Rewards Models
Every business has a different approach to their rewards ‘best practice’ and healthcare is no different. With so many options to reward your patients, it is hard to pinpoint which will work best for you. Luckily, we have done the hard work for you. Here is a breakdown of the four main rewards models.
Coffee Shop Rewards (Frequency Model)
This model is most commonly used in businesses like coffee shops, and aims to promote usage/loyalty in easy to reach frequency milestones. Rewards seem more attainable to customers when based on the number of visits rather than the number of points earned. Since the average visit is worth a certain amount of money, we can objectively come up a reward based on an outlined number of visits the patient completes.
Casino Rewards (Cross Sell Model)
This model came about through the casino industry in Las Vegas. Major casinos like Harrah’s and MGM were struggling to figure out how to get their valued ‘regulars’ to expand their gaming horizons. These customers were stuck in a rut, playing the same games every time they came in and their spend had long since plateaued. These massive casinos soon found out that rewards were the most effective way to get their players interested in their other offerings. Rewarding customers for the games they already played with pre-funded credit or discounts on the things they wanted them to try turned out to be one of the most successful rewards model that can now be replicated in almost any industry.
Credit Card Rewards (Percent Back Model)
We are all very familiar with these next two rewards models. Credit card rewards are famous for their ‘cash back’ incentives based on how much a customer spends. This is an incredibly successful model for two big reasons; (1) it gives the customer a reason to use their card/company over a competitor and (2) it makes the customer feel justified in using their card/spending money because they are earning money back for that purchase. Our program takes this model to the next level by allowing you to increase the % back to the patient based on tiers. Now, the more your patients spend the more they can get back which makes it a win win for everyone.
Airline Rewards (Perks Model)
Airline rewards are probably the most well known form of rewards. Their main objective is to lock customers into a system where they feel they are losing or missing out if they go elsewhere. Each time you fly with an airline program you earn points/miles that can be used on subsequent flights. Not only are customers earning points to get discounts but each tier of the program also comes with increased perks (first class, VIP Club at airport, first to board). Airline tiers are seen as a status symbol and missing out on getting your ‘miles’ by having to use another airline is something that customers will avoid even if it means spending a little more money.
