The world of incentive marketing platforms has been around for decades. The concept of incentive marketing was made popular by Milton Erickson, who popularized the "avenue principle" in his famous book Think and Grow Rich. His main thesis was that all people have the power to make their own decisions. His idea was that if people are given the choice between doing something they love and doing something that would benefit a third party, most people would willingly choose to perform the action that gives them the greatest reward and this principle applies in all areas of life.
Milton Erickson did introduce the incentive marketing concept in his book, however, he didn't focus on it fully. He felt that if you give a person a small reward for doing something, they will continue to participate in whatever activity they were given the reward for. This is why he came up with the idea of offering a star for each referral they made to the company, instead of just a discount off of the standard price. This method has proven extremely effective and is still being used today by many major corporations. However, Starbucks is perhaps the biggest example of how effective incentive marketing can be when applied correctly.
If you take a look at both incentive marketing platform run by traditional businesses, as well as the online strategies used by multi-level and social media companies today, you'll quickly realize that there are some similarities. Each program has the same overall goal in minds such as increasing customer satisfaction and loyalty. They use several different incentive strategies, each geared towards increasing customer loyalty. Some companies offer points, coupons, gift cards, and sometimes even free products to their customers once they've made a certain number of referrals. These programs are usually targeted towards younger, or newer generations of consumers, as those are the ones who are most likely to be turned off by a company if they are not continuously offered promotions or gifts.
On the other hand, these same companies that have loyalty programs often offer something more for their coffee shop customers. For example, a certain percentage of coffee shop customers may have recently completed a community service program or are involved in another kind of initiative. These are the kinds of organizations and individuals that most likely are going to make a referral to a company that offers a discount or other form of incentive marketing strategy. The key is to be able to determine who these people and organizations are and to target them specifically through your incentive marketing strategy. This way, you can not only increase your sales, but also keep your customers happy and loyal to your company.
There are a few different kinds of incentives that multi-level and social media companies often use. Some companies reward their customers with merchandise or gifts, while others offer monetary discounts for their referrals. There's even an incentive marketing strategy that offers consumers cash incentives for just sharing one message on a social network site. Each of these strategies has proven to be very successful, so no matter what you decide to use as incentives, you'll find one that works for you.
A great place to start using incentives for your own incentive marketing strategy is with customer loyalty programs. Loyalty programs are great for two main reasons. First, they're incredibly easy to set up and manage. You don't have to create massive amounts of content or hire a large marketing firm to handle things like you can simply sign up your customers to earn points toward their next purchase. With this simple incentive marketing strategy, you can not only reward your customers, but you can also encourage them to recommend your business to their friends!
Another thing that loyalty programs offer is a way to market directly to those who have already shown interest in your online or offline business. Many customers will be willing to give you a second look if you make them feel that you're a real company that doesn't just take their money in exchange for nothing. The key is to create a special website to complete with an attractive incentive marketing campaign that includes links to your offline and online products. Your loyal customers may even refer some new business their way, which is a sure way to increase your digital business. At the end of the day, you want as many customers as possible to know about your products and services, and offering a loyalty program is a great way to encourage them to do just that.
As you can see, there are many benefits to implementing incentive programs in your reward marketing strategy. If you are looking to build your brand name or increase awareness for your products and services, then using the power of incentive programs can help you achieve both of those goals. Just make sure that you develop solid incentive programs that offer the maximum value for your investment, and your efforts will pay off!