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Incentive Marketing Insight: Doing It Right

Jun 12, 2008
Incentive marketing is a sales and marketing strategy in which incentives and rewards are guaranteed in exchange for purchase or usage of goods or services. The target of this is initially, customers, as sales representatives will entice customers with the promise of freebies in exchange for purchasing something that is also useful for the individual. What the sales person does, and generally how incentive marketing works, is to convince the individual that there is no better way to purchase something that is a necessity to you than by buying it and, in the process, being awarded with incentives.

Most consumers fall for this because they believe that it is better to buy a product that you are bound to buy sooner or later, since there is an offer for something else to come along for free with the purchase. The customer was actually forced by the freebies to buy now, instead of at the customer's ideal buying time or shopping schedule.

The other target of the incentive marketing process is the sales person. Usually incentive marketing products equal to a particular sales quota. If the sales person manages to reach that quota, he or she will get incentives as well. Because of the incentive waiting, he or she becomes more motivated to keep selling the products.

There are numerous credible institutions around the world tasked with advancing the interests of incentive marketing, like the Incentive Marketing Association or the IMA. Groups such as the IMA focus on educating people on the advantages of incentive marketing and how this can be utilized as an integral part of a business' upward movement in the trade landscape. Incentive marketing groups are also considered an important source for information that is used in education and business development.

Incentive marketing groups also bridge individuals and companies who are active with marketing. Travel-specialist companies and those involved in marketing and performance improvement are good examples. They create a thriving contact network.
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