Running a successful business incentive program is all part of running a successful business. In fact, when designed properly, a monthly incentive program can be one of the most powerful business tools available to marketing a business today. According to the experts, the return on investment (ROI) from a properly ran incentive program can boost incremental sales as well as market share. Got some products that need some help moving? Word-of-mouth not traveling fast enough? Launching monthly Incentive programs can speed up your marketing efforts as well as “up” the value of your business brand.
U.S. companies spend approximately $30 billion a year on incentive award programs, according to a study from the Incentive Federation. In order for your business to stay relevant and on the mind’s of your clients, incentive programs are essential to a business's marketing mix.
Before starting an Incentive Program for your business, take the time to plan out the reasons for the program and what you’d like to achieve (the end results). Here are five questions to ask & answer:
- What are you wanting to gain:
- Collect leads
- Discount products or services to drive revenue
- Who is the target audience?
- Customers (New or Current)
- Clients who haven’t purchased in a while
- A group of potential customers that have never been targeted before
- What will be your lead incentive for the month:
- Free Samples
- Coupons
- Drawing to win products or services
- What is your available budget?
- Will you use direct mail
- Email Newsletters
- In-store promotions
- Social Media
- Will you run the promotion in-house or hire an outside promotional agency?
Are you Compliant
Make sure whatever monthly incentive program you are running complies with the law. For instance, the Federal Trade Commission states "when a "free" offer is tied to the purchase of another product, the price of the purchased product should not be increased from its regular price." If you are offering a free gift with a purchase or for signing up for a product or service, be legit. Nobody likes to be a sucker so be authentic with you offerings so your customers continue to come back , tell friends, and participate in your incentives.
5 Successful Ways to Promote Monthly Incentives to Grow Your Business
Okay! So lets get to it! Here are 5 ways you can be successful with promoting monthly incentives to grow your business:
- Give away a free sample
- Update your marketing materials
- Get creative with promotional products
- Launch a direct-mail campaign
- Start a client appreciation program
Giving away a free product or service is a sure-fire way to bring attention to your business. Making these promotions available to prospective and current customers can bring excitement and marketing value to whatever you plan on spotlighting for the month ultimately resulting in driving sales. The purpose for these free gifts is two-fold. One, the free item(s) function as a advertising the company’s products and services and Two, item(s) continually stay present on the minds of existing customers and appear “shiny” and new to potential clients. And here’s a third purpose…. It helps to build customer loyalty. Your giveaway should be tantalizing and be packaged in a way that your current customers should want to partake in the incentive even if they've already bought into it. Look over your products and services and see what you could promote each month as a free giveaway. Don’t limit yourself to just your products and services. Maybe you could offer a free consultation or offer some part of a service you offer as a “freebie.” However you position it, design your monthly incentives to be practical yet fun marketing opportunities.
Send a Free Card
If you've received one of our weekly newsletters, you may have noticed a great FREE incentive we've offered to our subscribers. Have you sent a FREE custom greeting card on us lately? If you have not, here’s a great opportunity to do so. As you know Send Out Cards is a fabulous business opportunity that Team Pure Intent is a part of and is a great enhancer to any business’s marketing mix and income stream. Take a look at what you could send out FREE on us today!
Onward and Upward!
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