Incentives for your Customers 2017 Report
We are all living in a new century! In today’s highly competitive industry, it can be a tough task to process a successful sale. Only being aggressive does not make the cut any longer. Having super sales skill set is not enough anymore to win the competition when so many new products and services are being released everyday in the market. The secret lies in separating your business and competition distinctively and lead each of your customers to believe in your brand and become loyal, irrespective of the prices offered. It is common for companies nowadays to offer incentives to their consumers for their purchasing behaviors. These incentives can range from gift cards to consumer electronics, to travel incentives and can serve various purposes. The most important purpose of incentives is to boost customer acquisition, and it also serves as an important factor to retain the ones you have worked so hard to earn.
Industry Insights Reviewed
- 70% of unhappy customers abandon sellers because of poor service, according to different surveys.1
- A 5% increase in customer retention will increase a lifetime worth of profits from a single customer by 75%, according to the sales experts.
- Implementing an incentive program such as gift cards, loyalty points, membership rewards, and so on help companies to increase their response rates by 20% to 25%, and has the potential to increase ROI and also improve customer retention numbers.2
- 80% of customers in a survey reported that they will be more likely to do business with brands that offer loyalty programs or incentives. An exceptional incentive program has the potential to guarantee that customers find your brand and stay loyal for a lifetime.
Programs that will help you kick-start your incentive implementation:
With NextBee’s team of experts on your side, you will be able to:
- Gain social recognition, give bonuses for social referrals, and get social media notifications with our incentive program.
- Define and optimize rewards, offers, notifications, and promotions, which will match the interests; and lead your program to success.
- Configure and deliver compelling automatic notifications and messages to your consumers.
- Generate word of mouth marketing among your customers which will ultimately count as your success metric.
Goals to fulfill in 2017
- Building mobile centric incentive and rewards programs’ strategies as customers prefer using mobile devices currently.
- Implementing and developing mobile apps to incorporate these programs to generate more customer engagement and retention.
- Increasing customer attraction and retention, creating a lasting brand loyalty, and creating awareness for brand name, products, and new launches are a few goals to accomplish with incentive programs.
Challenges to overcome
Creating a program that is not lackluster is the ultimate challenge to kick-start a successful rewards program. Strategizing a program that will attract and retain your customers for a lifetime is the one and only goal of an incentive program. Changing rewards program according to time and market requirements is the key to remain relevant among your customers; evolution is the word.
The finest source of incentive strategies will come from the minds of your business partners and most importantly your customers. Feedback is the key to create the best incentive programs that will make it easier for your customers to say “yes” to your brand. Creating related and even non-related surveys will help you get an insight on the needs, requirements, and expectations of your customers. This will not only help you to get great ideas, but will be good ideas to match with your business and situation.3 This will make wasting money on strategies that will never work a thing of the past. Instead, you will know exactly what is needed to be done to succeed and get that edge over your competitors. This will make your customers believe in your brand, because taking these steps will make them feel that you actually care about their needs and expectations. This reason alone can serve to be one of the most compelling incentives to do business with your company.
- Russell, Luke. “Why Use Incentives? Because They Work!” American Philosophical Quarterly3 (2009): 267-82. Web. 30 Jan. 2017.
- “How Incentives Affect Your Customer Loyalty.” MPELL Solutions. N.p., 22 Dec. 2015. Web. 31 Jan. 2017.
- Zhivago, Kristin. “Incentives: 5 Cardinal Rules, 10 Great Ideas.” MarketingProfs. N.p., 29 July 2008. Web. 28 Jan. 2017.