What is an incentive marketing company? Many companies exist for the sole purpose of making money through incentive marketing. Most of them don't succeed at this, because they do it in just the wrong way. Motivational marketing promotes increased online sales, and overall turnover at brick-and-mortar locations.
Incentive marketing isn't the only string to your bow, however. Another very powerful tool is loyalty programs. Loyalty programs can be used as an incentive marketing strategy, or even a part of a larger loyalty plan. A loyalty program can include things like discounts, free items, certificates, or other types of merchandise that would be impossible to give away individually. For example, you could create a special "win" ticket type of incentive marketing strategy, offering shoppers a chance to receive fifty percent off of one's entire purchase.
The more successful marketing incentive programs you use, the more likely you are to find new customers, increase your revenue, and get those loyal customers back into your store. This is because when you have more repeat business, you have a greater opportunity to increase sales and build a relationship with your existing customers. A simple example of this would be providing a discount code for shoppers who bring their own reusable bags to the store. If these customers continue to bring their bags, you will soon find yourself with a great opportunity to generate new sales.
Incentive rewards come in many forms. Common rewards include discounts on everyday purchases, or on purchases that qualify for a specific program. Incentive reward programs also allow consumers to trade rewards points or use points towards other purchases. It's important to understand that if you choose to use incentive marketing to reward customers, you must be careful that you do not encourage impulse buying.
Research has shown that it is not only the quality of the product that makes them buy, but also their loyalty to your incentive marketing company. It is often said, "The customer is king", and this statement couldn't be truer. Incentive marketing incentives work best when they are tied to an aspect of the business that is desirable to the customer, like getting free samples or a discount.
Motivating your customers to keep coming back and buying is easy when you offer incentives that they can use to gain new loyalty. One way that incentive marketing rewards work best is through social media marketing. Social media allows you to create powerful connections with your current customers. Not only do you have the opportunity to let them know about special promotions and limited time offers, but you can also connect them with other people who share their interests. Connections like these lead to loyal customers who may even recommend your business to others.
The power of employee benefits isn't something that is commonly thought of as an incentive marketing strategy. When employees go above and beyond the call of duty and you reward them, this can be a powerful tool to entice new employees to join your team. The power of employee benefits to motivate your staff is usually underestimated. Giving your employees the tools they need to stay competitive in today's marketplace is an important part of your overall business strategy.
How you ask people to participate in incentive marketing strategies is up to you. Do you tell them to complete surveys? Do you offer coupons for discounts? You can even ask people to hop on a system that ties their reward points to specific purchases. There are so many different incentives out there, it is hard to list them all here. Your goal is to find a way that you can make your business more profitable.