How to create premium promotions that are irresistible to your customers!Anything with the word "premium" sounds like a good thing, right? In the world of business, two of the keys for maintaining a company's success, are marketing and motivation. While marketing itself is crucial, the results will be less-than-stellar if potential customers aren't motivated. For every type of good or service on the market, there are several suppliers. Motivation is a catalyst that can cause us to lean towards a particular brand.
One of the most effective ways to motivate your customers is through premium promotions. Basically, they create a "must-have" situation for the customer. While the customer feels compelled to buy a certain brand, he or she decides to do that in order to be aptly rewarded through the purchase.
Premium promotions also cause consumers to feel that they're "participating" in the brand. The Information Age has revolutionized the amount of information that companies can gather about who their customers are, and what they like. Technology then introduces these premium promotions to today's customers in new and exciting ways. As a result, customers eagerly collect reward points, register at a company's website, and so on.
If your company is interested in using premium promotions, here are some tips for creating ones that are irresistible to your customers:
1. Put yourself in the shoes of your customers.
Although it may sound self-aggrandizing, everyone constantly wants to know, "What's in it for me?" That's also true of your customers. With a premium promotion, you're able to add value to your customer's experience. Basically, you need to give a reason for your customers to keep returning to your establishment. A premium promotion is definitely one method of encouraging your customers to do that. The opportunity to be rewarded will create an incentive for them to become a repeat customer-again and again!
2. Make the experience as interactive as possible.
The Internet has changed the way that customers can interact with your business. If you're running a premiere promotion, the customer can participate from the comforts of his or her own home! For example, many premiere promotions allow customers to participate via a company's Website. They could visit your company's website, and then key in information corresponding to their reward points. This allows the customer to become an active participant in the premiere promotion, which will certainly boost his or her level of motivation.
3. Use cooperative promotions.
One effective method when creating a premiere promotion is to launch a cooperative promotion that includes your company and another company. This method provides several benefits, such as a reduction in expenses, doubling the sales potential, and so on. As a word of caution, provide enough lead time, as jointly creating and implementing the premiere promotion will require more time and effort than those involving a single company.
4. Make the premium promotion customer-centered.
As important as this approach is, companies often fail to do it. It's crucial for your company to do its homework before launching the premium. Ask the right questions, and then find their answers. Who are your customers? What are their interests and preferences? By understanding who your customers are, you'll be able to design the premium promotion in a way that will create the most revenue for your company. Customers will become the most participatory in a premiere promotion if it motivates them.
5. Consider all costs of the promotion.
Yes, the financial benefits of running a premium promotion can be quite substantial. But when calculating the costs, it's crucial to consider all of them. That includes the premium itself, distribution, promotion, administration, assessment, and so on. After doing the number crunching, you might conclude that a premium promotion isn't financially viable for your company. But the key is to do that number crunching before making your final decision.
6. Give the reason for the customer to return.
The most effective premiere promotions are those that encourage your customers to become repeat customers. One of the most valuable tools is a loyalty card, which allows the customer to earn free goods and services after making a certain number of purchases. The customer is rewarded for his or her loyalty, which will certainly increase the motivational level. When the loyalty card is part of a premiere promotion, the customer will have a limited time to participate in it. That will create a spike in sales during the promotion's period.
7. Evaluate past premium promotions.
If your company has implemented past premium promotions, perform an evaluation to determine the successes and failures of those past events. This will help you to make the best decisions when creating and implementing a new premium promotion. Remember that failing to learn from the past will prevent you from not repeating previous mistakes!
8. Have your company's legal department review the premium promotion.
This is one of the most crucial steps to take before launching a premiere promotion. It will help to prevent certain legal hang-ups that could occur later. For example making sure you have all appropriate govenment permits to run your promotion.
9. Provide e-rewards.
Besides the Internet becoming a tool for premiere promotions, the rewards themselves can be web-based. This can include prizes such as downloadable screensavers and e-books.
The world is becoming increasingly virtual, so it makes sense to provide your customers with rewards that they can use in Cyberspace. Not only will this approach increase your customers' motivation to purchase your company's goods and services, but it will also create traffic to its website. That can result in additional sales!
10. Include licensed properties in your premium promotion.
This is becoming one of the hottest trends in premium promotions. Including specially licensed properties in the promotion can create additional motivation for your customers, as it adds extra value to each reward that they can earn.
Without a doubt, a premium promotion is one of the most effective methods for motivating potential and current customers to buy goods and services from your company. These tips will help to create the most successful one possible.