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Sunday, July 26th, 2015

Incentive Marketing: A Sure Way To Boost Sales And Customer Retention

Submitted by: Hannelore Willingham

Are you looking for ways to attract new customers and to establish customer loyalty? Have you tried different marketing strategies? Are you in need of tried and proven schemes to boost marketing performance?

Did you know that new and existing companies have trouble in establishing a niche in their target market due to stiff competition?

With the onset of recession, companies are looking for ways to boost their sales and to increase its customer base. With the tough economic situation that companies experienced right now, it is timely to impose incentive marketing because it is when customer purchases and sales declined.

If you want a proven means to boost sales and to establish a niche in your target market, then initiative is right for you.

What is incentive marketing?

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It is the use of motivational devices or gifts to promote sales, to penetrate the target market, to boost sales and to establish customer loyalty. With the myriad schemes found in the market, for sure, some companies are confused on what items to choose. How will you know that a specific scheme is right for a specific target market?

Why use incentive marketing?

1. Companies used it to keep existing customers happy and to promote customer loyalty. When used with an effective marketing strategy, it is more effective than giving discounts to customers.

2. To attract new customers and to increase client base.

3. To evoke physical reaction from people and to motivate them to patronize the product or to frequent the business.

4. Research reveals that a well-researched gift is more effective than giving discounts to customer because it rekindles business ties or establish a new connection with new and potential clients.

How to create an effective incentive marketing plan:

1. You have to set your goals and objectives first. Make sure that it is achievable, simple, clear and specific so all the members of the marketing team can understand.

2. Outline your target market or target audience. Conduct a feasibility study on how best you can penetrate your market. Also consider geographic boundaries, team goals, individual goals, sale regions, timing, rewards and legal considerations. You have to consider your budget and your lead time. How many participants are you planning to get involve in the scheme? What is the lead time for the scheme? What are the expected results of the program? What is the estimated cost of the initiative?

3. Find out what motivates your target market so you know what things to offer them to get them to act. They will not act if they have no interest in them. Select a suitable reward for the scheme.

4. Implement your incentive marketing program. Communicate consistently and assess regularly the results of the scheme’s performance. Measure your performance. You need to check if your marketing scheme is effective and working, otherwise you need to shift to another plan. Check your sales data to measure the efficacy of your scheme.

With the steps and tips mentioned beforehand, you can implement your own scheme.

About the Author: Hannelore Willingham enjoys writing for Riverrocksvcs.com which offers information on

bank marketing

and

customer incentive programs

as well as a host of additional services.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=885395&ca=Business