How to Use Rewards and Incentives to Lure Large Purchases
Apart from the leisure and recreation industry that appeals to the affluent market, companies have difficulty in closing profitable deals. While clients recognise their need for a product or service, they often have difficulty making the shift from browsing to buying. That’s where an incentive comes in.
By targeting your effort, you can stimulate more business during slow periods. As such, it makes sense to target your effort to meet your business goals, whether it is increased sales, a greater sales volume, expanded offerings, luring new customers, reviving lapsed customers, or boosting business during low seasons.
Once you have defined the change you wish to drive, it’s time to plan a properly targeted promotion.
Carefully planned rewards and incentives will prompt your (past, future and existing) customers to take action. Incentives and rewards may include price savings, trials, samples, events or experiences.
Why are we drawn to experiences? Because they last longer and are perceived to be more valuable. Your customers may not want to invest in an experience out-of-pocket, but they will gladly take you up on an offer which includes a free experience gift.
One of the main benefits of experience or event rewards and incentives, is that it creates hype, excitement and an exuberant atmosphere. However, be sure to publicise it well.
Experience rewards in return for client loyalty or employee reward solutions or winner and prize fulfilment work wonders when participants require a bit of a jolt to encourage them to take action. However, in order to ensure the success of your client loyalty program, you must be clear on your goals and targets. You must be aware of the bottom-line impact in order to allocate the appropriate resources, budget and staff to the initiative.
Celestial Gift Experiences has worked with various South African corporations in creating rewards and incentives for both client loyalty and staff recognition as well as winner and prize fulfilment. Speak to the Bucket List Genie today about rewards and incentives for your unique circumstances and budget.
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