On November 1st, we made 3 significant changes to the gift cards in our Swag Store that were to remain in effect through the end of the year
1) Lowered all the prices
2) Streamlined the pricing for all denominations
3) Removed the limit of 5 of the same Reward per month
Now it’s very clear what the value of your Swag Bucks are when you get a Gift Card – $5 cards are 500 SB, $10 cards are 1,000 SB etc. This pricing and limit removal was unparalleled in the Loyalty Rewards space, providing greater value per point, less restrictions, and more Reward options than any Loyalty program out there today.
All three of these changes were made for one simple reason – to make your time with Swagbucks more rewarding. That should come as no surprise because that’s the motivation for all of our decisions. We know your time is valuable, and therefore we need to provide as much value as we can for the time you spend with us.
As you can imagine, lowering all the prices and removing the limits led to a significant increase in Reward distribution, which in turn led to a significant increase in our costs. We expected that to happen, but did not know just how great of an increase the redemptions/costs would be. Now that we’ve had two months to get actual data and crunch some numbers, we are able to see if this new model is sustainable for us to continue or if we need to go back to our previous pricing structure.
It gives me great pleasure to tell you now that we’re keeping the prices down, the limits removed, and the value for your time better than ever.
I know many of you are saying “well nothing changed with the $5 Amazon.com Gift Card?” That’s true, but that particular Reward is still 50 Swag Bucks lower than all the other Gift Cards of the same denomination. Because the price is so low, it’s not sustainable for us to remove the limit of 5 per month. We discussed raising the price to 500 SB and removing the limit, but ultimately we thought if we don’t have to raise the price, then our community would clearly appreciate the ability to obtain Amazon.com Gift Cards at such low a price
I can’t say definitely if or when we will make further changes to the Rewards pricing, because you never know what the future holds. But let me assure you that our intention is to continue to improve the Swagbucks experience for you in all capacities, and that includes making it easier for you to obtain the Rewards you want as quickly and easily as you possibly can.
Hey, I’d love if we could make the prices even lower, and maybe down the road we’ll be able to do just that. But for now, we’re thrilled to keep our prices low, our value high, and our Rewards unlimited.
Thank you for helping to make Swagbucks what it is today. We appreciate your loyalty, your feedback, and your choice to spend your time with us. We have some BIG plans for 2013, and will remain committed to make your time with Swagbucks the most rewarding experience you have online.
To a happy, healthy, and fruitful New Year.
Eron
Chief Rewards Officer