Consumers often view incentives as extra money in their pockets. According to research by Virtual Incentives, 75% of consumers feel more favorable toward companies that offer them in some form. Additionally, as noted by Marketing Week, consumers are more likely to participate in your incentive-based marketing programs if they feel they have better odds of winning. They often associate lower value prizes with increased odds of winning.
How to Market Low Value Offers by Channel
Social Media
As is the goal for all marketing channels, social media is used to draw people in. A great tactic you can utilize with social media is to include an immediate payoff for the consumer’s time. You can create an incentivized ad featuring a quick game they can play to win a coupon, a small prize, or an item with your brand’s logo.
Paid Media Marketing
Paid media includes price per click, branded content, and display ads. You can encourage consumers to interact with your paid media content by offering access to premium brand content, entering them into a prize drawing when they perform a desired action, giving them a chance to be featured in your next online advertisement, or including them in a customer spotlights section on your website.
Email Marketing
The use of incentives in email marketing can help increase engagement, encourage retention, and improve your brand’s ROI. There are a variety of ways you can use incentives with email marketing. You may consider offering account credits for each friend referred, dollar amount discounts ($1 off or $10 off a $50 purchase), percentage discounts (10% off a regular priced item), fixed price vouchers (Bring this voucher to your local store to receive two t-shirts for the price of one!), or gift card rewards to consumers who made a purchase.
Direct Mail
Direct mail offers you the unique opportunity to reach loyal and potential customers when they do something they already do daily, such as check their mail. By providing incentives via direct mail, you are positioning your product to be seen. To gain new consumers via direct mail, include incentives like gift cards, limited time offers, or free samples. To encourage repeat purchases, you can send a personalized postcard with an exclusive offer that is only for existing customers.
Word of Mouth
According to Invespro, people are 90% more likely to trust and buy from brands recommended by friends. You can utilize low value incentives to encourage your consumers to leave product reviews. Consider highlighting customer stories on your website or offering exclusive offers to those who provide valuable feedback for your brand.
Conclusion
Value can be determined on a brand-by-brand basis; low value offers can be identified as incentives whose costs are nominal for your brand compared to the value of the product and services you offer. Utilizing low cost incentives provides consumers with a reason to interact with your brand and stay engaged.
