Incentive programs efficiently get new customers in the door and reach out to retain your loyal customers. There are roughly 2.5 billion loyalty memberships in the U.S. (Colloquy). Last year U.S. companies spent $76.9 billion on incentives and promotions, while $22.7 billion of that was spent solely on incentive and loyalty gift cards alone. It is safe to say that incentives work. However, when is the right time to implement an incentive rewards program into your marketing strategy for consumer promotions? Read on for the top incentive reward promotions.
Top Incentive Reward Promotions
Incentives range from cards to rebates to giving physical gifts or even handing out cash. Incentives drive the customer to make a purchase, come in the store, or even share on social networking sites. Incentives drive company exposure, and that will drive your sales up. When thinking of incentives, virtual is typically better if your customers want immediate rewards and/or online fulfillment. Virtual rewards cost less and save time and confusion for the customer.
1: Cash Management
Cash management is just that. Managing cash for the customer. When having an e-gift card, it is typically not reloadable. On the other hand, prepaid debit cards offer multiple options for putting more money on the card, thus, having the consumer spend more money on your products and services.
2: Event Marketing
Hosting an event shows customers that you are willing to bend for them. For example, hosting a big summer sale will get customers to come into the store and, with “15% off,” they will spend a certain amount. Special event marketing has always worked and will continue to work as long as the customer has some sort of savings.
3: Customer Acquisition
Now, prepaid debit cards are easy to use, but they have to come with an appropriate customer acquisition strategy. Customer acquisition is the methodology for managing customers and prospects. It is very easy to waste money. Know the right channels to communicate to your consumer at the right times.
4: Purchase Incentives
Any sales or money off excites and entices the customer to return, talk about, and advocate for your brand. Consider using incentives to draw customers in. Rebates, referrals, rewards, and recognition all draw your customer into your store or online to purchase. Offering money back shows your dedication to the customer.
5: Seasonal Reward Promotions
Keep in mind that holiday and year-end gifts are awesome sales/dealer incentives. Seasonal sales are the perfect excuse to get that prepaid card and spend more money with your favorite brands. Other options are service anniversaries, wellness incentives, and much more. Let ADR help you with Inventory Simplification and fulfill your next incentive promotion.
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