How do I set/know the monetary ($ dollar) value of points in my store?
In MageRewards you're not limited to setting the dollar value of points like other points systems that treat points as simply another balance currency. Instead, with MageRewards, you can dynamically set the value of your points by configuring the rules.
1. You setup a distribution (earning) rule that gives customers 1 point per $1 spent.
2. You setup a redemption (spending) rule that discounts $1 per 100 points spent.
THEREFORE the result is that your points are worth $0.01. Let's say you add another rule:
3. A redemption rule (spending) that discounts $2 per 100 points spent.
NOW your points are worth $0.01 OR $0.02, depending on how the customer redeems their points. This allows you to create values for your points differently depending on how and what the customer does.
With customer behaviour rules, it also depends on how the customer can redeem their points to determine the value. In this case you create a referral rule:
4. A customer referral signing up gives the affiliate 100 points.
The value of these points in this case is either $1 or $2. With that in mind, the cost to the store owner for customer referrals is $1 or $2 per referral signup.