Some Effective Ways of Incentive Marketing
The advancement of the internet has been a game changer, allowing marketers to go beyond what they could do before. Companies, businesses, and entrepreneurs have reached new potential customers who may not have considered purchasing their products in the past. One of the ways they’re doing this is by paying cash back to customers that register on their site, sign up for an email list, download an eBook, or some other form of incentive; or in other words incentive marketing!
If you’re new to this topic, then you’ve come to the right place as in this Achal Chaurasia news, we’re going to discuss some cool approaches regarding incentive marketing for your business!
- Try Running a Referral Program
A referral program is a simple way to create more customers from your existing ones. How does it work? Find customers who are willing to tell people about great products and services. And, when you reward them for this behavior, you turn your customers into active PR for your company.
The first great thing about referral programs is that they help you to grow your business with every new revenue-producing customer. Moreover, in this approach, you don’t necessarily have to pay much for advertising. Referral programs are a tried and true method of bringing in new customers. By simply asking your current cohort if they know anyone who might benefit from your product, you can exponentially expand your network.
- Setting Up Customer Loyalty Programs
Customer loyalty is a difficult concept to grasp. It’s not just about giving your customers more and more. Loyalty means taking care of the little things and keeping them ‘inside the circle of your business. You want to make sure they feel appreciated, acknowledge their support, and will do anything to do business with you again in the future.
Starbucks has successfully tapped into the importance of showing appreciation to loyal customers. By rewarding your top customers each time they purchase, you give them what they want: a little token of appreciation. The key is to balance the short-term needs of customers with the long-term needs of maintaining and growing your customer base.
Starbucks started its loyalty program in 2003, but it didn’t call it that at first. They called it the Starbucks Card and did not start the loyalty program until four years later—when they began providing free refills at participating locations, as well as earning one bonus star for each $5 spent. Customers can use these stars to get discounts while purchasing other drinks from Starbucks.
- Give Away Free Stuff
Who doesn’t like free stuff? You don’t have to bend the laws of physics to use a special type of marketing that can persuade people to give you their contact information for free.
Think of it as free candy or free coffee, but a bit more valuable. These are the kind of freebies that are hard to pass up. And, guess what? There will be a whole lot of people, who’ll be trying to enter these contests, for those freebies. These are your target audience, who are in contact with you already, and eager to get your offer.
And, when a person enters, there is an incentive for them to give you their contact details. They dwell on your page, interacting with it and increasing the chance of engaging with your brand. That’s how we chug along and keep things interesting. The greatest way for you to convert them into willing customers is by convincing them that you are worth their time.
- Provide Early Access to the Latest Items
This approach of incentive marketing works best in the gaming and eCommerce industry! If you release a line of products, don’t wait until they’re released to everybody; try giving your most loyal customers early access to new items. Providing your loyal customers early access and special offers to a new line of products is a great way to create excitement and urgency among them. This will show that you’re rewarding them for their loyalty, boosting sales, and most importantly, aiding retention.
In this Achal Chaurasia news, we’ve highlighted some effective ways of interactive marketing for your customers. When it comes to customer loyalty, things aren’t as cut and dry as they seem in the movies. It’s not just about giving your customers free pizza or signing up for a newsletter list that sends them wine every month. Incentives are more than just the occasional pack of gum at the checkout line — they can include something much more valuable for businesses and customers alike.
When you’re running a business, you have to rely on your customers to do something for you. And then, you need to find out what actions they took and reward them with incentives. This is how you motivate them to take action!
Author- Achal Chaurasia
A young businessman who has been in the line of entrepreneurship for quite a few years. He is an active learner and loves to know more about new technological developments CG up as well as how they can be put to great use to yield better results for the society.