If you are an entrepreneur with a new business or you have been in business for a while, you are probably all too familiar with the concept of incentive marketing. You know, the old "word of mouth" strategy of building your customer base by enticing customers to spread the word about your offerings through word of mouth. There are several reasons why this marketing strategy has proven so effective. Below are just a few.
First, incentive marketing provides your clients with a tangible benefit that they can use every day. With no additional charge to your client, you have already provided them with the benefit of your time. When people are motivated, their actions increase because of the perceived benefit. And since you have given them that benefit, they will be more likely to tell their friends about your business or recommend it to someone else. This creates a positive feedback cycle and builds your customer base on the strength of a single offer.
Secondly, when people have incentive marketing company offers at their disposal, they are more likely to take it upon themselves to get the most out of those offers. This increases the chances of repeat business and word-of-mouth advertising. What incentive software does is remove the barrier of having to buy a product or commit to a service so that customers can use incentive programs to leverage the power of their influence. In other words, an incentive platform is really a great way to leverage the true power of incentives.
Thirdly, with so many businesses using these incentive marketing platforms, businesses have the opportunity to participate in cross-referrals. The more companies you can target with incentives, the better. Cross-referrals simply mean that your target clients will bring your offers to others. This increases your exposure to more customers and can lead to more sales and more revenue.
Finally, a properly designed incentive marketing platform can make it easier for you to reward new members. Why don't you create new members into your program as they sign up? After all, they will appreciate being able to tap into a free product or service. There's no reason why you shouldn't reward new members for their interest. In fact, there's a strong case that doing so makes it easier to retain these new members as well because they have something tangible to keep them committed.
There are many different rewards programs available. Some reward your customers by giving them a free product. Other incentive marketing platform programs provide cash or gifts for referring other people to join your program. Yet other reward incentives simply provide credit to your customers. These are just a few examples of the many different incentives available today. They come in many different forms such as gift certificates, free items, cashback, and more.
So how should an incentive marketing platform be used in promoting your company? First, you must determine what your incentive marketing offer consists of and how you can effectively deliver it to your customers. If your offer consists of a free product, then you need to ensure that your distribution channels are set up to make these products readily available to your customers. In addition, you also need to ensure that your offer is delivered in a timely manner. You can't simply give away a free product, it must be offered in a manner that allows your customer to actually use it.
Finally, you must ensure that your incentive marketing campaigns are in line with your company's overall goals. This is why it is imperative that you develop a relationship with a third-party CRM provider as your relationship with your own internal CRM provider may not always be as effective as you'd like. When developing incentive marketing campaigns in-house, you can simply make use of the same CRM software that your own in-house CRM software is built around. However, when integrating the two programs (or using the same software for both programs) you will have greater control over which activities help you reach your overall business goals.