OPTIMIZING INCENTIVE BASED MARKETING STRATEGIES
Imagine being the first man or woman who offered the first ‘free’ sample in that crowded marketplace. Imagine how crazy he/she would have appeared to his competition and equally how shocked they would have been when customers not only came for the ‘free’ sample but bought a little extra.
This was the beginning of incentive-based marketing. The strategy has evolved over many centuries and is now a mainstay in the arsenal of many companies new and old. A marketing tool used in many ways; the flash sale, buy one get and the Gift Card.
For this blog, we are going to focus on how we can optimize the distribution channels for your incentive programmes.
Implementing an Incentive Based Marketing
Incentive programs are a good way of upselling customers. For example, approximately 2 out of 3 gift card holders spend almost 40% percent more than the value of the gift card.
A gift card is a cost-effective advertising tool. It can give your business a top-of-the-mind presence with consumers. Building brand awareness is especially important for companies launching new product lines that users are not familiar with.
The challenge when implementing an incentive based marketing is not a question of if these strategies work but how to make them work more efficiently. By finding an effective channel that can distribute your incentives that has a clear return on investment you are on your way to optimizing your strategy.
Getting the right people to try your stuff!
The first two years of the launch of a new product is a critical time to build consistent brand awareness and is usually the most expensive period for advertising spending.
Before launching any product or service, good marketers would have done their customer analysis. Identifying who they wish to target and gather information about their preferences and where to find them.
The importance of targeting also applies when using an incentive based marketing strategy. Marketers have utilized physical and digital mediums of distribution to reach customers, there are not many that combine both options.
Some options companies have traditionally used are; online distribution, physical store locations, email, or sales agents. Many of these distribution channels have not had an update in some time.
Even with these channels the problem is making sure your message reaches the right audience, at the right place and getting them to try your product.
How can the Queritel Incentive Programme help?
The Queritel incentive Programme is a partnership between Queritel.com and B2C companies. Queritel.com would distribute gift cards from partner companies to respondents to our in-person surveys.
Being able to provide your incentives to a targeted demographic within a specific geographic location helps your campaigns reach the right audience.
Because Queritel conducts thousands of surveys with varying sample demographics the programme makes demographic and location targeting more cost-effective.
The experience of earning an incentive versus being given has a positive psychological effect. Respondents who have ‘won’ an incentive would be more likely to use it than someone that is just given an incentive.
Because our In-person surveys are done at spaces where your target customers are present; this gives you the ability to track the success of your campaign by location.
Some of the key benefits companies receive from being apart of the Programme is the ability to:
- Supercharge your current incentive marketing programs.
- Access a new marketing channel.
- Access new customers in new locations.
- Get specific people to try out products or services
- Build your brand awareness with new target demographics and markets.
- A Personalized in-person method of distributing your gift cards to a targeted demographic.
- Provide your incentives when doing face-to-face surveys.
It is easy to become a partner company; by scheduling a consultation with the Queritel incentive team at Queritel.com.