On this morning’s WJR Business Beat, Jeff shares results from a recent Digital Consumer Trends Index 2021 conducted by Cheetah Digital in conjunction with Econsultancy study on the incentives that work best to engage customers and drive more sales.
Among the study’s findings: Discounts are still the biggest incentive, as well as speed of service, supreme customer service and personalization.
Tune in to the WJR Business Beat, below, to learn more about these incentives to engage customers and drive sales:
“Look, entrepreneurs have to be more resourceful and creative than ever to chase down sales these days. But the good news is that if you are creative and focused on the consumer’s needs and wants and treat them with great service, the trend is moving away from a pure dependency on costly discounts and more toward other factors like VIP treatment.”
– Jeff Sloan
Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.
Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!
Good morning, Paul.
Well, if you’re an entrepreneur hunting and scrapping for another good sale from your customer base, you must engage and reward those customers to get their attention and to get them to act.
As we know, the most popular and some would say most effective form of incentives to offer your customers in order to get their attention, well, it’s discounts of course, but interestingly, other factors are beginning to become more meaningful and effective today, thereby mitigating the need to depend on costly discounts to drive customer engagement.
A new study known as the Digital Consumer Trends Index 2021 conducted by Cheetah Digital in conjunction with Econsultancy has just been released and the findings are enlightening.
As expected, well, discounts still rule. But the percentage of those surveyed said that while it’s the biggest driver for them, it’s declining in popularity down from 62%, now at 57% of those who responded indicating it as the most effective way to engage them.
What else works? Here are a few other ways to get your customers to spend with you:
Speed of service. It’s also highly effective with a percentage who cite that as a meaningful incentive at 17%. Twenty two percent cite supreme customer experience and service. Also worth mentioning, many surveyed said they’re really motivated by a sense of exclusivity. That’s right, the VIP treatment in the form of personalized offers and or exclusive access to a merchant’s offerings.
And what’s the best way to convey your promotion’s messaging. A simple email is chosen highest by consumers, followed by social media posts.
Look, entrepreneurs have to be more resourceful and creative than ever to chase down sales these days. But the good news is that if you are creative and focused on the consumer’s needs and wants and treat them with great service, the trend is moving away from a pure dependency on costly discounts and more toward other factors like VIP treatment.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.