How will Discounts Vs Incentives drive my sales? Well, its a common dilemma. As consumers, discounts are all around us and we're conditioned to not purchase unless we are getting a great deal! But, how can you avoid jumping on the discount band wagon?

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One way is to use incentives and rewards sourced from partners, and done well, it can help you in a number of ways.

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Here are 8 tips on how you can use rewards and incentives to drive your sales, without eating into your margin:

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1. Incentives Value = Customer Value: Choose incentives that match your consumer value. Look at partner products that are appropriate to the value of the of the consumer you are trying to acquire or retain.

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2. Reward Action & Make It Quick: Make the action you desire rewarding, no matter what it is. Be clear with your incentivised messaging and when the desired action is taken, follow up quickly.

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3. Desirable Incentives = Customer Preference: Know your audience, like really know your audience and what they need and desire. By doing this you help to increase consideration, differentiate your offering and drive those sales.

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4. Remove Barriers to Change: Some purchase decisions create huge barriers in the customer life cycle and customers stick with what they know. By offering an incentive, you can help remove some of the inertia in your audience and the financial obstacle to change.

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5. Enhance Your Campaign: By using robust consumer insights, you can tie the right incentive into your campaign creative to drive additional engagement and sales.

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6. Brand x Brand = Modified Perceptions: Aligning your brand with an incentive that is highly desired by your target audience can shift perceptions of your brand and increase consideration.

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7. Multiple Choice: You can't assume your audience is homogenous so you can't assume all audiences will be swayed by a single incentive offering. By providing a choice of incentives (that fall in line with your consumers desired needs and wants) more of your audience may respond.

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8. Learn From The Results: By knowing what your customers respond to for one incentive campaign can help drive better results for the next, or even help to develop new products, inform a future strategy or identify partnerships that would benefit from a longer term collaboration.

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Read more about this topic in our blog Using Rewards and Incentives To Drive Sales.

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