A wide variety of industries have started using incentives as means of marketing, to attract new customers to try out their products and hopefully remain loyal afterward. Building a strong customer base is essential for businesses, otherwise, they might end up having to close their doors earlier than expected. People have an innate desire to receive prizes and rewards, and some industries have explored this fact and used it to their advantage. Here are three of those industries.
This industry is one of the best examples that incentives work, and its popularity is proof of that fact. By 2024, it is believed that online casinos would reach revenue worth USD 94 billion, according to statista.com/statistics/270728/market-volume-of-online-gaming-worldwide/. The factors that contributed to this growth include advancements in the technology sector, better online paying methods, as well as the overall digitization of the world.
Online casinos have used throughout the years' various forms of incentives for their new customers, including a wide range of bonuses. Almost every platform offers those bonuses, so gambling guides websites are there to make it easier for players to decide which one suits their needs best. BonusFinder for example has a great section on their site on card registration bonuses at bonusfinder.com/uk/free-spins-no-deposit/on-card-registration/, which gives both new and existing customers the chance to win some free spins.
The entertainment industry is a big believer in using various forms of incentives to attract new customers, and this can be seen in many of its sectors- films, music, and even theatre. However, with the rise of online streaming services came to a lot of competition as well. To not lose their following and to gain more numbers, this industry’s pioneers, such as Netflix and Spotify, had to look into alternative ways.
For Netflix, 2020 was a record year that helped the platform reach over 200 million paying subscribers, as mentioned by gsmarena.com/netflix_paying_subscribers_surpass_200_millionwith_recordsetting_year. But it hasn’t been easy. The newer streaming platforms constantly try to bring something else to their subscribers and for that reason, Netflix offered plenty of incentives for its users. The most popular of them all is the one-month free trial, which helps people decide whether that service is for them or not.
The retail industry has been providing incentives to customers for as long as it has existed. Both online and offline, shoppers find sales signs and 2 for 1 offers that they can’t resist. On top of these classic ways of rewarding customers, this industry has found many other inventive ways to keep up with the times.
Loyalty schemes are one effective method many stores throughout all sectors have been using. Customers sign up to the schemes, which are usually point-based for every time they purchase in that particular store, and then they get rewarded further after achieving a certain number of points. The rewards are always changing and they can come in the form of a free or a discounted item or money to use in the store.
There is constant pressure in every single industry to maintain the existing customer base, while also attracting new customers. Some businesses put a better deal on the table and therefore win over their competitors. Offering high-quality services is not enough anymore and incentives can make a huge difference.