Give These 6 Incentives to Thrive Through the Pandemic
Positivity is one of the main lessons I’ve taken from these past several weeks. I know that might sound a little hokey, but it’s true. Many states are dealing with unimaginable problems ranging from healthcare to manufacturing to supply chains. Our friends and family could be impacted in a number of ways. And that’s a scary idea for many of us.
But today as I looked at a shining sun (as I social distanced from my office window) and pictured what society will look like on the other side of this, I smiled. We’re going to get through this. And we’re going to help one another along the way. ‘It takes a village’ isn’t just a saying or a clever book title; it’s so true. And as a business owner, one of the best ways you can do your part is by helping other businesses.
Lend a helping hand, I get by with a little help from my friend, and all of that. I saw a list of ideas today that was originally geared toward soothing unhappy customers (something no one wants). But I thought I’d repurpose them and make them apply to today and tomorrow and however long it’ll take to ensure our businesses not only survive, but thrive. Here are my 6 Incentives for Helping Businesses Survive a Crisis:
1.) Offer a discount on their next purchase – WAIT! Before you discount the next purchase, plan accordingly. Don’t pick the most expensive service you offer (unless the margins are great), and by all means stipulate some way of authenticating the first purchase before discounting the second purchase (e.g., a mail-in card, an email authorization/receipt, anything).
2.) Offer an upgrade – Everybody loves an upgrade, and if your product or service can be distinguished by grades or tiers, throw in the upgrade ‘for free’!
3.) Offer a free product – This can come in many forms. Just know that if you’re offering something cheap you might not get any takers. The free product must be usable. And it should attempt to make a lasting connection between your company and the other business.
4.) Offer samples – Not all of us sell something which a buyer can sample, I know. But if you do, it makes sense for the buyer to get a taste of what you can do for them.
5.) Offer rewards points – Admittedly, these can be a little difficult to track, but they are wonderful in terms of making a connection with the buyer. A rewards program with ‘premium’ or ‘gold’ in the name is like a special club, has a particular attraction, and it lets the buyer feel like they stand apart from your ‘regular’ customers.
6.) Offer to pay for the product/service – If you’ve never paid it forward, I have to tell you it’s an amazing feeling. One good turn deserves another, and the hope is that paying for a service a business owner needs (which, in my mind, is completely different than just giving something away) cements an association between your business and theirs, and sets up a future benefit for you.
If you haven’t guessed by now after reading so many of my articles, I’m in two minds about incentives and offers. Yes, they can be outstanding as a way to attract new business. And they can be equally effective in retaining existing clients – or bringing sporadic customers back to you [example: a regular client versus a periodic client]. But you have to be smart about giving away anything in the hopes of attracting business. There is a determined cliff over which you cannot afford to fall, and the lifeline is tied to your bottom line.
Give Opportunity Knocks a call today. We practice what we preach when it comes to helping other businesses – it’s what we love to do, and we’re really good at it. We’ve got Success Coaches standing by ready to talk about how your campaign can help a friend, a neighbor, and maybe even your competition live to fight another day. Say it with me: Positivity.