Lindsey Davis essay
Incentives are a big part of a business’ marketing plan. They have to decide how many incentives to offer and when the best time to offer them is. A raffle drawing is a great way to keep customers interested in a business, and it gives them a great reason to come back for more and more. For example: A company could distribute the raffle tickets to customers with each purchase or per dollar amount the customer spends. Either would incentivize the customer to return. By giving out raffle tickets per purchase, customers would want to make more purchases so they could receive more raffle tickets and have a higher chance of winning. On the other hand, distributing the raffle tickets per dollars spent would incentivize the buyers to spend more money with the company.
There are lots of other ways that a company could entice customers to use various parts of their business, such as online orders, in store pick-up, or by using different services provided by the company. A different amount of raffle tickets could be offered for each service used. Starbucks, with its Star Rewards Program, has a very successful program that could be applied to a raffle ticket process. They often run specials that give its customers extra bonus stars when they complete certain challenges. For example, you can earn an extra 75 stars for buying three drinks in a week. This could be translated to a raffle by replacing the stars with raffle tickets. For each service, product, or combination of the two bought the customers could earn extra tickets. Depending on the type of company or business, referring others could earn customers even more tickets or a coupon to go back and spend money.
With a business model like this it would be very easy to keep customers coming back to buy different services. The raffle tickets given out could be used to get discounts on different products or services. The thing that these companies need to focus on is the customers more than the marketing of their products. All buyers love a good deal. That is why big holidays are such popular shopping times, such as: Black Friday, Cyber Monday, Labor Day, and 4th of July. All of these days or weekends offer large deals on popular items. Giving their customers ways to save money and earn deals throughout the year and not just on those weekends is a big part of the attraction. The process would work similarly to a loyalty punch card, but it can be adapted to work with any type of business. Every five or so purchases could add up to a free lunch, sample size of perfume, or simply just a discount. Customers would keep track of these purchases with their raffle tickets they receive from the store, company, or business. In today’s society, online shopping is becoming more and more popular. Black Friday and Cyber Monday being the most popular times of year to shop online. To keep customers from missing out on the raffle tickets passed out in stores, warehouses could also put them in the shipments for online orders.
Loyalty programs and incentives like this are great ways to attract customers and keep them coming back to spend more money at your company or business.