When you reward your customers with a vacation, they’ll not only remember it for years to come, but they’ll also be reminded of how they got there in the first place. A travel incentive is a vacation that you reward your customers with when they invest in your product.
People love vacations! It’s an opportunity to not only see a new place but to escape the stress of work and simply relax, but because of time and money, it’s tough to get away. A great time to offer an incentive is during a special event (such as during a weekend sale); you’ll see an increase in your business’s sales and product value as well as the value of the special event.
When to Offer Travel Incentives
When it comes to travel incentives, an important thing to remember is that timing is crucial. A great time to offer travel incentives is during special events, such as weekend sales events, year-end clearances, new product introductions, inventory reduction events, etc. If done correctly, offering travel incentives can assist you in exceeding your sale’s goals, help you to sell more products, and motivate customers to invest in your business.
Offering travel incentives during a special event only increases the value and urgency of the event, making it that much more special. Furthermore, these incentives bring new customers into your store. This is a great way to introduce them to the products that you sell and deals you offer during special events to create loyal customers.
Why Offer A Travel Incentive?
Studies show that businesses who offer travel incentives see a 30% increase in sales. This is because these incentives increase the value of your product. Generally, all goods and services have an implied consumer value and free vacations tend to have a high perceived value; it makes sense, right? It’s that little extra push that customers need to say yes and invest.
Offering a travel incentive is a great alternative to lowering the price of your product or marking it as, “On Sale.” Offering incentives allows you to keep the price of your product the same, so you don’t lose money when you sell it. So not only does it increase the value of the purchase, but you also don’t have to decrease the price of your product. If this isn’t enough, studies show that discounting an item actually decreases the value of the product for the customer. Therefore, something like a weekend sale doesn’t have to just include marked down items, but original priced items as well, and when you tack on a travel incentive to that, you’ll see an increase in profit.
Odenza is with you every step of the way when planning your special offer. Our knowledgeable promotion experts will work with you to come up with a travel incentive that will mean the most to your customers. We also offer free marketing support and materials and provide exclusivity in your area. We’ll help make your special event even more special by taking out some of the stress in planning away from you.