Incentive marketing is a specific strategy to persuade people to do what you want them to do by giving them something, an incentive, in exchange of achieving an objective. Often, these people are your costumers and clients. Incentive marketing is your way to remain costumers and clients loyal to you, your brand, company or services. Incentive marketing is also used to dispose inventory or to push slow-moving products. Nonetheless, incentive marketing is an effective tool to increase your sales.
To set up an incentive marketing strategy, you need define your objective or goal first- answering "why you need to do it". One very common incentive marketing goal is increasing the sale of your product. To make sure of this, however, you need to understand well the behavior of your target costumers and clients. We say "target" because you can never have an incentive marketing strategy that applies to all. "A glove made for everyone, fits to no one." Further, your target market should be able to achieve your goal, otherwise, it is useless to have such a program and devote your time and money formulating it.
Now, define your budget. There are incentive marketing programs that do not require you to put out cash since you just have to reduce the price of your product or the cost of your service. But no matter what type of incentive marketing you will be using, it is equally important to make sure that you know how much you can afford. In the end, if you were able to define your budget, you know how much you have gained.
There are other important factors that you need to consider when executing your incentive marketing strategy. These include promotion, length of the program and timing, reward, and geographic boundaries.
In promotion, your clients must have the knowledge of what your incentive marketing is all about. You can send it through email, newsletter, monthly fliers, brochures, posters, and other marketing paraphernalia that will effectively inform your costumers about the incentive you offer. There is a budget involve in here. Make sure that you have calculated it well during your initial planning.
The length of the program must be well-planned. Timing is also crucial. These 2 must go hand in hand and will define if your incentive marketing will work or not. To know when is the right time to launch this program, study carefully the behavior of your sales during the year. Take note of the highest point and mark the lowest point. Usually, incentive marketing can be implemented during the months where costumers least buy your product or take your services. Simply put: give them a reason to buy your product or acquire your service when they least need it.
Reward is another important factor that determines the success of your incentive marketing. When choosing merchandise for reward, consider its usefulness, durability, attractiveness, convenience, and uniqueness. Choose also the kind of reward that would appeal to most of your costumers and clients. Since it involves investment, take note of the longevity of the product. Do not just buy too many and stack them to your warehouse. Buy within your budget. Consider the following factors, and give it away before the program expires.
The effectiveness of your incentive marketing will still depend on the response of your costumers and clients but if you take note of these issues, you will surely increase your chances of achieving your goals and pleasing your costumers.
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