StokholmMahon's Profile

Forum Posts	Following	Followers
0	0	0

StokholmMahon’s Activity

There are no recent activities.

stokholmmahon: Member

0Posts
0Following
0Followers

What exactly is incentive marketing? To define the concept, the Incentive Marketing Association utilizes very simple terms: it is a carefully orchestrated set of steps designed to get individuals to perform something they would not normally do, for monetary compensation. It hinges on an ancient psychological principle, which says that where there's motivation and power, there will usually be performance. If the person knows that they will be compensated in some way, even if that something is something they would normally do, then they will try their best.

For incentive marketing to work, the company must have a product or service that has low pricing, very low risk, a large target audience, and high demand. Once incentive marketing companies is established, a company can use several means to promote their products: discount offers, store credits, and other incentive programs. The company that puts together a successful incentive marketing program will be rewarded with increased sales and brand recognition. Brand recognition is especially important because it gives customers a reason to come back to the same store. If they are repeatedly making a purchase here, then chances are that they are also willing to make a purchase somewhere else.

The incentives in a marketing strategy can come in many forms, such as store credits that can accumulate quickly and are automatically applied when a customer makes a purchase; or, store discounts that can save the company money on advertising costs. Other popular incentives schemes are vehicle-related gifts, such as free promotional merchandise, gift cards, and airline miles. Incentives can even be designed to fit into a corporate image or brand strategy, by giving employees, clients, and customers special "rewards" for the accomplishment of a specific task. If done effectively, incentive marketing can be extremely fruitful.

Date joined: 2021-01-02
Points: 0

stokholmmahon's Stacks

stokholmmahon hasn't created any stacks.

StokholmMahon / Member