The most important factor in the success of your incentive marketing program is its design. Without good incentivized marketing, you may be better off advertising in different mediums. Unfortunately, no one knows what medium will be best for your specific business, but here are some tips to help you decide.
Reward points are a very popular and proven method of enticing profitable online businesses to take part in your program. Many programs offer points for each lead, referral, and subscription that your employees generate. However, not all programs do this. Here are a few guidelines to keep in mind when deciding whether or not reward points are right for your business.
First, find out how long your employees have been employed by the company. How often do they recommend your program? How many do they promote on their own? Is the program well-known?
You can also use your business plan to find out about existing reward programs. These are usually already included in any business plan. If they offer similar rewards, you can ask for their opinion on how well your program works.
You'll also want to consider how important your employees think the program is. You might ask them about their opinions on which reward programs they use most. Most employees would rather use a program that's more popular than one that's less popular.
If reward points are the primary incentive, then it should also be easy to earn points. It should require little effort or time from employees to generate points, and it should also offer other benefits. Reward points should not cost too much to purchase, nor should they need to be purchased in large quantities. Incentive programs with large purchase requirements should probably be avoided.
The next question you'll want to ask yourself is whether or not your employees are aware of any other reward points programs within your industry. Ask them which programs they would recommend to their friends, colleagues, and family. If they're able to recommend a rewards program that meets all your qualifications, then the more likely you are to find a rewarding program.
Some businesses like to conduct surveys and ask their customers for suggestions, which is a great way to come up with a reward points program. This is a great way to identify an incentive marketing platform that is not only popular but also very worthwhile. You can also build your list of prospective clients by soliciting feedback from customers, as well as your employees.
Incentive marketing platforms that are quite popular include rewards for posting blogs, filling out surveys, and participating in email newsletters. Surveys often garner higher point values, and newsletters are often a great source of feedback. These programs may be free, but they are often highly effective ways to get your employees involved in your incentive marketing program.
A popular incentive marketing platform for companies with sales people who are familiar with the local area includes cross promotions. This involves a discount on products or services for customers who bring their friends or co-workers to your store. If you offer free coupons or samples, make sure that they are redeemable by customers that have their names on their IDs. These are ideal for incentive marketing platforms that offer free products.
Your reward points program should reward customers for making referrals, creating a loyal customer base, completing surveys, or filling out surveys. Reward points for these activities may vary, so take into account your pricing structure, your target demographic, and the length of time that your incentive marketing platform is active. Find out what your competitors are offering, and what the rewards are for your strategy.
Determine your incentivized marketing platform first, and then determine how you can earn reward points by offering a good value for your clients. If your goal is to encourage individuals to become loyal customers, reward points may be your greatest source of income.