Question: how have your sales been recently?
In the business world, we all experience those slumps in sale numbers – sometimes it’s a seasonal thing, but there can also be a range of other reasons why your sales may be taking a hit.
Key to combating low numbers is finding ways to get people more excited about the products and/or services you offer. Now, keep in mind that this is a multi-faceted challenge that can require you try out a number of varying solutions.
In this article, I will be discussing what to keep in mind when aiming to boost sales, the growing preference of experiences over things, and how incentives (think experiential travel, event tickets, etc.) can really help you heighten your efforts.
What does it take to boost sales? There are a lot of steps that can be taken, including the following:
- Excellent service: Good customer and client service is fundamental to a successful business. If you want to see more sales over time, you want to ensure you’re always putting your best foot forward when it comes to serving your customers.
- Actively engaging with customers and taking on feedback: Along with great service, actively making the effort to engage with your customers and welcoming any feedback can help you not only refine how you run your business, but gather greater insight into what matters to your customers.
- Specials and offers: There’s no doubt that specials and offers can bring about boosts in your sales numbers. Be sure to keep in mind the time of year you’re running a special so that you can capitalize on different themed offers (think 4th of July, Thanksgiving/Black Friday, etc.).
Another thing to consider is when your sales are at their slowest. If slumps happen in the winter, run specials then; if the slumps are more common in summer, then opt for some type of summer promotion, and so on.
Incentives & the Value of Experiences
As mentioned in the previous section, specials and offers will always play key roles in helping you boost sales, especially during those times where you might otherwise see your largest drop in numbers.
One of the key reasons why travel incentives (and experiential rewards, in general) are often so appealing is because of the inherent perceived value they have.
For example, if a customer is presented with a $300 gift card or a promotional incentive that offers them a 7-day resort stay with a companion, chances are the 7-day resort stay will have a higher sense of value.
7 days at an all-inclusive resort has a perceived value of thousands of dollars versus that standalone gift card, which will only ever have a perceived value of $300.
When the perceived value is greater, it tends to prove more appealing to a customer – and it doesn’t matter how much your company actually paid to make that 7-day resort stay offer possible.
The Millennial Factor – Experience Over Possession
Another crucial factor to remember is that Millennials and other younger generations have shown time and time again that they want experiences over things. This desire and shift in priorities means that Millennials, Generation Z, and beyond want more time to devote to fulfilling experiences rather than basing the quality of their life and success on material goods.
This is why Millennials and younger generations care more about their work-life balance, working for companies’ whose values are in line with theirs, and would rather travel the world than have a large home, expensive car, and vast fortune.
These shifts in priority in accordance to the rising number of Millennial and Generation Z consumers only further solidify why an experiential gift (such as a vacation, a cruise, tickets to a sporting event, etc.) is a better choice for driving more sales than handing someone a gift card or iPad Mini.
You’re not just catering to a current desire among many individuals, but also future-proofing your business in a world where experiences are becoming more important than the things we possess.
Even when taking different generational needs and desires across the board into account, travel incentives have an incredible influence on sales numbers. Sales numbers have seen average upticks of 15% to 21.8% across a variety of industries.
So, no matter which way you cut it, travel incentives and other comparable experiential rewards can really help you stand out, command more attention, and drive better sales numbers.
Travel incentives are proven to drive an increase in sales for businesses across a wide range of industries; and with more and more people wanting experiences over material goods, the power of travel incentives and other similar products cannot be ignored.
If you want to know more about travel incentives and the how they can help you hit greater sales targets, get in touch with PCR today. [link]
About David Murton
Senior Blog Editor
PCR’s blog is where we share stories and insights about travel incentives, marketing solutions, client success stories, and the latest developments within our company. Prizes Contest Rewards (PCR) is the digital sales department of PCR.com. PCR is a three-time recipient of Carnival Cruise Lines' "Pinnacle Club" award for sales excellence and a member of Funjet Vacations "500 Club" of travel agencies.