What exactly is an incentive marketing platform? Business Dictionary defines incentive marketing as an advertising practice in which rewards are given to the public for patronizing certain products or services. For me, the term incentive marketing sounds much like something an alien robot pretending to be an advertising director would say while waving a large sales widget in front of a distracted board of executives. The reality is, incentives are real and they can work for any business.
The most common type of incentive marketing is loyalty programs. Loyalty programs allow your employees to receive perks and benefits for doing things that make your company the most profitable in your digital economy. These perks and benefits can take many forms, but the goal is always the same reward the employee for doing things that produce the greatest results for your company. Incentives can take the form of cash bonuses, discounts on purchases, or other types of tangible benefits. Rewards can also take the form of virtual rewards such as iPads or digital cameras or grand vacations or free tickets to events.
It's important to understand that incentive marketing incentives don't have to take the form of tangible items. Items such as tickets to shows, or tickets to digital events, or discounts at restaurants make great incentive marketing tools because people love to receive these things. Digital marketing incentives are also extremely popular. Because every time you perform an action that contributes to your company's growth, you increase the value of your digital economy. Every time someone downloads your app, uses your website, or visits your social media page, you receive a reward.
There are many different incentive marketing models to choose from. One popular incentive marketing model is to offer employees recognition incentives. If your company successfully creates and implements employee recognition incentives, it will create a powerful incentive for employees. Rewards don't have to be expensive. You can create fun and low-cost gifts for employees to recognize them for their work. For example, every time a team member provides the company with a review, you might provide them with a small entertainment device such as a video game or dvd.
Another method of incentive marketing is through customer appreciation. The best way to choose which type of reward program to use in your incentive marketing campaign is to understand your customers. Which types of rewards do they prefer? How do they benefit from the programs? Which customers you want to target for special rewards?
The most efficient incentive marketing strategy is one that combine several different types of rewards, but all serve a single purpose. Incentive marketing is not about simply giving away goods and services, it's about encouraging a person to take an action that increases the value of his or her life. So if you're planning to reward employees, consider offering them a free vacation to an exotic destination. Or if you're trying to motivate employees, think about providing them with a discount at a local spa.
Motivational speakers are increasingly being hired by corporations as a powerful channel marketing incentive marketing tool. A speaker can motivate a team by inspiring the team members to reach new heights of performance. Speakers can also increase employee retention and motivation by encouraging employees to "go green". Corporate incentives may include promotional products such as bags, shirts, hats, and other items that can be branded with a company logo.
A successful marketing strategy is one that produces tangible results. If you don't see any positive results, your incentive marketing platform is not likely to succeed. This is why it is so important to choose the right incentive marketing program for your business. If you don't have experience in this area, I recommend working with a professional consultant. There are several good consulting firms that can help guide you through the process. Before hiring a consultant, however, be sure to do some research to learn about the different types of strategies and the track records of various consultants and their services.