Why does incentivization make much more sense now

31/01/2022

The success of your business depend on how to incentivize your offerings. The target audience expects a lot more today! Brands need to be unique and deliver an extraordinary experience to keep business relevant and keep the end-users engaged.

Incentivization is a powerful tool that motivates people to take action. Depending on the industry. Brands should incentivize some of all of the parties below to boost their business.

Incentivize seller/retailer

For most businesses, retail stores drive a vast majority of business. Incentivizing retailers and keeping them engaged is a sure shot way of increasing revenues. Let's understand how:

  • drive up sales in areas where buyers are naïve. They usually tend to trust the recommendations made by the seller.
  • give incentives to retailers in terms of higher discounts on future purchases. It motivates retailers to recommend your brand to end consumers that only add to your profits.
  • It's mainly applicable for industries dealing in non-exclusive car dealerships, consumer durables like washing machines, etc.

Incentivize influencers

For technical purchases, people are almost forced to follow the recommendations given by experts like electricians, fabricators, mechanics, etc. . As a result, marketing to these influencers has always been a sure shot way to increase revenues. Here's how you can incentivize influencers:

  • Incentivizing influencers can drive up sales when the actual purchase is heavily influenced by an expert, like electricians, applicators, fabricators, etc.
  • You can give incentives in terms of cash, gifts, and paid trips. It encourages influencers to recommend your brand to the end consumer.
  • It's applicable for industries dealing in auto spares, electrical wires, building material, etc.

Incentivize end consumer

End-consumers are the ones for whom you actually put in business efforts. They'll definitely come on the list! Let's get the insights into the end consumer incentivization:

  • Incentivizing consumers can drive up sales for products where there is little or no differentiation.
  • You can incentivize your end consumers in terms of loyalty points. It encourages customers from switching brands despite the identical, and possibly cheaper offerings of the competitor.
  • It's applicable for industries dealing in food supplements, online travel agents, cosmetics, etc.

To know more about Incentivization, connect with Speed {IT}. We make your business offerings unique, successful, and protected with our technologically advanced solutions!