What are compelling incentives? How do we create compelling incentives? How do we use these compelling incentives to stand out from our competitors and dominate our market?
Compelling incentives have the power to leave your competitors in the dust, motivate prospective customers to take a particular action, and elevate your business to a market-dominating position. They have the ability to produce immediate and lucrative results for any business. The type of compelling incentive you use for your business depends on the particular type of your business and your ability to target your ideal prospective customers or targeted demographic.
To create a compelling incentive (and dominate your market), you must meet three requirements. One, you must be unique to stand out from your competitors. Two, you must separate your business from your competition. And three, you must position your message in front of your ideal prospective customer. A compelling incentive can help you establish differences between you and your competition for your business to stand out and be successful.
There are three different but powerful “compelling incentive” categories: free trials, free information, and value-added bonuses.
Free trials are when your product or service provides customers with exceptional benefits and excellent value; which will compel a prospective customer to give you the opportunity to demonstrate its qualities and also become your most dominant form of advertising. However, if your product or service comes with a high cost of delivery, then consider providing a discount that is significantly greater than whatever discounts your competitors offer.
Free trials may be the perfect “compelling incentive” category for your business if you want to motivate prospects to try your product or service so they can experience the benefits you provide firsthand. Also, if the product or service your business offers is either repeat in nature or has a high lifetime value, and the benefits you provide are unique when compared to your competition. Free trials can be used to accomplish two primary objectives: recruit new customers and introduce new products or services to your current customers. Finally, free trials should be used to add any product or service that’s superior to what your competitors offer to your prospective customers, which will, in turn, compel them to become your regular customers and not theirs. The more targeted your potential customers are, then the more aggressive you should be with your free trials. Free trials can compel your customers to buy more from you, increase sales involving free demonstrations, increase sales involving free evaluations, or increase sales involving free seminars or webinars to educate the prospective customer on the benefits and value that you offer.
As for free information, there are two primary objectives to consider before you decide on “free information” as the compelling incentive for your product or service. First, will this information “pre-qualify” your prospective customer and second, will the information you provide educate them in-depth and in-detail on the unique benefits your product or service provides? If you have high-fulfillment costs for what you offer, then you may need to avoid costly give-aways to unqualified prospective customers. Otherwise, these offers of free information could quickly and easily overwhelm your business if it turns out that some potential customers can’t afford your services. Also, keep in mind that the prospective client that requests more information is usually motivated to read through any detailed explanation you offer for your product or services.
Finally, out of the three most important incentive categories, value-added bonuses represent one of the most compelling and powerful incentives that businesses can offer their products or services. When used correctly, value-added bonuses can motivate prospective customers to take a particular action while also requiring little to no investment. Value-added bonuses increase the perceived value of your offer, so you need to innovate your product or services and offer something more that makes your product or services seem more valuable in the eyes of your prospective customers. But the specific offer that you decide on should first be weighed carefully against these five factors: the objective or main goal of your compelling incentive, your ability to pinpoint your ideal prospective customer, the lifetime value of your customers, the probability or the chances that they will purchase your product or services with the value-added bonuses, and your current or future available capacity.
With compelling incentives, you can make fantastic offers and dramatically increase profits at the same time. Test everything in small samples to reduce or eliminate risk. The common theme for every compelling incentive is to identify things that have a high-perceived value and a low cost of delivery.
The rewards for finding the best compelling incentive for your type of business and ideal demographic are enormous. They are the key to enticing your prospective customers to buy your product or service and in the process, giving you the power to leave your competition in the dust while dominating your market. They motivate your prospective customers to take specific actions which greatly benefit the growth and success of your business, and they have the incredible ability to produce lucrative and immediate results for any business.