What influences your customers to make that all important purchase decision? The truth is your customers’ purchase behaviours hinge on many different factors — the most common being the “Four C’s“: Cost, Confidence, Competitor offerings and Calendar (i.e. timing).
But, you can have a dramatic impact on the purchase behaviour of many of your prospects and existing customers by providing the right incentive at the right time.
In episode #68 of the BusinessCast – Incentives that Sell – Robert and I provide some practical guidelines for developing and offering incentives that leverage your customers’/prospects’ state-of-mind.
Some of the key lessons from incentive ‘best practices’ include:
- Begin developing incentives by mapping out your prospects’/customers’ purchase cycle and then matching that with your sales cycle.
- Define what your incentives are based on. In other words, decide if you are offering incentives based on a particular ‘type’ of customer or on a particular purchase history (e.g. dollars spent, frequency of purchase or recency of purchase).
- Address at least one of your buyers’/prospects’ key issues/concerns.
- Make sure you have the support to handle any sudden or drastic increase in purchases that accompany an effective incentive or incentive program. Keep in-mind that also means spikes in the demand for customer service and its associated costs.
- Track the success of your incentive program.
Listen to BusinessCast podcast episode #68 – Incentives that Sell – and get pushing the right buttons.