Types of Incentive Programs
Do you want to improve employee performance and contributions to your business? Do you have special customers you want to reward for their loyalty and purchases? Incentive Awards and Customer Loyalty programs are proven methods to increase profits and improve your bottom line. They can help you be more competitive in the market place and stave off loss of business to new competitors. Incentive Awards and Customer Loyalty programs are one of the most powerful tools available to businesses today.
First Things First
One of the first decisions you must make is what type of Incentive Program you want to implement. That is a function of the goals you set and your plan for how to achieve those goals. You need to carefully evaluate the return on investment (ROI) you stand to gain versus the overall costs of the program. Once you know what you want to achieve, the following types of programs can be used individually or in tandem with one another. If you need help structuring your program, just call us at 877-836-1949 Option 2. We’re experienced and happy to help. You can look at some examples of successful programs at www.incentivetraveladvisors.com.
Individual Incentive Awards
This type of awards program is used when only one person from the company will be traveling as a reward or recognition for something they have achieved individually.
Group or Team Awards
When a group or team achieves a result that is deemed of significant value to the company and the company rewards and recognizes the group or team for the exceptional contribution.
Company Wide Performance Campaigns
The company sets an overall goal to achieve something specific and measurable within a designated time frame and recognizes that every division, function and activity within the company plays a role in achieving that goal.
Sales Incentive Awards
This type of award is utilized to motivate the sales force to achieve increased sales over and above what would normally be expected. These programs typically have a defined time-period, are multitiered and have specific measurement criteria and identify the reward to be earned at each tier level in advance so the person knows what they are working toward..
Incentive Programs Combined with Meetings or Training Programs
These programs typically combine an important business function such as an annual meeting, specialized training or director’s meetings with the awards ceremony. Criteria for participation may be different than a pure incentive program.
Customer Loyalty Programs
These programs are often structured to help stave off new competition by providing incentives to your long time premium customers to continue to do business with you.
Product Launch Campaigns
In order to promote a new product or product line, awards programs are designed around who can move the most product into the marketplace in a specified time period.
Dealer Incentive Programs
This type of award program seeks to build brand loyalty and promotion with the retail outlet and encourage the dealer to direct sales toward your product or product line over another.
Safety Award Programs
These programs are designed to reward those who achieve safety goals that reduce injuries and costly loss of work time.
This type of award program is specifically geared to membership based organizations wherein you use the credibility and experience of current members to increase your membership base. The recruiting member is essentially a testimonial for your organization and is generally the most influential type of new member recruitment tool. Remember, to be effective the goal must be specific, achievable and measurable. To the extent possible, it should be challenging and fun. You must also provide the participant with the tools necessary to be successful. The reward for achieving the goal must be perceived as valuable by the recipient or your program will likely struggle.
To be effective the goal must be specific, achievable and measurable. To the extent possible, it should be challenging and fun. You must also provide the participant with the tools necessary to be successful. The reward for achieving the goal must be perceived as valuable by the recipient or your program will likely struggle.
Properly structured and administered, an incentive program doesn’t cost you money, it makes you money through improved performance and productivity that results in improved bottom line profits. We can help you be more successful!