Types of Incentive Programs
There are various types of incentive programs. Incentive programs aim to motivate people. Lack of engagement can lead to misalignment, inefficient management and over-exhaustion. Incentive programs are set up to keep, engage and attract. They could have various forms. In this post, we look at the types of incentive programs and they are below.
Companies can use referral programs to encourage their customers. One who used a company’s product or service can refer to another person. Companies can use this for a higher Return On Investment (ROI). Those who refer to others are given some incentives to encourage them to refer more. This is a type of incentive program. Such referral programs can be based on ports.
Rewards and recognition
Companies can use recognition and rewards as an incentive. This has some effects on influencer marketing. Rewards and recognition can encourage customers with regards to a company’s product or service. The more companies reward and recognise their audience, the more they increase customer engagement. There are various types of recognition like points-based recognition and social recognition.
Celebrate your customers by giving them gifts, probably on a festive season. Gifts are great incentives. You can use quizzes and fun contests to recognise and reward. Such fun gifts can be a quality swag, delicious snacks, and tech gadgets.
Bonuses and discounts
When companies offer a discount in their products, it can lead to more people coming for that product. Example a company can offer a product at 25% off for a gadget or 50% off depending on what they have. This is a kind of bonus as a discount. Discounts are great incentives. Discount programs like Black Friday are great incentives too and are instrumental to influencer marketing.
Best practices for incentive programs
Listen to the users of the incentives. What do they have to say about them? Study the current incentives and find out how suitable they are for your users. You can use surveys to hear from people. When making surveys, don’t make them too long as this can discourage people from taking the survey. The survey should be taken in minutes.
Those who create incentives should make themselves part of it. This is a way of showing an example to users. Tell good stories of how you take part in these incentives.
Testimonials are a great way to encourage people to use an incentive. Compile testimonials from people who used your incentives in the past, and display them on the front page of your website. Let the users say how they benefited from that incentive. Testimonials say much about a company or an organization. They are positive reviews from people who have used a product or service.
Send personal emails to potential participants of incentive program before the incentive program informing them about it. Personal emails offer them an earlier information about your incentive program and tell them why they should participate in it.