Providing incentives for both, one’s customers as well as team members leads to bigger sales, thereby boosting the average dollar sale for the business owner.
Customer Incentives for Bigger Purchases:
It is useful to offer points or ‘funny money’ that are given out for each dollar spent. When your client reaches a certain number of points, they can receive a discount off of their next purchase. Funny money’ can be honored as real money that is used for future purchases, or can be gifted for a pre-determined dollar amount of purchase made. The idea is to get your customers to spend more than they normally would just to earn extra points.
Here are some useful hints and tips on providing customer incentives:
- Always have incentives for people to spend more; it’s much cheaper than advertising for new customers.
- It’s best to offer rewards in the form of ‘funny money’, as it encourages them to come back.
- Have some fun with it. This way people are more likely to remember it and thus more likely to tell their friends.
Team Incentives for Bigger Sales:
Nothing works better than setting targets for your team, and offering a bonus of some kind for each one achieved. List the different prizes available beside each goal. Running it over the course of a month will keep the enthusiasm high amongst the team.
A free Christmas party or social club function would be great incentives as team goals.
Here are some useful hints and tips on providing team incentives:
- Openly communicate your goals with the entire team.
- Make it clear what each individual has to do to make it happen.
- Monitor the progress in such a that way everyone can keep track.
- Offer great prizes that fire people up.
- Make sure the gift doesn’t take too much away from your margins.
Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!