Consider incentives to boost response rates
Want to multipy your sales and increase return on advertising investment then consider the use of an incentive
. They might add to your costs but they almost always pay for themselves .
Why do incentives pay?
You get more response as generally you attract the same number of responders that you would have got - plus much more, typically between 10% and 30% who were sitting on the fence. Allso the additional inquiries should convert into customers at a similar rate as the others.
Direct marketing specialists the Reader's Digest heavily promote their incentive, a prize draw, which can overshadow the product. Why? Because Victor Ross, Chairman of Reader's Digest once said "I have never seen a relevant incentive fail to pay for itself."
Test an incentive today, consider these three reasons why you should:
1. They defeat unresponsiveness - of being sold something.
2. They cure buyer's remorse.
3. They provide an additional 'push' to try the product or service.
For all these three reasons they should be part of your advertising mix
Always 'big up' your incentive, describe it in detail, describe what it's worth. If it costs nothing, then describe the benefits. The more desirable it sounds, the more business you will get. The more value it has, the more appealing it will be.
Incentives can be different and varied. For example; you can have one for replying, one for replying within 14 days, one for multiple purchases, one for upgrading, trying another product or service or recommending another customer.
You don't always have to give an incentive, it could be something you remove, a reverse incentive. In some instances this has no cost involved and may work even better. In fact the experience of many marketing professionals suggest it does. For example:
* They have to buy by a certain date, or on a certain daya purchase deadline.
* There is limited availablity.
* It's a limited edition.
* It's only for special customers.
People are vary and thoughtful, so be honest about your justification for the enticement. You will always be rewarded for your honesty. So tell them if it is:
. As an incentive.
. To prompt a product trial.
. Because "we find it's the cheapest way to get new customers".
. Because it's an anniversary.
The do's and don'ts of using incentives
Make sure that your enticement adds value, rather than cheapening the product or service. That's why discounts rarely make good incentives. In fact studies have shown that increasing prices is often more profitable. Keep your marketing powder dry keep your incentives effective and fresh use them sparingly.
Consider incentives to boost response rates
By: JimBrackin
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