1. Relevant incentives always pay. You get all the sales you would have got with no incentive, plus a lot more.
2. People who buy because of the incentive do not differ much from those who buy without it. So don’t worry too much about freeloaders.
3. BUT if you use incentives all the time, be careful. You are training people to ONLY buy when they get a freebie.
4. So if you attract a new customer with an incentive don’t keep giving them a new one with every offering
5. Be as generous with your incentives as you can. But be careful. The Hoover company went broke by offering free holidays worth more than their product.
6. Make sure your incentives are appropriate to your product. In a moment I will give you an example.
7. “Sell” your incentive. Make it seem as valuable as possible. Below you can see the freebie given to new subscribers to the Wall Street Journal for many years.
If you read the leaflet you will see it is a) perfect for someone interested in finance and b) it is described so persuasively it is worth buying.
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