Notes

Using Incentive Marketing to Boost Sales
The purpose of rewarding customer loyalty is still the same, but now is facilitated by newer, more sophisticated means. However, since perception of traditional incentive marketing and extended loyalty programs still dominates the traditional brick & mortar retail industry, it's easy to assume that such methods don't have a future in the online world. This is simply not true. With the right incentive programs and the right marketing, you can easily dominate your competition. You just need the right tools. Here are some tips on how to do just that.

The first thing to remember when looking at incentive marketing is that the name says it all. The brand of the product should be the prime incentive to your customers. For example, if you are offering a prime membership discount, the potential members must know that they have just taken an "unlimited" 30-day trial run, or else lose out on their prime savings. If incentive marketing platform are trying to sell insurance, you can remind potential members that they just got a special deal for their loyalty, with a discount on premium or other benefits. If your products or services require memberships or subscriptions, make sure you point out how many memberships a person can get each month for an extended period.

This point is crucial. Many companies, even those in a physical business environment, provide some sort of reward or incentive to encourage customers to stick with their brand. Whether it's discounts on products and services, merchandise, or other tangible goods, loyalty programs are one of the most popular forms of incentive marketing. Whether your company is a brick and mortar operation or you have a virtual platform, using loyalty rewards as a tool for incentive marketing will pay off handsomely over time.

How exactly do you set up a digital environment? There are a variety of methods, from videos and podcasts to social media integration with email campaigns and content. Each of these has their pros and cons. With video and podcasting, it is relatively easy to incorporate images and audios, and send your messages across in real time. However, unless you have several thousand subscribers or thousands of followers, you may be best avoiding this method, as non-monetary rewards are unlikely to attract many customers. Social media integration is much easier to do, as people are more likely to actively engage with what they are reading, when they are in a relatively comfortable environment.

An interesting example of non-monetary incentives is that of the coffee chain Starbucks. Through their Starbucks Rewards Program, customers can earn free or discounted beverages with purchases at specific locations. This strategy, while less explicitly marketing-related than other forms of incentive marketing, has proven very successful.

The key to using Starbucks as an incentive marketing strategy is understanding how many loyal customers prefer to consume their daily fix at the coffee chain. By monitoring customer behavior, the company was able to fine tune their incentive marketing strategy so that their customers were more likely to stick with their products. One such measure involved setting up Starbucks locations in locations where more customers frequent, such as airports and department stores. The company realized that by providing free coffee onsite at selected locations, they would attract customers looking for that type of service and would encourage them to return on repeat shopping excursions. In turn, this increased the number of customers spending time at Starbucks, and the company saw a rise in overall revenue.

It is important to understand the ways that different types of businesses view consumer preferences, especially as the Internet becomes more a part of everyday life. Although people spend a large amount of time online, they are still primarily surrounded by traditional businesses. In fact, studies have shown that people spend twice as long on the Internet as they do in their traditional homes, and the typical web surfer doesn't even look at the ads on their computer screens that pop up on their screen.

Although many traditional businesses view online behavior as untrustworthy, Amazon Prime is taking a different approach to incentive marketing. Rather than pay customers who order off of their website, Amazon Prime is paying money not only when the items are purchased but also when the customer makes a second purchase from the same website. This strategy has been effective because it has increased the amount of revenue earned by the company. Incentives are important tools for increasing business revenue, and the manner in which Amazon Prime is handling the program is an example of how an organization should use incentives to further boost earnings. The increase in revenue generated by increased customer purchases makes it easier for the company to meet its financial goals, which is what most shareholders are looking for.
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