What is incentivized marketing? According to the dictionary, incentive marketing is "the practice of promising something valuable in return for doing or undertaking a certain action or working condition". It can be defined as the exchange of money for work or services. How do you define this? It is just an ordinary human phenomenon. Here are some examples of it this is "I will give you this discount ticket if you will give me this amount of money by the end of the week".
What does incentive marketing actually do? Well, let us take Amazon prime as an example to explain the concept. They offer many incentive programs; one is giving away free two-day shipping. The other rewards program members who purchase an Amazon Prime membership by the end of the year earn an extra $75 for every single order they make.
There are many ways you can use incentive marketing in your business. When running an affiliate program, offer incentives to your affiliates to keep them. For example, is "I will give you this much commission if you refer someone and they join my membership". That person will then become an associate and receive a special set of bonuses when they refer other individuals to join your program.
There are different types of incentives, but they all boil down to one thing you need to understand the people you are trying to attract. What are their personal goals? Do they want to quit their job and travel the world? Do they want to own their own home? Think about your customer's intent and the incentives that best capture that intent.
Some common incentives are cash rewards, discounts, free products or services, and even awards. In order to really pull off an effective incentive marketing campaign, you need to consider who your target market is. For example, If you are in the plumbing business, you may not want to offer reward points for replacing a drain. You want to give people something of value in order to build long-term business relationships with you. Ask yourself questions like, will these rewards be valuable to the average plumbing customer?
Incentive marketing can also come in the form of a loyalty scheme. Most companies will offer discounts or free items to those customers who sign up for two or more years with them. These loyalty schemes are one of the most lucrative rewards programs available today. Companies like Dunkin Donuts have been successful with their customer loyalty schemes because they know that their customers value their products and services. They know that Dunkin Donuts has put in the effort to build a solid reputation, so customers will reward them for their efforts.
Another aspect of incentivized marketing strategies that work best for Dunkin Donuts is offering free coffee. If you go into a neighborhood coffee shop and you see a sign that says free coffee for everyone who visits for X number of hours, you are going to think to yourself that this must be an amazing incentive marketing strategy. You may even begin to feel like running over there and having a cup of your favorite coffee right there in the parking lot. It is an effective strategy because you are probably talking to many other coffee shop customers as well. Ask them about their experience with this coffee shop and they are likely to provide you with some very positive feedback.
There are many other incentive marketing strategies that are available today. Some of the most successful marketing incentives include coupons, free promotional items, free services, and even gifts for loyal customers. All of these options provide people with reasons to purchase from you and keep your company at the top of their minds when they need a product or service. A successful marketing incentive plan requires a comprehensive plan of action and an ongoing commitment from the owner or manager.
