Incentivized marketing has become quite a common term in many business circles, but what exactly does it mean? Simply put, incentive marketing is a form of marketing that makes use of incentives to aid a business to achieve its desired goals. The most popular incentives utilized for incentivized marketing are profit sharing, loyalty points, or prizes to demonstrate appreciation for the business's efforts. When properly applied, these methods can be extremely effective methods for driving business.
This form of marketing is often utilized within the realm of soft market services. A great example of using incentives to market a product would be a spa offering incentive programs for returning customers. Incentives can take the form of store discounts, free gift cards, or frequent spa visits just to name a few items. This method of marketing allows a marketer to draw in new customers as well as retain existing ones. Each individual consumer is given a reason to stay with a particular business while also gaining a bonus for doing so.
Another great example of using incentives for marketing is restaurant loyalty programs. Many restaurants offer consumers incentive programs simply for eating in the restaurant. Whether the reward is free food, a free dessert, or simply a free meal, the goal is to give consumers an incentive to return to the business. By focusing on customer satisfaction, a restaurant owner can boost customer loyalty and increase profits.
Motivation is key when implementing any marketing plan. If a marketer truly wants to create incentive marketing programs that will be successful, it is important to identify and pinpoint your audience. One of the easiest ways to determine your target market is by asking potential customers why they would use your products or services. A good way to determine this is to ask customers for their opinion on social media sites such as Facebook, Twitter, and StumbleUpon. People will often post their opinions or reviews about local businesses. If you find one that has a lot of positive feedback from customers, chances are the business has an online fan base.
Since social media is used by millions of people, you can also use it to create incentives for your own marketing campaign. Through Facebook, you can announce special deals and promotions that include items for sale or give-away draws. Through StumbleUpon, you can generate interest in your own products and run competitions to increase sales. With all of these options, you can easily use Facebook and Twitter to generate interest in your products, increase sales, and create loyalty.
Once you have determined which networks you would like to utilize for your incentive marketing campaign, it is time to choose which types of offers would be most appealing to customers. Some marketers choose to offer cash incentives for every five referrals. Others may choose to offer points toward purchases or other discounts. One great way to get discounts through an incentive program is to offer them to people who refer others to your business.
The final step in how to make money with an incentive marketing company is to ensure that you are making the most of your current customers. If you currently have products or services that are not selling, consider taking your advertising efforts to the internet. YouTube, social networking sites, and other venues are just as good at driving free traffic to your website as many of your current customers. Through an affiliate network, you can generate more free leads than you could if you were trying to sell to your offline list.
The above mentioned tips are just a few of the many ways how to make money with incentivized marketing programs. You may want to consult with an experienced marketer to ensure that you are reaching your target market. Even if you do not sell specifically to your target market, if you provide the best customer service possible, chances are your target market will come to your website. Additionally, you want to work with a company that has your best interests at heart. Remember to always look for reviews of any company before engaging.