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How Can Incentives And Rebates Help Your Business - Articles Surfing
Motivate Employees * Employees work precisely to earn. But since their income is fixed month after month, any words of encouragement will not spark additional interest to them. That is why businesses formulate good incentive programs for employees to make sure that the full potential of every employee is being utilized. This is because employees have something to strive for. Incentives and rebates are good motivators for employees work harder.
Improve Employee Performance * For employees, additional work is equated to additional pay. So don*t expect that they would work hard to receive the same figures on their pay slip. This does not necessarily mean that they are indolent; they just do not find any reason to work harder. This is where incentive program is effective. It gives employees the reason to work harder which is equated to improvement in their performance. What makes rewarding efficient is that you don*t need to hire additional work for to achieve a certain increase in your sales. All you have to do is to tap the potentials of your current employees by giving them reason to use it.
Attract New Costumers * People love to receive something for free. And most likely, people buy something if they receive more than what they have paid for. Also, people will continuously purchase items if they are looking forward to receive an exclusive item. This is why incentives and rebates are the most effective ways to attract new costumers. Say for example the credit cards companies. Often, credit card companies offer lots of incentives and rebates to attract new applicants or to attract current card holders to use it more often.
Dispose Inventory * One effective way to lessen your warehousing cost is to dispose your slow-moving products without throwing them away. And the best way to do it is to sell it. But since they are actually not as buyable as other products, you have to make it sell by giving costumers the reason to buy them. How? Give incentives and rebates. Take note that incentives and rebates are not limited to merchandise that are given when the purchase is made. They can also be the products themselves. So, one way to implement an incentives and rebates program is by selling them at a discounted price or at a package. This way, you push your products off your warehouse and into your costumers- giving you income in the process.
Increase Business Sales * Since your employees and costumers have the reason to sell and buy your products, you increase the sales of your business.
Promote Products * One of the most effective ways to boost your product's popularity to the consumers is by promoting it through incentives and rebates. Incentives and rebates program attract costumers to try out your products since you are giving them something more than the product itself.
Build Costumer Loyalty * It is hard for a business to ensure costumer loyalty because of so many factors such as costumers' behavior, costumers' wants versus needs, costumers' capacity to purchase, etc. The bottom line is that the market is very unpredictable to say that your current costumers will prefer your product over the other. So one way to increase your chance of making sure that your products will attract and retain costumers is by giving incentives and rebates program so that costumer will have the reason to keep coming back.
Copyright © 1995 - Photius Coutsoukis (All Rights Reserved).
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