Simply put, everyone is attracted to incentives. From free samples at the supermarket or a free T-shirt for signing up for a service to getting an item at a reduced cost (or perhaps even free) just for buying another item, the feeling of getting “something for nothing” is a powerful emotional trigger that is usually quite effective as a reward strategy that leads to further purchases.
This reward strategy can be utilized when it comes to your prospects, too. Rewarding your prospects for taking a substantial step has proven to be effective in motivating further progress from your prospect toward the goal (a.k.a., closing the sale).
What has to be remembered, however, is that while rewards are effective tools during the sales process, they shouldn’t be given as a lifeline. For example, if you haven’t heard from your prospect in a while, giving them a gift will come across as coercion, not a meaningful reward, and will simply be a waste of money. A gift will not bring back buyers who were already drifting away. Gifts are solely meant to supplement an already-existing positive relationship or as a kudos for positive progress.
Here are three specific ways you can reward your prospects during the buyer’s journey to ensure a more certain sale.
Go Out for Dinner
It may sound too simple, but taking your prospect out to dinner can be an effective late-stage sales tool when used as an alternate meeting site or as a place to debrief with your prospect before or after meeting with the executive team. The act of breaking bread with someone is a personal touch, and it can go a long way in enhancing the working relationship, leading to a higher level of trust and loyalty with the buyer.
Provide Exclusive Content
If applicable to your buyer’s situation, providing them with exclusive content can show the prospect that they’re meaningful to you. It can also show how much you care about their needs when you’re willing to share paywalled information with them for free. Providing prospects with exclusive content, when applicable, is a solid way to build trust and often elicits a positive response.
Give a Gift
Who doesn’t like receiving a gift? On a personal level, receiving a gift always conveys just how much someone cares, and a thoughtful gift can convey the same on a business level as well. Giving the prospect a gift can communicate your best intentions and goodwill toward them. This reinforces positive buyer behavior and, just like providing exclusive content, is effective in solidifying the relationship (and possibly the sale).
In conclusion, incentives are an effective way to reward prospects and motivate them to take action. Employing rewards, such as taking a prospect out to dinner, providing them with exclusive content or simply giving them a gift, can build trust with your buyers, showing them just how much you value their relationship. And it might even convert them into lifelong customers.