Reward Management

Revision with unchanged content. At the moment, bonus programs - alone or in combination with other instruments - are one of the most successful and most often used marketing instruments in B2C markets, to retain customers by giving them a bonus for loyal behaviour. The problem is that there is still little known about why customers exactly participate in bonus programs and that especially the crucial aspect of rewards management seems to be the blind spot of the marketing theory on hand. Against the background of high investments in bonus programs and their rewards on the one hand and unclear reasons for the different success of bonus sets on the other hand this is an unsatisfactory situation. The author Sebastian Grosser gives a reward management oriented introduction into the bonus program theory on hand and how rewards management is integrated in such a bonus program. He presents basic rules for successful rewards management as well as advantages and disadvantages of different rewards types. Criteria to select the right rewards get explained. Furthermore the author gives advices how to set up a successful and payable rewards scheme. Also the results of a short online survey get presented to back up the theoretical conclusions. The book is of help and interesting for everyone who is working on or with bonus programs or generally interested in the topic of customer retention management.