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Incentive Promotion
by Amy Finley |
Incentive Promotion Benefits
If done well, an incentive promotion program can reap many benefits for both businesses and consumers. Consumers benefit from free products, services, or other rewards, and businesses benefit from increased sales and profits – and everybody benefits in contributing to economic growth.
There are, however, many things that could turn a great incentive promotion program very sour for a business or a consumer. Read on for some simple ways to make the most out of an incentive promotion.
Incentive Promotion Programs: For Businesses
Honesty First: Any size business, from a mega-corporation to small mom-and-pop ventures, can benefit from implementing a good incentive promotion program. The first incentive promotion tip is to scrutinize the products, services, etc. you are marketing to clients and customers and consider the quality. An incentive program is useless if it doesn’t promote a quality product or service.
Niches and needs: Secondly, make sure both your products or services and the potential incentive promotion product or service will fulfill a niche, need, or desire for customers and clients. After all, if you want customers or clients to actively pursue the incentive or reward, it has to be something of value for them.
Consider Outsourcing: While an incentive promotion program can be self-implemented by the company itself, it may be worth considering hiring a reputable incentive promotion business to run it. If incentive promotions are what a business specializes in, they can do an effective job and free you up to concentrate on your regular business, which will hopefully have increased. Cross-reference to find a good company through word of mouth, friends or colleagues, or reviews or forums on the Internet.
Decisions and Goal Setting: Be very clear, concise, and specific in setting the goals and making the decisions for your incentive promotion. Many recommend implementing an incentive promotion for employees to coincide with your program in order to increase its effectiveness.
Key decisions to make regarding your incentive promotion are: deciding the type of incentive offered, length of time, plan for promoting, the amount of money spent on it (must be high enough to be of value for recipients, but low enough as to make it beneficial for your business).
Final Tip: Make sure you deliver on the promised incentive promotion, or you’ll probably be sorry. Companies who have fraudulently promised incentives have been put out of business, and those who don’t deliver as promised are almost guaranteed to lose business.
The Incentive Promotion and the Consumer
An incentive program is a great way for consumers to earn benefits for utilizing a product or service. In order to make the most out of an incentive promotion, however, there are several things you may want to be careful of.
Internet Junk Incentive Promotions: While many very legitimate companies offer great incentive promotion deals, there are also many that offer absolutely nothing but a waste of your time and maybe your hard earned cash.
If you get an e-mail from a company for an incentive promotion, don’t click on it unless you specifically requested information from that company, no matter how good it sounds. Scambusters reports 95% or more of spammers are scammers. Be careful of getting involved with pop up ads that offer incentive promotions as well – many people have gotten burned from fraudulent promotions.
Go with what you know: One of your best bets on maximizing your benefits from an incentive promotion are to cash in on the incentive promotions for products, companies, and services you already know and trust. Buying products and services from places you trust gives you greater assurance the incentive promotion will go through as the company promises.
Go with what you don’t know, but what you need: Many smaller and new businesses that you may have never done business with may also a good incentive promotion you don’t want to pass up. A good rule of them is to go for the product or service if it is already something you are interested in. You’ll get much more out of the incentive if you get a product or service you need or want than if you are just going after the promotion.
Whether you are considering a new incentive promotion program for your business, or planning to try a new incentive you see advertised, be discerning, and it is sure to reap benefits for you!
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