Consumer Purchase Incentivised: Marketing beyond usual activities
Incentives are not new to the business of sales or marketing, however over the years the way we use incentives to create a better, holistic customer experience has evolved. From a consumer perspective, incentives escalate the perceived worth of a purchase. From a commercial or business perception, incentives help brands create goodwill, writes Sunil Nayak, CEO, Reliance Jewels.
Not just discounts:
Many may think “incentives” to be about discounts or coupons. But price concessions on products or services are not the only way to encourage purchasing amongst consumers. Actually, such markdowns are the tip of the iceberg when it comes to incentivised engagement.
Long lasting customer relationship for the marketeer to bank on:
They contribute in relationship-building and engagement efforts across various forms of sales and marketing. The initiative of a brand custodian relies on building enduring connections with the customer, leading to occasions of repeat buying, positive recall and perception, word of mouth marketing and the opportunity for brands to frequently expand their customer base.
Incentives according to occasion:
Daily brand engagements may take place in-store, digitally – online, via mobile devices and more.
To create customer value by incentivising customer purchase, brands are now focusing on factors like personalisation, communication, rewards, acknowledgment, and convenience.
For example, offering low cost and/ or free delivery services are valued much now, much before than the pandemic. Door step delivery and consultations have become a lucrative incentive for customers. When talking about the jewellery industry, there are various benefits that are offered to customers like complementary jewellery cleaning services, purity check of old Jewellery. Due to the pandemic, jewellery brands have also introduced virtual online trying and shop on video call facility where the customers can see the entire range, understand pricing and shortlist with the assistance of our associates.
There are many other ways in which marketers are incentivising consumer purchases, which are less obviousand have more to do with the human psychology and conscience. For example, brands are honouring frontline warriors of COVID-19 and are incentivising customers on their purchase by donating or honoring for this cause like the Recent Doctor’s Day Campaign that we had amongst many others by many brands. This encourages the customer, since they will always resonate with a brand that cares and understands and work towards making it worthwhile and they feel their purchase will also do social good.
Other times just providing exceptional customer service and technological convenience can be helpful too. Either way, it helps the brand develop positive feedback by tapping into the past customers orassuring that you stay in their memory and creating new potential customers in the process.
Making use of social media platforms like Instagram and Twitter to give consumers a channel for identity expression by winning contests, being featured on company’s media pages and providing community memberships which relate to the target consumers interest – the digital versions of several incentives have been a great hit with customers.
As brands are adapting to the pandemic, they are coming up with offers and building a new ecosystem of this kind of marketing. Irrespective of the types, the recipe of a successful incentivised purchase lies in tailored incentives based on one question – what makes the consumers happier?