Your points are your social currency – they are what you award people for sharing or posting your offers on their social media.
You give points to encourage or incentivise people to share offers or messages that you want to be distributed across their social media. You also award them points when people in their social media network click on their post and even more if or when they purchase something, as a direct result of your post.
You set the amount of points you are prepared to give for different actions e.g. 5 points for a share or post, 10 points for a click and then 5% of the basket value which is translated into points.
Points should carry the monetary value of 1p. You need to keep in mind the following points whilst setting it up:
The trick is to find the balance.
Using our points algorithm, you can easily see what you should be setting as your parameters. For example, if you know how much you are prepared to pay for a click on an offer, we work it out based on that. You can play around with the calculator to see if your points make good business sense.
As a guideline, we recommend that you pay something like 5p or 5 points for a share.
We also recommend that you pay about 20% of your usual PPC cost. So, if you pay 50p per click, 20% of that would be 10p, or 10 points.
Finally, if you have the basket tracking pixel, you can award points for sales.
Anything from 1-10% is suitable.
You can set the number of points to reflect the significance of that event i.e. a sale is the peak and draws the highest reward, clicks are the second most valuable etc...
The message here is that you can create choice architecture to push your sharing network to the right offers in order to generate the desired outcomes.
You decide on what you want to offer as a reward. This will carry a monetary value; so you need to set your points accordingly. For example, if you are offering a free meal worth £15.00, the reward will carry a redemption level of 1500 points. When someone earns enough points, they are allowed to redeem them and download the voucher code to present at your checkout.
In your portal, you can set parameters to stop this from happening. For example, you might only allow so many shares per day, or you might set a ceiling on how many points can be earned in a 24hour period.
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