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We consider the problem of devising incentive strategies for viral marketingof a product. In particular, we assume that the seller can influencepenetration of the product by offering two incentive programs: a) directincentives to potential buyers (influence) and b) referral rewards forcustomers who influence potential buyers to make the purchase (exploitconnections). The problem is to determine the optimal timing of these programsover a finite time horizon. In contrast to algorithmic perspective popular inthe literature, we take a mean-field approach and formulate the problem as acontinuous-time deterministic optimal control problem. We show that the optimalstrategy for the seller has a simple structure and can take both forms, namely,influence-and-exploit and exploit-and-influence. We also show that in somecases it may optimal for the seller to deploy incentive programs mostly for lowdegree nodes. We support our theoretical results through numerical studies andprovide practical insights by analyzing various scenarios.

Optimal Mix of Incentive Strategies for Product Marketing on Social Networks