Within the world of marketing, a scope exists where businesses employ certain strategies to attract fresh customers to interact with a brand. Among these strategies, there lies one often employed: Incentivization. It takes the form of businesses extending a hand bearing some form of gratuity to pique the interest of prospective customers.
The spectrum of incentives is broad, offering an assortment of choices to appeal to and bring new clientele to one’s establishment. One noteworthy instance is a rebate, an intriguing specimen of a boon, presenting a discount in the price tag of products procured via an intermediary or supplier. The best part about using incentives is that you don’t have to spend a huge amount on the promotion and you will still get great results.
A recent study shows that close to 67% of customers go ahead to make a purchase they didn’t plan on before because they found a discount or coupon for the product or service. Here are seven examples of the best incentives for businesses looking to attract new customers.
1. Bonus Products
Everybody loves free stuff. It may not be of great quality or match their expectations for a giveaway but they’ll line up at your store to take advantage of any bonus you offer. This explains the rationale behind the majority of enterprises providing a buy-one-get-one-free arrangement for their products.
The implementation of this scheme can be accomplished through various means. Instead of furnishing a complimentary product after a purchase, an alternative option is to opt for an upgrade. You can also offer free samples with a trial or test of specific products. Free samples are great when you want to introduce a new product to the market.
2. Referrals Bonuses
Should you seek a means to appreciate devoted customers and draw fresh clientele, the path of referral incentives is worth exploring. Numerous individuals tend to place greater faith in endorsements from acquaintances or family who have previously engaged with your products or services.
You can extend referral incentives in the form of price reductions and monetary rewards to those who introduce a new customer to your business. Just make sure you have made it easy for customers to refer others. You can use a referral code or link they can share with their loved ones.
3. Information Sharing and Training
Some products need extensive knowledge to use correctly. In the event of possessing such a product, there exists the potential to offer insights, knowledge, or deliver foundational instruction to prospective buyers, equipping them with a precise understanding of product utilization upon their purchase.
When launching a new tool into the marketplace, it becomes feasible to extend localized educational sessions on optimizing its usage. You could also provide a whitepaper and gain customer loyalty in return.
4. Exclusive Accessories
You can offer unique accessories or items with each purchase of a new service or product to fast track early adoption. The best example of this is the use of limited editions and collector’s editions of products such as video games. A company bundles an exclusive, time limited item or accessory with the product. This encourages your audience to exploit the promotion and make a purchase. It is most effective when they cannot get the add-on item at any other store.
5. Allow Early Access to Discounts
Every customer will look to exploit an opportunity to access a special discount before it becomes mainstream. You can offer early access to new deals for customers who create an account with your business. This makes it easy for customers to get the items they need at a fraction of the total cost and creates exclusivity which is a key element in improving loyalty. Customers will keep using their accounts for as long as they keep accessing special deals.
6. Personalize Customer Discounts
Take time to study the shopping habits of different customers and create a custom discount based on this. Should you manage a digital enterprise, the avenue to access essential data for crafting and executing customized discounts grounded in customer purchase patterns lies readily available. This strategy can equally be executed for a physical storefront. This shows the customer that you have taken the time to understand their shopping habits and provided a personalized experience that appeals to their needs and preferences.
7. Organize Giveaways
Giveaways are a great incentive. They are free to join and need minimum effort from the customer to participate. You can promote them through social media channels or your website to appreciate loyal customers. In return, your business gets more exposure and which could increase email subscribers. It is also a great way to get information from your customers especially because they have to share their contact details. This can make it easy to onboard new customers.
In the world of business, your primary aim should revolve around delivering a captivating and innovative encounter to every unique customer, with the assurance that all other outcomes will naturally follow. The utilization of incentives related to products and services stands as an exceptional technique for captivating an audience and propelling the expansion of your enterprise.