Years of study have revealed that humans get a dopamine high from rewards. Just as dogs can be encouraged to behave well with treats, humans are responsive to rewards, too. Incentives are a powerful force that encourages our buying decisions.
Brands that have hacked the practice of doling out well-designed incentives benefit from increased customer engagement, loyalty, and sales. Even when the product we are being offered holds value, we still need external factors to motivate us to purchase.
A whole theory out there validates this fact, called the Incentive Theory of Motivation; it suggests that benefits like bonuses, discounts, loyalty deals, and other freebies can be a huge turn-on for customers.
In today’s digital climate, businesses use several strategies, in addition to the incentives scheme, to gain new and loyal customers. Whatever strategies businesses wish to adopt in their quest to expand their customer base, those strategies should encourage current customers to continue their patronage, improve brand awareness, and pull new clients. Read on to learn about the trends online businesses use to earn repeat customers.
If you have ever made a reservation for a hotel room online, you will almost certainly have seen some very enticing credit card welcome offers. They are very stimulating and encourage users to apply for new cards.
Most gaming platforms have also adopted this strategy to keep gamers happy with an avalanche of bonuses, from welcome bonuses to reload bonuses. Though they come with terms and conditions, they encourage sign-up action from thousands of new players daily.
Online gaming can be very competitive, so a Bitcoin casino welcome bonus ensures players create accounts and play as often as they need to enjoy their entertainment time. And it’s quite evident that gamers love this kind of handout. You will find that many are on several gaming platforms because they got one bonus offer or the other.
Completing simple tasks like filling out a quick registration form on these sites can earn you a no-deposit bonus, which means you can join in without paying any fees. Even after creating accounts, the bonuses continue to make gaming interesting. It’s a win-win situation for both customers and gaming platforms.
For the platforms, they offer an irresistible inducement for players to subscribe, but for the beneficiaries, it is a way for them to benefit directly from these platforms’ marketing plans.
Regardless of which sales strategy you think is the most effective, Black Friday strategies that have been around the longest, are the best. It might have started with traditional in-person shopping but has significantly affected today’s online shopping culture.
Now to the million-dollar question: what makes customers go crazy over Black Friday bargains?
First, the fear of missing out on a good deal makes customers rush those limited discounts. There’s also the fact that humans feel good when they can purchase items at a discounted price. It’s also a holiday tradition, which might explain the hype.
Even though plenty of businesses would be advertising slashed prices, you can still reap massive benefits from this holiday shopping season by employing killer tactics, including social media marketing, referral codes, minimum spend rewards, gifts, and other plans.
So, start prepping for the next Black Friday season, and ensure you measure how you perform.
Is your website suffering from decreased foot traffic? Perhaps it is time to brandish the coupons to clear out products that have been sitting on the shelf for a while or products that don’t sell out fast and improve web traffic. You can also use them to build your customer information list for when you want to send out cold emails and bulk SMS.
Coupons are not exclusive to newbies alone; even clients who have not visited in a while can be brought back after a coupon code offer. However, if you wish to use this promotional strategy, ensure a plan is in place to boost sales and increase your customer base.
If you’re looking for a cost-effective marketing strategy, then you should definitely try out free trials. Though the average conversion rate is about 60%, the type of model you use can increase this number. Customers will trust you better if you allow them to try out your products before buying them—and you need this trust because that’s what will make them loyal to you.
A conversion funnel with a free trial strategy has a greater chance of converting a mere prospect to a paying customer, as there is no risk to the customer. This is very important for new startups since they have little brand recognition; customers will feel safer using the company’s products with no risk on their part.
As businesses search for new customers, they must not forget to include existing loyal customers in their promotional strategies. In our existing digital climate, catering to the needs of new and existing customers is an excellent way to keep sales up and build a strong brand name.