If you have ever read a book on marketing, then you know that incentivized marketing is a very popular form of advertising. Incentive marketing has been around since marketers first started using the written word to promote their products. The use of rewards in marketing is something that many people tend to forget and overlook. The fact is that all forms of advertising, including print media, television, radio, and even billboards and carnivals utilize some form of incentive marketing.
Motivational and reward programs are designed to create awareness among potential customers. When getting a free gift, your brain naturally receives a natural reward. This is what makes incentive marketing so effective. Because everyone loves to get a free gift, the more creative and fun the incentive programs are, the more your customers will be willing to participate in them. Business Dictionary defines incentive marketing as a system of rewards for individual participation in business programs.
For example, let's look at one of the hottest areas in the auto industry right now; the green car market. If you own or operate a digital business or e-commerce website, chances are you have some incentive marketing programs in place. Many digital businesses offer discounts to customers who purchase green cars from their websites.
By offering these discount codes, a digital business is enticing the consumer to become a valued customer. In order to entice the consumer, the incentive marketing program has strategically placed "terms and conditions" in front of the consumer's eyes. By reading these terms carefully, the consumer is able to understand exactly what the digital business is offering, how it benefits them, and how they can benefit from purchasing the product. Most traditional businesses miss this important step in their campaigns, but there are a few, traditional businesses that actually take this extra step in order to ensure their campaign is beneficial to their client base.
Incentive marketing programs are a great way for digital businesses to include incentive marketing in their marketing strategy by including both in-house and online consumer rewards programs. Traditional businesses would include such things as reward points, gift cards, and discounts in their incentive marketing strategies. The key is choosing the right rewards or incentive programs.
One strategy that online businesses typically utilize is loyalty programs. Loyalty programs provide customers with a sense of security and increased purchasing power. However, it's important for you as the owner of a digital business to carefully select incentive marketing programs that target your customer base. This means that you need to take the time to research and create the best loyalty programs available. It's important for you to choose the kind of program that targets your customers, addresses their needs, and is designed to create a long-term purchase process. This is the most effective incentive marketing strategy for your digital economy.
Another popular incentivized marketing strategy that many companies utilize is their reward system. Reward systems can include discounts at a retailer or online customer exchange. These kinds of systems are often used by retail stores to encourage repeat business and build loyalty among existing customers. Other companies utilize an incentive marketing strategy that involves providing prizes for something that the customer purchases. For example, if a customer buys a certain widget from your company, you might reward them with a coupon or other promotional item.
There are many ways that you can use rewards marketing to drive inbound traffic and gain leads. Understanding the basic purpose behind incentive programs will help you determine the appropriate incentive programs for your company. You also need to set the terms and conditions of the programs so you don't violate any anti-competition laws or regulations. You also need to ensure that the terms are clear and there are no strings attached. If you can combine these three elements, you'll be well on your way to creating a powerful incentive program that will drive inbound traffic to your website.