Intrinsic Marketing
For your business are you using extrinsic or intrinsic marketing? Which is more effective? These are some great questions which I felt I should ask myself after reading the article "Marketing to Motivate: The Secret Of Intrinsic Rewards" on Marketingprofs.com. So what are extrinsic and intrinsic marketing tactics.....
Extrinsic marketing tactics are marketing tactics that work on creating rewards that are external to the purchaser's feelings or individual satisfaction. These would include tactics like a save 10% offer, communicating the features of a product or bonuses like a first month free offer. A good example of this would be GoDaddy's email marketing promotions which often feature 10-30% off their web hosting, email hosting or domain name registration services.
Intrinsic marketing tactics are marketing tactics that work on creating feelings and individual satisfaction within the prospect and buyer. This kind of marketing includes tactics like participative experiences, social responsibility, community and feelings. A good example of this might be offering to donate money to charity with the purchase of a product/service. Another good example of this would be Aweber's promotion where you can get email services for a 1 month trial for $1 and have a participative experience with the product.
But which one is better?
Studies show that humans respond more powerfully to intrinsic rewards and this rule applies in the marketing arena as well. Extrinsic rewards stimulate a temporary motivation that is still useful from time to time, but does not have a lasting impact. On the other hand intrinsic marketing builds a lasting motivation that compounds and grows over time. So for your business, which would you rather invest in? Something that you receive short-term gain from or something that will grow and you can reap the benefits of from time and time again for many years. I know which kind of marketing investment I would like for my business.
After thinking about this more I came up with a list of questions that might be good to ask any business owner. Some of the questions are from the article I referenced above and some are questions I felt were good to ask myself.
Questions For Your Business
1. Are you using intrinsic or extrinsic marketing tactics?
2. Is your competition using intrinsic or extrinsic marketing tactics?
3. Do you solicit customer feedback?
4. Do you make an effort to connect with customers and prospects via social media?
5. Does your company partner with local or national causes that are important to your customers?
6. Does your company give your customers and prospects a sense of community and shared purpose?
7. Does your company spur customers to become experts of what you sell?
8. Does your company entice customers to become advocates and ambassadors for your company?
I would be interested to know whether you think you are doing intrinsic or extrinsic marketing, or maybe your not even sure. If you want to discuss send me an email.
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My name is Chris R. Keller. I work at Profitworks Small Business Services helping various B2B small businesses in Waterloo and Kitchener Ontario generate new customers. If you are interested in generating new customers for your B2B small businesses enter your email in the box provided below and click the "Send Me Free Updates" button.
I hope this article on intrinsic marketing was interesting. Thanks for reading. If you are interested in writing a guest post for this blog just send me an email. I love featuring guest bloggers with sales and/or marketing experience on this blog.
