THREE QUARTERS OF COMPANIES DESIGN THEIR REWARD PROGRAMS
Did you know more than three...
6 min read
While many don’t realize it, it’s difficult to overstate the impact and size of the global rewards solutions industry. Valued at roughly 200 billion dollars, this industry provides many of the key tools that businesses use to drive engagement. In fact, while you may be passingly familiar with the rewards programs your bank or favorite retailer offers, the scope and potential of these solutions go well beyond that. Tech organizations and agencies use incentive campaigns to encourage employees to take specialized courses; healthcare and homecare enterprises rely on them to reward both team members who seek additional certifications and patients who take care of healthcare provider recommendations to ensure their continued health!
According to a recent survey, nearly 85% of all companies in the U.S. employ these rewards programs and solutions,
with a revenue increase of 46% as a result. *
But there’s much more work to be done--and many more benefits for companies to experience!
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tooodooo IS EASY TO USE
Development began back in 2019 of the platform, by people who had significant incentive rewards experience who also consulted with many companies of all sizes in terms of coming up with optimum requirements. It was launched to market in October of 2021 via US-based company tooodooo Inc., with the knowledge that the tooodooo platform will revolutionize incentive and rewards solutions. While many of the current solutions are rigid, difficult to scale, and demand a huge investment, both of time and money, tooodooo was developed with a keen eye on competitors’ barriers to adoption, and the specific benefits that such solutions are supposed to yield the organizations who purchase them.
This begins with tooodooo’s most basic selling point: price and ease of use. While in the past, effective campaigns could take an average of 70 days of labor and cost roughly $70K per program, with this new platform, a program can be spun up in just 10 minutes and only costs $49/month per program. Because so many different teams and departments can benefit from incentive campaigns, tooodooo is also designed so that anyone can use it--no obnoxious tech hurdles or confusing bells and whistles. tooodooo is built to empower every member of your organization, and you won’t find yourself having to call tech support every time you’re looking to launch a new campaign.
Incentive Reward Programs touch upon many different types of industries, B2B and B2C, with 3 targets:
● CHALLENGE
o INCENTIVIZE YOUR EMPLOYEES TO IMPROVE PERFORMANCE AND MEET YOUR GOALS
● REFERRALS
o INCENTIVIZE YOUR CUSTOMERS, INFLUENCERS, EMPLOYEES TO BRING ON NEW CUSTOMERS
● LOYALTY
o GROW YOUR CUSTOMER VALUE BY INCENTIVIZING THEM TO CONTINUE TO ENGAGE AND TARGET YOUR PRODUCTS AND SERVICES
tooodooo IS DYNAMIC AND INTELLIGENT
More so than these benefits, however, what sets tooodooo apart is its architecture, which combines a backend CRM, an evolving rewards marketplace, and a unique private social/community network for each business. This enables you to build your community base, focused on the specifics they are interested in, and therefore will continue to engage with your business. Set up multiple community networks, based upon their key interests that will generate more revenue for you.
These components represent the key pillars that the platform’s designers pinpointed as crucial to an effective campaign.
First off, you want to be able to track engagement with your campaign, integrate the data you collect into other programs and solutions, and use that information to either build effective future campaigns, or simply better connect with employees, partners, and customers. If the ultimate goal of any campaign is to drive engagement, tracking that engagement is critical. That’s why tooodooo’s built-in CRM provides a wealth of segmentation tools and metrics for all the data-lovers in your organization.
Second, you want to offer campaign participants rewards that actually incentivize them. All too often, businesses will hype up their rewards programs, only to unveil lackluster baubles at the end of the day.
tooodooo, on the other hand, provides an ever-expanding range of rewards for companies to seize on. All subscribers are able to simply customize their individual programs via over 500 different factors including region, time of year, sales volume, and budget.
Not only that, but tooodooo also makes it possible for participants to turn their points directly into cash, which can be deposited via PayPal in order 200 countries! The platform’s founders have already seen rampant enthusiasm for this feature. After all, who wouldn’t want to be able to build up rewards over the week that convert into money for a great night out on the weekend?
Finally, a good campaign is designed to connect with participants, and encourage them to engage regularly. This is what undergirds the tooodooo social network, private to each organization that subscribes to the platform. For any given incentive program, this network offers a dashboard where participants (employees, customers, or partners) can regularly check in with a brand or each other, motivating team members and providing valuable insights for those running the program. Furthermore, it allows admins to communicate seamlessly with all participants via a diverse range of options, including email, scheduled post, and tailored landing pages.
While many businesses frontload rewards in their campaigns, tooodooo prioritizes loyalty built on the participant’s investment in the program. If Facebook is about who to talk to and how to talk to them, LinkedIn is about who do I want to work with and how to work with them, then tooodooo’s social network answers how can I make someone do something for my company, and for which reward.
At its core, tooodooo seeks to innovate a dynamic industry that, despite its market share, can often feel technologically and rhetorically behind the times. Many rewards programs are built on very outdated technology which results in organizations and partners having to build each new campaign from scratch.
With tooodooo, however, it’s easy for a business to swiftly spin up dynamic new campaigns that suit the exact goals of their company at any given moment. Buffered by the unique social elements of the tooodooo platforms, these programs are perfectly calibrated to engage and excite participants, no matter their relationship to the enterprise.
tooodooo is Built for Your Company and Your Future
Following over 18 months of tumult and remote working due to the global COVID pandemic, businesses are looking for new and dynamic ways to rebuild and strengthen relationships with their customers, their employees, and their partners. Incentive reward campaigns are a powerful way to accomplish this.
However, for these campaigns to be effective, you need a solution that allows you to build programs that are suited to your audience, evolving with your goals, and capable of providing actionable engagement.
As customers demand more and more for their loyalty, it's essential to have innovative, rock-solid programs with which to communicate your investment to those individuals. With tooodooo, it’s easier than ever to accomplish this--as well as far cheaper and less time-consuming.
Your customers, employees, and partners expect the best
tooodooo is here to give it to them!
*https://www.incentivefederation.org/