The end of another year is approaching and the world of commerce is preparing for one of the busiest and most profitable periods: the holiday season. Consumers are eager to spend, but what about businesses? How can they stand out amid this fierce competition? The answer may lie in incentive marketing.
Incentive marketing is a solution that uses strategies and rewards to stimulate the desired behavior of employees or customers. In the case of commercial teams, the objective is to motivate professionals to achieve sales goals, build customer loyalty or carry out specific actions.
According to research from Market Research Future, the global market for sales incentive and loyalty campaigns is projected to grow at a compound annual growth rate (CAGR) of 10.4% from 2022 to 2028. This growth is driven by several factors, including increased market competition, the growing importance of customer loyalty and the growing adoption of digital technologies.
At the end of the year, companies face unique challenges. On the one hand, the natural increase in demand may suggest that sales effort is not necessary as consumers are already willing to spend. However, this is precisely the time when companies can achieve extraordinary results with smart nurturing campaigns. As people look for alternatives to close their bills at the end of the month, the strategy proves to be a great way to engage workers and improve productivity.
Faced with these challenges, incentive marketing can help overcome these obstacles, as it offers professionals an extra “incentive” so that they can work with more focus and dedication. Furthermore, in these periods of high demand, the focus can be directed not only to sales, but to other points such as up-sell, cross-sell, loyalty and sales of focus or even stranded products.
And this goes far beyond simply offering discounts and promotions. It’s about focusing on motivating and rewarding not just customers, but sales teams as well.
But why is this strategy so fundamental at this time of year?
High motivation: In a period of high demand, the motivation of sales teams can be neglected. Incentive campaigns offer tangible rewards, such as bonuses, trips or prizes, encouraging exceptional performance.
Differentiation in the market: Black Friday and Christmas are known for big discounts. However, companies that offer incentive and loyalty programs stand out, showing commitment to rewarding their loyal customers.
Customer retention: Exclusive offers and loyalty programs encourage customers to return, creating lasting brand relationships.
Precious data: not only drives sales, but also collects valuable data on customer behavior, enabling continuous improvements.
Employee Engagement: Motivated sales teams not only sell more but also provide better service to customers.
Ultimately, at a time of year when sales are high, but competition is fierce, Incentive Marketing reveals itself as an essential strategy for success. It’s not just about increasing sales, but about establishing lasting relationships, collecting valuable data and keeping sales teams motivated.
*Teo Leme, CEO of Yby, sales marketing of Netza&CO