Banks are evolving daily and with it comes new products and branding to try and keep up with the competition. In the midst of all…
Our country’s economic conditions have pushed almost everyone to entrepreneurship and with more entry of entrepreneurs into this space, competition becomes very stiff.
It is therefore important that you find a way to keep customers coming to your business.
Here is where incentives come in. Incentives help to attract new customers to your business and also help you retain those that were there before.
But the main question here is how do you get started on incentives? The following tips will help:
1. Consider your line of business:
If you’re dealing in the food industry, giving incentives is very easy.
You can offer free sampling or once someone has bought some food from your restaurant or stand, you can add an extra piece of smokie, egg or mandazi.
But if you’re dealing in the shoe industry, will you be able to offer an extra pair of shoes to a customer’s shopping bag? No.
Here you have to think of something else that is less costly such as a pair of socks or a scarf that you can offer as incentive.
Your line of business will more often than not push you to be creative when considering to offer incentives to customers.
2. Team-up with suppliers:
At times, it is advisable to consult with your suppliers and understand their goals, this can help you get extra products for free that you can use as incentives.
For example if you’re dealing in powdered soap, your supplier could be thinking to go into the bar soap market and they might decide to offer you a few bars of their new product.
Your customers more often than not won’t know this and so the credits will go to you. So in this case scenario, you will have helped the supplier achieve their goals, on the other hand, you will have built a better relationship with your customers.
When it comes to incentives, it’s very important that you do not have the competition mindset.
Incentives come in as part of your operating expense and your competitor might have a bigger budget set for that so competing with them will only serve to hurt you in the long run.
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