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For brand marketers, the term “incentives” might bring to mind discounts or coupons. However, price markdowns on products or services are not the only way to encourage consumers to complete purchases. In fact, discounts are the tip of the iceberg when it comes to incentivized engagement. And often, the actions consumers are willing to take depend on the incentives brands offer.
The 2018 U.S. Survey of Advertising and Marketing report revealed that nearly 66 percent of businesses invest their marketing dollars in local media ad platforms, with the remainder spent on promotions. Incentives play a large role in relationship-building and engagement efforts across various forms of marketing. Engaging and retaining customers is about building longlasting, mutually beneficial connections that lead to higher instances of repeat purchases, revenue and ultimately, the chance for brands to regularly expand their customer base.
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