subject: Most Common Marketing Incentives Of 2011 [print this page] Some of the most common and productive incentive marketing plans in the past few years, and still going strong in 2011, are travel and credit card rewards programs. The programs are popular amongst consumers because it rewards them for doing business with your bank and spending their own money. They work because spending money allows customers to accumulate points, which they can then save and redeem for items or vacations that they want.
Both of these types of programs work in much the same way. The average program rewards a certain number of points for a specific amount of money spent using the credit card. These points are then redeemed for travel or other various items. Items offered through rewards programs can be as simple as cash, or as extravagant as computer, TVs or even new cars - pretty much anything you think might get them to work with you. The major difference between travel marketing incentives and rewards cards is the rewards offered. Where rewards programs offer various items, travel cards offer discounts on travel, or free travel as the incentives to spend. These are popular forms of bank marketing when it comes to the use of credit and/or debit cards.
Other major bank marketing trends tend toward rewards for choosing a specific account or loan product. Typically, these start with something simple, such as an iPod or other generic gift, and can get as extravagant as you wish. The more expensive gifts, obviously, should be saved for the higher end clients who regularly have thousands, or even hundreds of thousands of dollars in their accounts at any given time. These incentives are fairly simple, as the act of acquiring them require nothing more than opening a specific account with a predetermined deposit amount. A free checking account might earn them the basic iPod, whereas a high dollar account with $200,000 as the opening deposit might warrant a dream vacation in an exclusive spot.
Banks have been using incentive programs for decades to entice new customers and retain old ones. It is clear that banks who know how to use incentive programs to their full potential have lasted much longer than those who do not fully understand how to reward their customers. As more and more banks are fighting for clients, it is really important that you offer them what they want - preferably, for free. If you can show them that you are the best option to keep their money safe and reward them, they will choose you every time. If you have been thinking about revamping your marketing program, you need to seriously consider incentive programs and how much they will benefit your business. Try drawing up an incentive plan with a professional marketing firm. After you see how many more clients you can bring in and how happy you can make them, you will have no doubt in the power of incentive programs.
