What an Innovative Incentive Program Can Do for Your Business

The power of an innovative incentive program lies in the potential loyalty of consumers as well as the heightened likelihood of participation in a given promotion. Many companies have integrated this type of strategy into their businesses, but what is it about this approach that makes it worthwhile?

Some companies have found great success using incentive programs as a way to increase participation in cause marketing campaigns. The Marks & Spencer Clothes Exchange program, for example, promoted an eco-friendly approach to clothes. The company offered a $7 discount coupon to those who brought back old garments, making participation in this program extremely worthwhile. This not only improves the quality of the campaign through increased participation, but highlights a brand's commitment to a cause in a positive way.

Though often understood as a high cost marketing strategy, incentive programs need not be an expensive endeavor. Social media coverage can be appropriated as a platform for rewarding participation, as seen in the Coca Cola Recycling King campaign in Israel. Coca Cola encouraged fans of the brand to share photos of themselves recycling the brand's products on Facebook, rewarding only the person with the most posts with a prize. This was a great example of a short, simple and inexpensive incentive program that made the most of social media.

Innovative incentive programs can be hugely effective, and with the increasing popularity of social media, can be done without the cost typically associated with this type of approach. Trend Hunter's Marketing Trend Report features insights into how many companies are staying ahead in the advertising world, and are a great resource for those looking to find inspiration. Check it out today.