However, it can be hard for marketers and business owners to figure out how best to use incentive marketing in their own businesses.
With so many choices, it’s easy for small business owners or company leaders without much experience with incentive marketing techniques to make the wrong decision when choosing which one will work best for them.
The goal here is simple – we want you to have everything you need at your fingertips in order create effective campaigns that motivate customers, clients and employees while driving sales and increasing ROI of your marketing budget.
Traditional marketing is a numbers game. You spend money on ads, hoping to reach the right people and get them to convert.
Incentive marketing is different because you're not paying for impressions or clicks—you're paying for results! It's all about getting more of what you want, when you want it.
The best part? With incentive marketing, instead of spending your time creating content that doesn't connect with your audience, you can focus on making great offers that do just that. And if someone takes action and converts from an offer they received from your incentive campaign — even better!
People love getting more than they expect and incentive marketing taps into this desire.
Incentive marketing is a marketing tool where you offer something of value to a person or group of people in order to nudge them to take the action you want them to take.
It can take many forms, from getting more of something, paying less, receiving special treatment, getting a related item or earning points which can be redeemed for a variety of products, services and experiences.
Incentive marketing can also include engagement techniques such as gamification -- contests, quizzes, challenges, and sweepstakes.
Common examples include discounts on products or services, free trials, coupons (or vouchers), gift cards/e-gifts, points programs such as air miles or hotel rewards points; tickets to events; trips etc.
The possibilities are endless - let your imagination run wild while remembering what your goals are.
How you offer incentives to your customers depends on your ultimate goals.
Do you want to increase awareness?
Do you want people to give you a testimonial or refer their friends and network?
Do you want people to buy more?
Do you want them to take action today?
Do you want them to sign up for a subscription instead of a one-time sale?
In other words, what actions do you want people to take and how much is it worth if they do?
Then craft an offer that makes it worth their while to do what you want them to.
So ask yourself: What do I need from customers in order for us both to win?
You can offer anything that will be beneficial and rewarding enough, which means you have quite a lot of flexibility.
If you're not sure what would work well for your business then try offering something different every day or every week until one of the offers produces results you are expecting.
Then run an A/B split with a slightly different version of that offer and see if it produces even better results.
These can be a little tricky to execute but they’re an excellent way to draw customers in if you have the inventory available.
They also work well when there is high competition for your product or service (i.e., everyone's trying to offer deals).
One downside? They don’t work well if your margins are tight and you can't afford to give discounts.
These types of incentives offer a great way to make people happy with their purchase, which is why they're so popular among businesses like hotels that want repeat customers.
A downside? They can be expensive to offer.
The type of incentive you choose will depend on the demographics of your business and the nature of what you sell.
It’s important to ask yourself these three questions before deciding which incentives might work well for your company:
- Who is your target audience?
- What are you selling, and does it have a tangible value or benefit to the customer?
- How much money can you afford to spend on providing incentives?
Then schedule a call with us and we'll help you bring your incentive marketing to life in ways you haven't imagined.
They offer discounts, coupons or prizes to customers who don't care about them. As a result they waste time and money on incentives people won't appreciate.
Incentive marketing doesn't have to be this way! There's a better way to create effective incentive programs for your audience by targeting the right people at the right time using an integrated approach of email, social media, mobile apps and loyalty systems.
Let us show you how vacation incentives can help you increase sales that align with your business goals and budget while building customer relationships that will last forever!
Bob A asked:
"Do I have to give discounts or give a freebie away to close more sales?
My margins are tight but I'm in a highly competitive industry.
What can I do?"
Thanks for asking Bob.
There are many ways you can use incentive marketing and with tight margins in a highly competitive market.
Discounting is a fast slide to the bottom, which is unsustainable.
Instead look at ways you can add more value to your customers.
Alternatively, you could create a sweepstakes or contest where the prize is highly desirable.
One other idea (without knowing your industry) is to create a loyalty program where purchases result in points that will accumulate over time.
There are lots of ways you can use incentive marketing and the best way to give you specific advice is through a discovery call.
Simply click on the "Schedule a Call button" and we can get started.
Hello! Thanks for popping by! I'm so glad your here! This means that your looking for new possibilities.
I fully understand the importance of finding innovative and unique ways to engage with prospects, clients, and employees,
How? I have 20+ years as an entrepreneur and and working directly with small business owners wanting to reach that next step.
I am driven by whats new, novel and interesting.
My superpower is being able to quickly synthesis ideas, reframe problems and see possibilities that others miss...naturally.
As a freelance Incentive Marketing Strategist, specializing in vacation incentives, I have helped 1000's of businesses reach to their next level, through promotional sales ideas, marketing innovation tools.
Always keeping my eye on what your prize is!
This gets me excited!
Now it's your turn
Connect with me and lets work on yours together!
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I recommend this program to everyone who's getting started with incentive marketing. It covers all fundamentals.
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