The well known trend site http://www.trendwatching.com always has fabulous information but a few things struck me as relatable to leaders and business owners that could make an immediate difference in client perception and in profitability.
#1- Free is the new expectation
Savvy customers today are ‘expecting’ something for free- not because they are entitled or are from a certain generation but because ‘free’ allows them to test your brand, use your brand and then speak your brand. An few examples:
Fed-Ex has been offering free printing of 25 resumes for job seekers
The luxury market is offering sample sizes through vending machines
A new website is rewarding brand ‘communicators’ with Amazon points
#2- What Is Your Motivating Reward?
What does your company offer and how can you leverage free or reward?
The new economy is about sharing resources and sharing in profits. The old model is that if someone gave us referral business we would graciously thank them and that would be it. It used to be enough- not anymore. Now the companies or individuals that are rewarding referrals generously are realizing the power of ‘paid word of mouth’.
An example is an event we were putting on- my team decided that we would generously pay referrals 20% and we would do it with gratitude. A measly 10% or a token of appreciation would not be enough of a reward and so we wanted to ‘go big’ with our thanks. This worked tremendously and the good will from those who referred business to us was incredible.
A not so favorable comparison is a recent promotion I received promoting a pretty pricey event which of course offered high value. There was no mention of a referral incentive- I though I would ask- and the answer I got was less than motivating. Now when I believe in a product or a person I will shout it from the rooftops BUT if you want to motivate me to mention or refer you from a top of mind standpoint then a referral reward that speaks to me will definitely help.
I am not alone in this- its no different when motivating sales the higher commission or the sweeter prize will become the sales professionals focus. If we want others to sell for us we need to find out what is important to them, what would be incentive for them and how we can ’share resources’ to increase value.
Welcome to the new economy!
