For many marketers, incentive marketing platform is at best confusing and at worst a bad idea. To understand what motivates someone to purchase from you, we must understand what motivates someone to do business with you.
This concept is referred to as the third party theory and it's essentially the public relations department trying to sell the public to purchase something that the company already owns. There is no money in incentivized marketing, because it only takes money from one party to create a second party. If a company would use incentives as part of their overall advertising campaign, it would be like buying Coke for your barbershop and having your barbershop cut coupons for the same brand.
The problem with incentivized marketing is that it means lowering the quality of a company's consumers. Incentive marketing is essentially selling consumers on products that the company already has already proven itself to be trustworthy in the past.
It does not change a company's strengths and weaknesses. While marketing becomes less effective as time goes on, it's important to not focus too much on whether or not something works when you are marketing for a new product. Whether or not something works in the first week can easily be forgotten within the month.
If you need a new product to market, look at it as an opportunity to test the waters. You need to test out the marketing strategy to determine if it has potential. The key is to find something that can be used by both old and new customers.
While the most recent trend in promotional products is to focus more on reaching the customer base of a current customer, marketing strategies that include products from a different customer base is the way to go. Though this might sound like a risky proposition, new products from a different customer base can actually prove to be the most successful promotional products.
This might be a little bit confusing, but simply choosing to market a product from a customer base that has a low conversion rate might mean a higher conversion rate. Targeting someone who is looking for an incentive is the same as targeting someone who has to decide between a free gift versus getting a free product. If you are advertising through discounts, then what is most important is to create a product that is good but not necessarily the best.
Create incentives based on the new products you are selling, so that the company already has something that it is confident about. Most companies will have a product that they know works and they will be willing to pay for it, so make sure that you use that to your advantage.
Promotions and incentives should not be confused with the branding initiatives of the company. The branding is the main part of the company's marketing campaign. When you think about the advertising campaigns of most companies, the brand is the one that makes them unique.
When you want to create incentive marketing platform that relate to a company's branding, you want to keep the goal of the campaign the same. You want the goal to be to create a brand that will be different than any other company's brand. When you are doing this, you also want to be careful not to create incentives that only work for a specific customer base.
When you create incentives based on customer base, you have to be careful about creating incentives that only work for different customers. There is no reason to create a product that is only good for the type of customer base that already has the product. This could cause the brand to lose credibility and may drive people away from the brand in the long run.
You also want to remember that there are different types of customers. You need to give people the ability to distinguish between products so that they can purchase based on what they want. When you use the third party theory in your promotions, you will not make any headway towards building up your business.