B- Incentives and their benefits for business
Incentives have proven to have a myriad of benefits for business. Not only does it boost revenue but also help maintain a consistent customer base. They help to strengthen relationships and encourage certain customer behaviors.
An incentive must provide something the customer truly values; if it isn’t worth their time, it won’t be a priority—and neither will returning to the business. (Forbes Expert Panel, 2022)
It’s important for the free product or service to be relevant to the customer’s current needs or past purchases and offered at the right time. It also has to feel genuine—as if the company is coming from a place of thanking them for their loyalty
offer perks to both new and repeat customers. Then, provide both expected and unexpected incentives to build relationships with repeat customers. Relationships are nurtured constantly, so taking time to show appreciation at all times is a fast track to building authentic loyalty.
The client needs to know that we are on their team and always looking out for their best interest. People buy from people they know, like and trust.
You can’t give someone free stuff to stay your customer forever. At the beginning of the relationship—whether it’s when they make their first purchase, give you their email or something similar—give them something that provides value while showing that you’re very good at what you do.
When offering perks, make it clear that you are expressing your appreciation for each customer.
Whether they’re referring new customers or offering company testimonials, you always want to keep your loyal customers happy because they are usually your biggest advocates.
Research has proven that customers who receive incentives from companies, they are more likely to stay, interact more, and refer to other people. Without incentives, what makes one company stand out over the rest? Everyone loves free things and many times is the sole reason they want to do business with an organization.
The article provides 15 different tips for how to offer incentives and how each tip offers its own benefits. I think that when looking at my capstone, incentives can be a very powerful way to get users to engage and not ignore. The other big issue is how to keep people from losing interest over time and I think that incentives could be the key to that.
References
Forbes Counsil Members Expert Panel, (August 15, 2022). How To Offer Free Products And Services To Build Long-Term Customer Loyalty. Forbes. https://www.forbes.com/councils/forbesagencycouncil/2022/08/15/how-to-offer-free-products-and-services-to-build-long-term-customer-loyalty/
Kick Writers, (August 28, 2020) Why brands should leverage incentive-based marketing strategies. shopkick by trax https://www.shopkick.com/partners/blog/why-brands-should-leverage-incentive-based-marketing-strategies-fc
