Increase your sales through incentive marketing

Incentive marketing is a specific strategy to persuade people to do what you want them to do by giving them something, an incentive, in exchange for achieving a goal. Often these people are your consumers and customers. Incentive marketing is your way to remain loyal customers and customers to you, your brand, company or services. Incentive marketing is also used to shed inventory or push slow-moving products. However, incentive marketing is an effective tool to increase your sales.

To set up an incentive marketing strategy, you first need to define your objective or goal, answering “why you need to do it.” A very common incentive marketing goal is to increase the sale of your product. However, to ensure this, you need to have a good understanding of the behavior of your target consumers and customers. We say “targeted” because you can never have one incentive marketing strategy that applies to everyone. “A glove made for everyone, does not fit anyone.” Also, your target market should be able to achieve their goal, otherwise it is useless to have such a program and spend your time and money to formulate it.

Now define your budget. There are incentive marketing programs that do not require you to spend cash since you only have to reduce the price of your product or the cost of your service. But no matter what type of incentive marketing you use, it’s just as important to make sure you know how much you can afford. In the end, if you were able to define your budget, you know how much you have earned.

There are other important factors to consider when executing your incentive marketing strategy. These include the promotion, program length and time, reward, and geographic limits.

In promotion, your customers must have the knowledge of what your incentive marketing is all about. You can send it through email, newsletters, monthly flyers, brochures, posters, and other marketing paraphernalia that will effectively inform your customers of the incentive you offer. There is a budget involved here. Make sure you have calculated it well during your initial planning.

The duration of the program must be well planned. Timing is also crucial. These 2 must go hand in hand and will define if your incentive marketing will work or not. To know when is the right time to launch this program, carefully study your sales performance during the year. Take note of the highest point and mark the lowest point. Incentive marketing can usually be implemented during the months when customers purchase less of your product or service from you. Bottom line: Give them a reason to buy your product or service when they need it least.

The reward is another important factor that determines the success of your incentive marketing. When choosing reward merchandise, consider its utility, durability, attractiveness, comfort, and uniqueness. Also choose the type of reward that would attract the most of your customers and customers. Since it involves an investment, take note of the longevity of the product. Don’t buy too many and stack them in your warehouse. Shop within your budget. Consider the following factors and turn it in before the program expires.

The effectiveness of your incentive marketing will continue to depend on the response of your consumers and customers, but by taking note of these aspects, you will surely increase your chances of achieving your goals and delighting your customers.