than brand alone when making a purchase decision.
Related: Why Millennials Are Your Sweet Spot for Engagement
Rewards and incentives increase brand favorability overall and are a bigger driver than brand in purchase decisions—clearly they can be a powerful tool when it comes to brand and business growth.
Rewards are Part of a Brand Engagement Strategy: Rewards have the power to sway consumer decisions and increase brand favorability. How are you using rewards?