An incentive is anything that offers some value either in the form of cash or some other reward, so as to entice someone to take a desirable action. Incentive marketing programmes are gradually becoming common because they are one of the best and most effective ways to gradually word about your business, and build brand loyalty. But all of this you enjoy only when you implement the programme correctly and offer incentives that are appealing to your targeted audience.
Incentive marketing programmes have been around for decades. Whether they work or don’t, largely depend on how you structure and manage them. Regarding the future, we can surely expect to see more of them as more and more brands realize their true potential. Companies are now beginning to use incentive marketing programmes as an effective means for advertising their products and brands. And so can you, but we only you follow the advice we present you with it.
Here is what you can do to ensure successful incentive marketing programmes.
Set a goal and define what you expect from it
A lot of firms launch out marketing programmes without really knowing what they want from it or what they are trying to achieve. Some business target at expansion, whereas others do it for building a brand image. Whatever it is that you want to define it properly, and then list down your expectations as well.
And oh, by the way, it would be great if you could come up with some KPIs too. Measure progress that you have already made, and track down how far ahead you have to go to achieve your goals.
Reward desirable behavior
This is one of the most fundamental components of the programme, and unfortunately, many businesses don’t do this correctly. Your programme should revolve around the goals that you identified earlier, and be keeping them in mind, think about what you would your marketers to do? Whatever it is, reward them, and not just reward them, but reward them with something enticing. Only then can you achieve the results and goals that you’ve set your eyes upon.
Also, the programme should make it easy for your marketers to earn points, and keep them involved. Don’t complicate the programme or add too much to it. The simpler your programme is, the better it would work for you.
You obviously will create a buzz when you first launch your incentive programme. But it shouldn’t stop there. Continue to advertise your programme, and keep the momentum going. You could share the programme results or how your team is benefiting you. Whether you announce it on social media or send an email, keep everyone involved so that your programme is not forgotten.
Individual contributions do matter for an incentive marketing programme but focus on teamwork as well. Marketing is a skill which can be improved upon by learning from others. So share successes and failures and allow your team to work with each other, for at least some part of it.
Strengthen with training
Conduct training sessions for your team every now and then. It is essential that all employees are well aware of process of sales channel, as a result they can easily instruct your clients to run successful incentive programme.
Employees training contains these elements:
- What is incentive marketing?
- What are the benefits of incentive marketing programme?
- How to run successful incentive programme?
- How can clients achieve their goals?
- Complete training for all tools that you offered.
- Products details which are run under incentive programme.
- Educate about non-cash rewards and gift cards.
For more sales, you should conduct employees training carefully. If your clients are fully aware of incentive channel then they can easily promote your products. Therefore, clients will earn more incentives as well you will see the huge hike in sales.
You pay for the incentive when end users obtain your goods. Incentive programme will refer additional cost for an organization, so ensure that your selected incentive channel should be customer friendly. To run successful incentive program you should measure various factors such as money related targets, goals, execution, rewards and employees effort.