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If you were able to increase your monthly sales from last year by 30% without increasing advertising costs, how would that affect your bottom line? Would it make you happy? If that increase happened in January, would it make you happier? If your answer is "Yes!", you've just been "incentified." Read on, grasshopper, to learn the art of being "incentified."
Everyone knows that in the car business, January is a dog for vehicle sales. Most of the time, dealers hunker down, take it on the chin, and try to ride it out until March. Dealerships with established loyalty programs, however, maintain an arsenal of loyal customers which can be "incentified" to buy now.
You won't find it in any dictionary, but "incentified" is a word. Consider it a secret password which only Members of lively loyalty programs understand its meaning. It's so secret, in fact, that if you Google "incentified", you only get 6,840 results (peanuts by Google's standards).
It's a feeling word. When Members are "incentified", the heart beats faster; nostrils flair; it's a Black Friday rush for a select few. The "incentified" feeling doesn't come around often (usually only during the season of "incentification"), but when it does, get ready for some fun.
Several of the re:member group's clients implemented a "double-down" promotion for their Members with at least $50 worth of points banked. The "double-down" allowed customers to double the value of their accrued points. Do you have $50 saved? It's now $100. Have you banked $200? Make it $400 during the month of January. It made January the best time of year to buy a vehicle. Members were "incentified" by the dealerships' "incentification".
By how much?
According to automotive industry-tracking firm Autodata, U.S. auto sales in January increased 17.3 percent increase over the same month last year. That’s encouraging. However, the dealerships who
implemented the “Double-Down Incentification” in January saw a 31% increase over January 2010 sales. Nine Percent of the dealerships’ sales were a result of the “Double-Down Incentification.” Furthermore, these dealerships didn’t spend any more marketing dollars to achieve these results. What is your strategy for the slow months? Are you ready to inject “incentification” though a loyalty program that drives results?