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Punch tab mythbustin incentives programs whitepaper
1.
MYTHBUSTING Incentive Programs
2.
BUSTING the 5
Myths of Incentive Programs Sure, you can motivate people to do almost anything you want by paying them… and there’s no question that offering incentives can be a powerful way to get your customers and prospects to take the actions you want. The trick, of course, is to do it right. With that in mind, we present the 5 Myths of Incentive Programs – BUSTED! Since what better way to learn about the do’s and don’t of incentive marketing? Enjoy! 2. © 2013 PunchTab | www.PunchTab.com 5. Incentives for B2B 2. Incentives to Driving Online Activities 3. Incentives for Huge Give Aways 4. Incentives for Keeping Customers 1. Incentives for Coupon & Sweepstakes
3.
MYTH #1: Incentives
Only Attract Coupon & Sweepstakes Hunters BUSTED: The right combination of audience, actions, and rewards will attract, engage, and retain more of the audience you want. Everyone likes a good deal – but which actions you reward can have a huge impact on the success of your incentive programs. That doesn’t mean you can never use coupons or giveaways – just that you don’t have to go straight to the discount. Think about ways to delight your target customers… can you offer them something special, or unexpected? The most successful incentive programs we see are designed around three key elements: AUDIENCE Who are you trying to reach? What do they care about? ACTIONS What action do you want them to take? How often? REWARDS What’s in it for them? How does this drive your business? Alexia Foods Program Summary AUDIENCE: Foodies, people who entertain at home ACTIONS: • Write product reviews • Share Alexia content • Join the Alexia email list REWARDS: • “Frequent Foodie” badge • Discounts on Alexia products EXTRA: Those earning 5,000 points or more can become an official “Alexia Ambassador” and gain access to even more exclusive content from taste-makers. 3. © 2013 PunchTab | www.PunchTab.com Visit the Alexia Foods Ambassadors Facebook Page tweet this
4.
BUSTED: You can
use incentives to drive a variety of Online and off-line activity, including mobile! MYTH #2: Incentives Are Only Good for Driving Online Activities tweet this Incentives are a proven method for driving Online activity like email subscriptions, social sharing, and connecting with your brand on Twitter or Facebook… And they can absolutely be used to drive mobile and off-line behavior, too! Picture this… Instagram and Foursquare drive foot traffic To support a recent product launch, Arby’s rewarded Foursquare check-ins and Instagram photo uploads of people purchasing and enjoying the new sandwich to drive foot traffic into stores. I know, I know… tweeting pictures of your lunch is so cliché, but there’s no denying that these participation numbers are pretty #Gourmazing! ARBY’S CASE STUDY KEY METRICS Checked in on Foursquare Uploaded a Photo 12% 20% © 2013 PunchTab | www.PunchTab.com 4. Arby’s Case Study
5.
Find out how
Green Day used incentives to build massive buzz around their exclusive NYC concert and latest album release. Green Day Case Study © 2013 PunchTab | www.PunchTab.com 5. MYTH #3: Incentives Only Work if You Give Away a Huge Prize BUSTED: Effective incentives exist for every conceivable budget. Incentive program rewards do not need to be expensive, and don’t be afraid to get uber specific here - the right rewards are those that fit your brand identity and are uniquely valuable to your target customer. Social Recognition Show your customers a little love and give them something to brag about. For example: retweet them, feature them on your Facebook page, highlight them on your blog, or invite them to a special “elite” customer club. Virtual Rewards This includes things like achievement badges, points, virtual currency, levels and statuses. Exclusive Access Providing early or VIP access to people, content or events can be a powerful way to collaborate with customers and prospects and test ideas. Real World Stuff Gift cards, t-shirts, tickets to special events, upgrades and VIP treatment. This category also includes new cars, luxury yachts, parties with rockstars, and million dollar giveaways, if you’ve got that kind of budget. SOME OF THE DIFFERENT TYPES OF INCENTIVES YOU CAN OFFER: tweet this
6.
BUSTED: Your incentive
program can guide new customers toward long-term engagement. MYTH #4: Incentive Customers Don’t Stick Around Keep it Simple Elaborate, multi-step actions and complicated redemption processes are a huge turn off. Instead, make it clear the top 3-5 actions you want your customers to take. Would you accept a marriage proposal on a first date? How about loan a stranger $1,000? What if the ring was really shiny? What if the stranger offered to pay you back with interest? Still no, huh? Then why would you expect new customers to make a commitment to your brand based on a single offer – no matter how good that offer might be? In fact,you can expect that 5-10% of your incentivized users will churn out after the campaign ends, which means you’ve a good shot at keeping 90-95% of your newly acquired customers. Keep it Fresh Rotate in new content, actions, and rewards as you go – every new opportunity to earn points, redeem an offer, or get a special reward is a reason to reach out and engage your customers. Keep it Interesting You want your program to be organized, but you don’t want it to become boring! Limited time rewards are a great way to sustain the energy and engagement of your program over time. Focus on the Keepers Incentivize actions that bring new customers into the fold – ask them to subscribe to your email list, like you on Facebook, join your Linked- In groups, or follow you on Twitter so you can stay in touch. Use these “four keeps” guidelines to turn first-time visitors into long-time customers. tweet this 6. © 2013 PunchTab | www.PunchTab.com
7.
B2B Incentive Ideas
• Exclusive access to premium content • VIP treatment at industry events • Access to key executives MYTH #5: Incentives Don’t Work for B2B B2B COMPANIES CAN ACTUALLY USE INCENTIVES WITH A FEW DIFFERENT AUDIENCES: Prospects Engage prospects earlier in the sales cycle; use incentives to drive content sharing with peers, and to identify where prospects are in the decision process. Customers Use incentives to mobilize your customers; prompt customers to review and recommend your company, participate in a case study, or generate highly qualified leads by referring in new business. Partners Selling through a channel can be tough – use incentives to keep your company top of mind with resellers and partners. Staff Good practices start at home! More and more enterprises are adopting incentives and gamification to increase adoption of internal productivity tools like Salesforce. Just because you sell to other businesses doesn’t mean that incentives won’t work. Why should it… since every business is filled with real people driven by the same desires, needs, and aspirations as everyone else! tweet this BUSTED: B2B companies can use incentives to improve both internal and external results. © 2013 PunchTab | www.PunchTab.com 7. As always, the key is to align the incentives to the audience and the action you want them to take. While internal staff may thrive on the sense of accomplishment that comes with updating their customer records in your CRM (hey, it’s possible!), partners may be more inclined towards VIP access to company execs or special visibility to key accounts.
8.
Want to Learn
How PunchTab Can Help Your Business Use Incentive Programs? 8. © 2013 PunchTab | www.PunchTab.com PTPT
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