If you're familiar with the business, you've probably heard of incentivized marketing. The practice is fairly new, but many businesses have discovered the amazing benefits it offers. Incentive marketing isn't quite as well known as B.S.A. (ability, performance, accountability) and many of those unfamiliar with the practice are unaware of its existence or the fact that it can help their business succeed. There are several ways incentive marketing can benefit your company.
One way incentivized marketing works are by using rewards in order to motivate your employees. You can give bonuses, promotions, and other incentives to your employees, which will increase their motivation and awareness of their position. Employees who know they are doing something right will be more eager to work hard and stay with the company. This type of reinforcement encourages productivity, which results in more profits for your company. Incentive marketing also rewards your employees for referrals, word of mouth marketing, and emergency preparedness. When these incentives become a daily occurrence, your employees are likely to act on this behavior and perform better than usual.
Another way incentive marketing works are through loyalty programs. Loyalty programs allow your employees to spend approximately the same amount each week, on products or services that they already use. This allows them to maintain their old spending habits, and you don't have to spend additional money to replace the items that are purchased. This program is more effective when you provide your employees with discounts for loyalty, rather than individual purchases. You should also take the time to find out what types of purchases to make employees feel valued and reward them accordingly.
Motivational speakers are a very powerful tool for motivating your team. Giving employees a talk, about the importance of a certain task, or relationship-building techniques can be very motivating. If you are planning on using a motivational speaker, make sure that he/she has experience in creating and implementing effective incentive marketing strategies.
Interaction is a key component of any incentive marketing strategy. You should be able to determine who will be most motivated and hold them accountable. Incentive programs should require your employees to take part in group projects and give them the opportunity to gain personal benefit as well. Involving your employees in group projects gives them a sense of ownership and responsibility, and increases their loyalty to your company.
If you are planning on using incentive marketing on a large scale, then you may want to consider the services of an incentive marketing company. These companies do all of the work for you, from selecting the incentive programs to designing and printing the materials, to monitoring customer responses. They will be able to customize incentive programs to fit your budget, as well as fit your specific industry. Some examples of companies that offer incentive marketing services include AltaVista, Balance, Blueberry Marketing, Clif Bar, Ctrack, Determine, Fast Nutrisystem, Harley Davidson, Jobelle, Just Do It, Nike, Pacific Naturals, Promotional Credit, Smart Finance, Target, Unilever, and Viagra. You can also use a company's previous incentive programs as a model.
There are a number of other things you can do to increase your results. You can combine incentives with other marketing strategies, such as email marketing, telesales, telemarketing, direct mail, and media promotions. These types of strategies can not only attract more customers and potential customers, but they can also have a strong impact on retention. For example, offering consumers a discount on their next purchase if they send an email about your product or service can increase the chances that they will buy again. Similarly, a campaign that includes text message marketing can increase the chances that customers will call or visit your company.
Recognition and rewards are among the most effective types of incentives. You can give people an incentive to complete a survey or participate in a focus group. Or, you might find that rewarding a customer for recommending your service increases the number of clients you have, as well as the quality of those clients. You might even find that offering some sort of prize for reaching a goal, like a new automobile, makes it easier to get your staff to participate in incentive programs.
