Reward Me! May 28, 2008

Programs that reward product referrals are a nice perk for consumers. Customers may get a cash reward, a discount on future purchases, or other types of prizes if they recommend a product to someone who eventually buys it.

Before jumping on the rewards bandwagon, though, it’s best to know what tactics work best, based on the latest research. Here are a few tips to consider:

Using The Law of Reciprocity to Increase Sales May 14, 2008

Excerpted from an article by Tom Ninness, Vice President/Regional Production Manager for Cherry Creek Mortgage in Denver, CO. Ninness is the creator of the “The 90 Day Journey to Your Sales Success”, a powerful 90 day action plan for the sales professional. To learn more about The Journey and all what Summit Champions has to offer, go to www.90dayjourney.com or email Tom.The Law of Reciprocity. The Law of Reciprocity means to give and take mutually, to return in kind or even in another kind or degree. The law of reciprocity simply means that when someone gives something, you feel an obligation to give back. Stephen Covey, author of “The Seven Habits of Highly Effective People”, uses the phrase “emotional bank account” to describe the principle of reciprocity and the corresponding credit-withdrawal process in relationships. Using the metaphor of a financial bank account, the emotional bank account describes the trust that accumulates in a relationship. Like the financial bank account, you must make deposits before you can make withdrawals.