When considering your options for advertising, you may come across a tempting incentivized marketing platform. The problem with these platforms is that many of them simply don't work very well. How do you determine which incentive marketing platforms are worth your time and effort? How can you tell which ones are likely to earn you the best results?
First, you need to understand how to measure your results. It's easy enough to look at traditional metrics like customer response and revenue. However, you need to be much more strategic about where incentive marketing offers should appear and when. Most importantly, you need to make sure that you are offering incentive marketing offers that can be understood by your target audience.
How should you evaluate an incentive marketing platform? In most cases, you need to look to see if the marketing system is able to provide a clear and measurable return on investment. What does the system bring you (i.e., increase in average order value)? Does it provide tangible benefits to users who make use of your platform?
What's the track record of in-house incentive marketing campaigns? It's important to remember that the costs of starting an incentive marketing campaign are relatively low compared to the costs of launching a new product or service on the market. But an in-house campaign also has its limitations. For one thing, it will only work if your own employees are highly motivated. Similarly, an in-house campaign will only be as effective as the people who run it. This means that you might need to recruit new talent and train them to run your incentive marketing campaigns in-house.
A far better option than an in-house incentive marketing program is to outsource the work. A good incentive marketing company can help you leverage your own employees' expertise while offering you excellent rates and various options. By working with an outside firm, you can avoid many of these problems. Additionally, an expert incentive marketing company can give you assistance and guidance as you work to create an incentive program that works best for your business.
The other consideration when outsourcing incentive marketing platforms is whether you'll have enough data to effectively evaluate the effect of your program. Some incentive marketing platforms, for example, have built-in consumer survey features that allow you to receive detailed information from your customers in exchange for small fees. Such information can include things like which free product they bought, which incentive they best respond to, and so forth. Knowing what these people want, will allow you to tailor your incentive program to them in the future.
You also need to make sure that you'll be able to effectively manage your incentivized marketing platform. It's tempting to try to use as many different people and departments as you can to coordinate everything. That said, if you want to provide top-notch service and results, you might wind up hurting your business. If you hire the wrong consultant, for instance, you might find that your incentive marketing offer isn't as effective as it could have been. Ideally, you should work with only one person at a time who knows how to leverage the right customer information and deliver the most efficient service.
Ultimately, your best option for managing incentive marketing campaigns is to outsource them. An expert consultant will give you the ability to focus on the quality of your products or services, which will pay off handsomely in the end. Plus, if you ever decide that it's time to bring in an outside firm to manage your incentive marketing platforms, you'll know that you're already equipped to handle all of their needs. Incentive marketing campaigns shouldn't be a burden, but rather something that allows you to truly earn a return on your investment.