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How to Make the Most of Incentive Marketing
Effective marketing is essential for any business, especially for the sake of attracting new clients and keeping current ones away from your rivals. Incentive marketing can play a pivotal role in your overall strategy, and the ideas listed below are simple and effective. In addition to offering customers something in return for doing business with you, these ideas can also be used for recruiting new employees. To help you make the most of your incentive marketing campaigns, we've compiled some of the most popular ideas below.

Tiered plan

Using a tiered plan for your loyalty program is a smart way to build emotional connections with your customers. It gives them a sense of exclusivity and special status and builds anticipation and gratification for each new tier level. Additionally, a tiered plan for loyalty programs does not require customers to accumulate points, which can become frustrating and annoying. Tiered plans tap into these same motivations and feel more natural for your customers.

When implementing a tiered plan for incentive marketing, make sure to communicate the details of the program to salespeople. For example, you can determine the tier rate by the number of deals closed, the number of new customers gained, or the total revenue generated. Some plans will increase the rate for every new sale, while others will pay for each deal closed retroactively. Whatever the case, salespeople need to know the details so that they can stay motivated and focused.

Non-monetary customer loyalty incentives

According to a recent study, non-monetary customer loyalty rewards are a popular way to reward customers. The research shows that non-cash rewards are far more effective than cash, which has been proven to increase productivity by 44 to 48 percent. But if you're considering using cash rewards to motivate your employees, think again. Most people would probably rather use it for groceries, save it in their savings account, or spend it on something else entirely.

Non-monetary customer loyalty incentives are an excellent way to reward a loyal customer without discounting prices or compromising brand quality. These rewards are often highly relevant to certain target markets and encourage consumers to connect with the brand beyond the transaction process. The TOMS shoe company, for example, has partnered with non-profit organizations to donate shoes to underprivileged children in South America. These programs are often tiered, rewarding customers initially for their loyalty and encouraging them to purchase more from the brand. Higher levels of loyalty mean better rewards.

Digital incentives

According to a study by Blackhawk Network, a global provider of branded payments, consumers prefer open-loop digital incentives over traditional rewards. Younger generations, mobile-minded Americans, and millennials are especially receptive to this type of incentive. In fact, more than half of all respondents agree that these incentives would increase brand loyalty and drive future purchases. They also report that they feel more appreciated and valued when receiving these types of incentives.

A customised approach to the use of incentives is necessary to get the most out of them. Understanding the preferences of key audiences will allow you to target your approach and create an incentive program that engages them. While many brands use episodic approaches to incentive marketing, these rarely work for long-term engagement. With data from incentive programs, brands can refine their engagement strategies and create long-term relationships with customers. This approach can also be applied to digital marketing.

Time-based customer loyalty incentives

The best time-based customer loyalty incentives are those that tie in with a specific goal or pain point. Instead of giving a broad range of rewards to all customers, focus on a small segment of your customer base. Time-based customer loyalty incentives are the most effective for delivering value in a time-constrained environment. The following tips will help you create and maintain a time-based customer loyalty program. Read on to discover how to build a successful customer loyalty program.

Benefits-based customer loyalty incentives may be difficult to implement. While many retailers offer loyalty programs based on a points-per-dollar structure, you can also use a tier system and award customers for purchasing a specific product. You can also implement benefits-based systems with marketing automation. Time-based customer loyalty incentive programs are the most effective for attracting customers and driving sales. For example, the Co-Op membership card offers a 50 percent discount for a birthday. You can offer your customers a percentage of their purchase as store credit.
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