An incentive marketing company provides an excellent method for rewarding customers for referrals. The various forms of companies, which can take advantage of such a platform include Clothing and fashion stores, bars, restaurants, department stores, bookstores and more. This method of rewarding customers has proved to be extremely effective in recent years.
Here are some of the main reasons why businesses should use incentive marketing to boost customer retention and loyalty:
* Helps small businesses market their goods and services to potential new customers. Many of the large national chains, which have been around for decades are now experiencing a surge of new interest in their brand names. However, smaller businesses often struggle to market their goods and services in a way that stands out from the crowd. By creating a customized incentive marketing company, a London-based startup could tap into this market.
* Offers a one way income stream. Many business owners and entrepreneurs who are seeking to establish a more stable footing in a particular industry often find that traditional forms of advertising are simply not sustainable. Such forms of advertising may offer limited success at best. By introducing new incentive marketing programs through the purchase of goods and services, a London-based startup could offer prospective customers one way payment instead of paying in different ways. The increased sustainability of one way payments makes such programs even more attractive to the customer base.
* Provides an inexpensive form of advertisement. Traditional forms of advertisement like television, radio, and print can be expensive, and while they do result in some return on investment, they are also notoriously expensive. For example, newspapers often charge upwards of a dollar a page for a single page ad. Even those ads which are priced at a "low" price have a hefty face value, especially compared with the price of admission to most newspapers. A London-based startup might therefore look to other means of enticing customers to its website by introducing an incentive marketing platform. Incentive marketing platforms work by offering potential customers a low cost incentive for every visitor to the business's website, which results in new customers as well as increased revenue.
* Offers a free product or service. Some London-based startups have introduced online coupons that customers can download to their computer, allowing them instant access to a range of products. Other companies have used such incentives to launch free product samples. Incentive marketing platforms could offer something similar in the form of free items. These items may be sent to customers after they have made a purchase or filled out a survey, resulting in the activation of an incentive marketing program.
* Offers new funding opportunities. One of the reasons why an incentive marketing platform can be so appealing to a London-based startup is because the program is designed to provide funds to those that have attracted new customers. The startup could issue e-gift cards that give users the option of purchasing the items listed on the gift card. E-gift cards are relatively easy to design and offer a range of benefits, including items that are specific to specific needs, like travel discounts or hotel stays.
* Offers social rewards. Social media has provided an exceptional platform for sharing information between individuals, groups and businesses. One of the ways that an incentive marketing platform could use this platform to its advantage is by encouraging its users to share information about the business and its projects. By posting information on a blog, forum or website, a London-based startup could encourage users to share their experiences, which they could then use to make purchasing decisions.
London-based businesses face many unique challenges. New opportunities are always arising, and these opportunities can often translate into new business development. By using an incentive marketing platform to help launch its new products, a London-based startup can ensure that it gets the chance to develop its brand name early on in the development process. Such platforms are also beneficial because they reduce costs, which is important for any business looking to increase its profit margin. By using a smart incentive marketing campaign, a London-based startup can help create trust among its customers.