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Dennis Thorgesen
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What is the value of incentives and rewards programs in branding?

Published on 11/4/2018
For additional information  Click Here

 

What is the value of incentives and rewards programs in branding?

Lisech eMarketing logo

Those who have spent years in marketing come to learn the most important branding /marketing tool they have is their human mind. They understand their brands exist to reach those whose lives they can change, hopefully for the better. Until they have asked questions of those they wish to serve, they can't provide a product or service, incentive or rewards program to answer this question.

 

Things to consider

 

How do you make your buying decisions? The majority of people today buy based on information they have learned. Emotion is involved, not as much as it used to be. Now, people want to make an informed decision based on the merit of their purchase, and the value added. They also prefer to work with people they know, like, and trust.

 

So how can you build, Know, Like, and Trust?

 

The most important thing is having an audience who has an interest in you. The best marketers create interest in them and their product at the same time. They are able to do this because they are a product of their product or service. Sometimes this can be done with great advertising and the right added value. Other times it is content both Video and written. One thing is very important. You have to be consistently in front of your audience.

 

How do people buy today?

 

In today's world very few people buy on impulse. They buy based on one of two reasons. One is a referral from a friend, the other is after doing research. Most research the product, and the people behind the product. The majority will be looking for your personal and company brand on social media. This includes what you do to add value, beyond your competition. Today this even includes business to business offers.

 

Competition

Computers in competition

For every buyer, from the business owners perspective, there is another company competing for this buyers business. Unless your marketing gives you an advantage, people have no reason to buy from you.

 

This should bring forth these questions in your mind

  • What can I do/offer that my competition isn't?
  • What can I do to add value my competition has yet to try?
  • An area to also explore is what searched keywords can I use that my competition has yet to learn?

 

Incentives

 

This can be an answer to the question above. You must know what your customers value before offering an incentive. In every case it must be of high perceived value to the audience. For it to be the most effective it should have a high real value as well.

 

Years ago I used to offer people vacation packages as an incentive. With an audience it fits, it can work very well. The biggest factor is, are they able to afford what they have to put out pocket for a “Free” vacation.

 

 

As most people know I am also doing my thing to help Zarah Angelica. My offer for all but my least expensive product is I will give $10 in your name to this cause.

 

Zarah Angelica social cause

 

Rewards programs

 

This is another way to bring customers to you. From a business standpoint most are bulky, expensive, and give customers the smallest real return. When searching you want the most cost effective system possible with the highest return for the customer because in the end it is your customers you are trying to please.

 

Today I offer Invest Plus

 

With this program the costs are the lowest of any rewards program I have found to date. Simplicity comes into play here as well. The way it is set up for me, I have to load the purchases for the day. That and have the percentage I pay in my account, so the tokens can be issued immediately.

 

I can choose the percentage I want to give my customers from 10 percent to 100 percent. It is the only one I have found that lets me return to my customers 100 percent of what they pay for my services in any way. This system uses underpinned tokens.

 

Most people understand that for this kind of system to work, you can't immediately give people all the money, you can however lock in tokens to the value of what they spend, and let them be received 1/12 a month over a year period. ©November 4, 2018 9:00 PM CDT Dennis Thorgesen for Lisech eMarketing, All rights reserved.

 

 

 

 

 

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