Incentive Marketing: How it Works + 5 Great Incentive Ideas

Need to boost your sales? One of the best ways to do so is through incentive marketing. 

Providing customers with incentives is a great way to attract them. The more customers you attract, the more likely they’re to browse your products and make a purchase. 

Think about customer loyalty as you want to reward the ones that support your business. Read on to learn more about incentive marketing as well as five great incentive ideas. 

What Is Incentive Marketing?

This type of marketing strategy calls for the use of techniques that encourage customers to promote products or services. In turn, a business will offer customers an incentive. The incentive can vary based on the business’s strategy.

Incentive marketing rewards certain brand-building behaviors. For example, a business can encourage customers to take pictures of a product and post the pictures on social media. Customers who perform this behavior can get a reward if they’re eligible for one. 

Customers may even be rewarded for writing reviews or providing a testimonial about the quality of the service. These are behaviors that businesses want to see. They seek to reward repeat behaviors that help to highlight their brand. 

Benefits of Customer Incentives 

Incentive-based marketing offers valuable benefits. One of the main benefits is increased revenue which results from higher sales. 

Market research incentives can help with customer data collection. These incentives are a great way to entice customers to share their data. Keep in mind that some customers are unwilling to provide personal information if they feel there’s no benefit in doing so. 

Creative Marketing Incentives

Loyalty programs make for a good creative marketing incentive. At the most basic level, you can give customers a card they can get stamped for every purchase they make. 

Referral bonuses can help to bring in new customers. For every referral made, you can offer a customer a discount on their next purchase. This is a win-win incentive marketing strategy for both the business and the customers. 

Who doesn’t like freebies? You can offer contests for free products to get new leads and info. This way you can get emails to reach out to new customers. 

Don’t forget to reward new customers. Appeal to them by emailing them a promo code they can use to get a free bonus item with their first purchase. 

For the most loyal customers, you can give them early access to new items and sales. This should be part of your all-star incentive marketing strategy. 

Want to learn more about incentive marketing strategies? Visit https://incentiveinsights.com/ to learn more. 

Use This Guide to Make the Most Out of Incentive Marketing

Incentive marketing can help grow your business. As you read, there are five effective incentive ideas you can use. Now’s the best time to implement them so that you can make your customers work for you. 

Make sure to explore the rest of our blog to continue reading more great articles.