Incentive programs can lure new leads into your sales funnel, retain old customers, or motivate employees to increase their sales. While the past techniques of incentive programs have been useful, a new strategy is emerging, and it is taking the incentives industry by storm. During the past 5 years, there has been an obvious change in incentives programs in the marketing world. Are you ready for the change?
There are hundreds of options when developing an incentives strategy. There could be customer offers to gain initial leads, such as sweepstakes, sales offers, or instant win games. All of these options will get people interested in your company, but there are three important facts to consider when developing your consumer incentives program.
Firstly, how and when your incentives are delivered. If you promise a customer an incentive for purchasing one product and offer them a different coupon for their next purchase, how will you give them that coupon? Will it be in a letter to their home address? Or should you send a virtual pin number so they can redeem it immediately online? How you send your incentives also sends a message about your company. What would happen if that coupon didn’t make it all the way to the buyer’s home address? That reflects back on your company despite the delivery problems. Be sure to send your incentives in a timely manner. These days, people are so wrapped up in instant gratification that if they have to wait too long to follow up on promises, you just might lose their business.
Secondly, digital usage. Up your digital usage today by sending your incentives online. The most popular way would be by email, and you could send pin numbers, a scanning coupon, and so much more. The possibilities are endless. Send via digital to get the incentive to the consumer right away, making them happy and going beyond their expectations.
Thirdly, consumer expectation (real-time). As previously stated, customers are ingrained with the idea of instant gratification. This is the give it to me NOW generation. Follow-ups are one of the most important aspects in incentives programs. If you do not fulfill your promises to your customers, you will lose business.
So, why should you update? Updating your incentive program will give you the upper hand over your competition while showing your customers that you are serious about business. This program will increase sales and keep your customer retention up.
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