- 1 Are you tired of flushing your marketing budget down the toilet?
- 2 Common Questions about Incentive Marketing
- 3 What Do You Mean by Incentive Marketing?
- 4 How Do You Offer Incentives to Customers?
- 5 What Are The Types of Incentives?
- 6 Do you need support to create a marketing campaign using marquee marketing ideas, strategies and techniques for your business?
Are you tired of flushing your marketing budget down the toilet?
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!
Common Questions about Incentive Marketing
What Do You Mean by Incentive Marketing?
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 Do You Offer Incentives to Customers?
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.
What Are The Types of Incentives?
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.
Choosing The Right Incentive Type
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.
The problem with incentive marketing is that many businesses and organizations get it wrong.
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 we can help you increase sales through targeted engagement campaigns that align with your business goals while building customer relationships that will last forever!
The Incentive Marketing Challenge
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?"
One Marquee Marketing Solution
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.