How to Build Profitable Business Relationships with Incentives

Profitable Business Relationships with IncentivesAre you ready to create profitable relationships for your business? If so, incentivized surveys can help. They are a great way to connect with your leads, customers, and contacts and show them that you value what they have to say and offer your business. In this post, we're going to look at how you can use incentives to build profitable relationships.

Get to know and nurture your leads

Does your business collect online leads? If so, you have likely found that not all leads convert into sales. That's why it's important to get to know your leads - once you have insights into each lead's wants and needs, it will be easier for you to create targeted marketing messages that could convert them down the road.

With incentives, you can nurture your leads in a way that creates a good first impressions. Simply send your most promising leads a getting to know you survey with a reward of their choice at the end. With the use of a customized survey template, you can find out exactly what you need to know about your leads to turn them into customers. With the use of incentives, you will get more of those leads to respond and thus, you will build more relationships with leads.

Organize and segment your contacts

Once you get to know your leads through the use of an incentivized lead nurturing survey, you will be able to organize your list of contacts in a way that will be more conducive to building a relationship with them. The idea is that if you create messaging that fits your contacts current situation, you will be able to turn them into customers when they are ready.

For example, as a realtor, you could segment your email subscribers into people who plan to buy a home within the next year and people who plan to buy a home within the next month. You could then nurture your future home buyers to be in the best possible position to buy a home in a year with mostly information, and you could nurture your current home buyers on how to prepare to buy a home now with information and your latest listings.

Learn from the customer's experience

Another great way to use incentivized surveys is to learn about your customers' experiences throughout their buyer's journey. Customer feedback surveys are a useful tool for businesses that want to improve their customer service and sales tactics. Unfortunately, the response rate for surveys tend to be 20% or lower.

This is why incentives are commonly used to encourage customers to give their honest feedback about their experience with a business. Incentives tell the customer that their opinion has value, and that will give the customer reason to not only open your feedback survey, but also give you the most useful feedback possible.

Connect with new customers from referrals 

Want to motivate your best customers to bring you more customers? Consider offering incentives for referrals. Automotive salespeople have been using this tactic for decades - some will give new car buyers a few of their cards in the hopes that the new car buyer will send their friends and family to them when they are in need of a new car. In exchange, the salesperson offers the new car buyer a reward.

The same can be done in most businesses. You may want to offer incentives for your customers to refer their friends. You may even want to offer incentives to your customers who promote your products online, such as tagging a product photo on Instagram with your business, exposing your product to the customer's audience.

Incentivizing referrals and word of mouth marketing will show the customer how much you appreciate their praise of your business. The result will likely be even more referrals and word of mouth marketing for your business, leading to an increase in customer acquisition.

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