Use Incentive Marketing To Increase Customer Exposure And Sales
When someone receives a tangible (or digital) reward for engaging in their chosen business, the brain gives out a neurological reward called "reward". That s what makes incentivized marketing so effective. Business Dictionary defines incentive marketing simply as the use of internal motivators to encourage the sale of goods or services.
This is what has made digital business marketing so powerful. Everyone is familiar with rewards, and more rewards. We've all received "lucky" coupons in the mail, or tokens from fellow shoppers with the promise to save our precious dollars at the store. Whether the coupon was for free merchandise, an offer to buy one item or another, or a special discount, we've always been given a small nudge in our shopping habits by a reward for engaging in a certain activity. Our brains make connections between the tangible results of our behavior and the neurotransmitters that are released from our brain tissue.
The power of incentive marketing is a powerful tool that can be used in almost any industry. Large corporations such as Apple and Toshiba have been using rewards on their employees for many years. A digital reward is a reward given to an employee for engaging in good behavior (i.e., staying on a computer for long periods of time, using company equipment properly, and so forth). An employee benefits program provides a way for a company to motivate its workers through various different levels of incentives.
There are several things you can do with an incentive marketing strategy. First, you could create coffee shop loyalty programs by offering discounts for purchasing coffee from your coffee shop the first few days of each week. You could then ask people who hang around the coffee shop after work to sign up for weekly emails that include a coupon for purchasing coffee the next week. By offering something of value to your customers each time they visit your coffee shop, you will be able to attract them to stay longer. If they are given the opportunity to receive some sort of bonus or coupon, they are more likely to do just that.
Another incentive marketing strategy that is worth exploring is using customer loyalty programs. In a traditional reward program, a company would offer points or another form of incentive for customers who purchase certain products from their store over a period of time. These types of programs usually have a high level of attrition because of how difficult it is to motivate new customers. However, if you create a loyalty program where your company supplies point vacations for those customers who spend a certain amount of time at your store, you will be able to draw them in. These points can then be converted into actual coupons that can be redeemed at your store or sold for cash.
Of course, the loyalty programs that have a high degree of attrition are not likely to generate as much revenue as programs that have a lower level of engagement. As an incentive marketing strategy, you should find a medium between the two that will generate revenue while still allowing those who join to give you their loyalty and support. Look for programs that require users to spend approximately five dollars per week in order to receive their reward. While this may seem like a large amount, over the long term, these costs should be worth it because you are attracting new consumers every week.
Finally, in terms of incentive marketing strategies, another idea that is worth exploring is employee loyalty programs. Many companies have a program in place whereby employees are rewarded for increasing sales. Since most employees understand that this type of incentive is not generally received voluntarily, you can take steps to ensure that they are willing to participate. A simple incentive marketing strategy that you can employ would be to require all employees who bring in new business to purchase a small gift for their supervisor when they make their initial purchase at the store.
This is a great incentivized marketing method because it provides your employees with something tangible that can be used on a daily basis. This not only increases their awareness of the company but also helps them feel part of a valued program. However, it is important to note that employee loyalty programs must be carefully managed in order to ensure that you are receiving the results you are hoping for. Incentive programs that require employees to purchase a large product from your company can cause some in-house conflict so make sure that you always offer your channel partners the opportunity to purchase small gifts for their loyalty. You should also be careful to make sure that you are offering the appropriate incentives for your target group and monitor their purchases accordingly.