For businesses to survive in today’s challenging economy, it takes more than just a bargain here and there and a smile with your service.
Companies who offer customers an incentive are likely to have them come back time and time again.
One business who has taken the incentive route is Facebook, which recently unveiled a program that essentially provides consumers with a financial incentive to view advertisements on its site.
The program works wherein Facebook rewards users who view certain advertisements with Facebook Credits, which in turn can be turned in to acquire goods on Facebook Deals. For those not aware, Facebook Deals are the company’s new Groupon-like daily deals service.
Before any business owners think Facebook is going to go into the red over this, note that the company to start will only pass along one credit per advertisement, which is approximately equal to 10 cents.
According to Facebook, the bulk of the ads will be incorporated into games. Presently, Facebook is working with a number of game publishers to further the program. Company officials also note that incentivizing consumers to view ads is one answer for the company’s low banner click-through rates. Just recently, Facebook grew its Credits program in order to allow consumers to use the Credits for purchasing real-world goods promoted in Deals.
In the past, the credits, which were passed along to consumers who subscribed for different programs or purchased outright were only able to acquire virtual goods. <
While Facebook’s recent move has great potential for the company given its name recognition, what about lesser-known businesses. What can they do to craft an improved relationship with their customers?
As many consumers continue to battle tough economic times, it should come as no surprise that they are looking for deals wherever they can find them. With that being the case, an incentive program of any size is a great way for you as a business owner to keep current customers and potentially reel in new ones.
If you haven’t thought about implementing a reward program for your customers, why is that? There’s a very good chance the competition is doing it, so don’t fall behind the eight ball.
Rewarding customers for their loyalty is something that just makes sense in today’s challenging economy.
About Ritu Singh
Ritu has over 10 years of experience in planning, facilitating and executing marketing programs. She is passionate about marketing and driven to help start-ups and small to large companies market products and services online and offline.