If you are unfamiliar with the term, then you must have not kept up with recent marketing trends. The phrase incentive marketing company sounds like something an android robot pretending to be an incentive director would say as he points to a chalkboard labeled incentive widgets. If your company is looking for a way to make your product more desirable, then incentive marketing is one sure way to go.
The definition of incentive marketing actually states that it is the use of certain rewards to encourage the purchase of goods or services in an economy. Motivated buyers are what keep the economy going, so if there are reward options available, your business should take advantage of them. These rewards can come in the form of cash, merchandise, free goods or services, and many other ways. If your company is looking for a unique way to attract new customers or boost its brand recognition among customers then using incentive marketing is a great way to achieve both. But what exactly constitutes incentive marketing?
The basic definition of incentive marketing is when a company uses a powerful tool such as employee benefits to lure customers. This is a highly effective marketing strategy but is only effective if there are rewards involved. An incentive for the customer is what makes the deal a good one. There are many other reasons why the purchasing of a particular product may make a customer purchase it, but using employee benefits is one of the most powerful ways to get these reasons out in the open. If there are no employee benefits offered to the purchaser of a particular product or service, the consumer is not likely to continue to purchase that item, therefore it will be effectively rendered useless. When an incentive program is offered, this fact becomes irrelevant and the consumer may feel more inclined to purchase because there is a strong financial incentive to do so.
How can incentive marketing be used in a successful business? Well, the key to being successful with any marketing strategy is finding the right strategy. Many businesses will try to use all avenues available to them. However, by using an incentive marketing strategy the owner/operator of the business can be able to entice customers into making a purchase. There are many different incentives available, and the key to being successful with them is finding the one that works best for the business.
One of the most common forms of incentive marketing is through the use of channel incentive marketing. A channel incentive is a very specific form of incentive marketing that works best with one specific type of business. For example, many businesses that have a sales force will opt to offer incentive rewards for those sales representatives that are able to bring the largest amount of new business to the business through their personal efforts. What these individuals are rewarded for are their efforts during their daily duties. Typical incentive marketing channels include cash rewards, products, and/or services as well as an employee appreciation system.
Incentive marketing rewards those individuals that consistently exhibit high levels of productivity or attendance at work-training sessions. Typically, those that go above and beyond the call of duty receive more benefits and incentives. If you ask people that work in the customer service area about the types of incentives they are receiving, most will tell you that recognition is one of the most common types of incentives offered. When someone is recognized for doing a good job in the customer service department, it not only shows that the business cares about their employees, but it also shows that the business cares about the clientele they serve.
Another way to use incentive marketing effectively is by using what is known as a soft channel marketing approach. This approach targets a specific group of people or demographic group that is most likely to be interested in your product. A great example of this would be products targeted at families, seniors, students, or anyone that might be considered a target market for your company. In this way, you can easily focus your incentive marketing on this very targeted group, because chances are that they will be actively seeking out information related to your industry. Incentive programs such as these are usually quite affordable and are well worth the money.
The bottom line is that incentive marketing works well. It allows you to not only create interest in your incentive marketing company but also engages your target audience in a manner that will encourage them to engage with your company. If you are able to design a system that engages your target audience, then you have a better chance of retaining them as future sales associates. And retention is something that all businesses desire. An engaged customer is a customer that will be there for you when you need them and is also likely to recommend your products to others.