One of my clients is a leading manufacturer of hearth products, and we’re running group travel and points-based strategies for them targeting principals and sales reps across their distributor and dealer channels. Increased sales and mindshare are important lagging indicators with any program, and we’re seeing good traction in these areas as the programs mature, but it’s also interesting to observe how a well-structured incentive program can drive secondary and tertiary behaviors. In the construction of ROI analysis, these leading indicators are often ignored or downplayed, yet they can and do lead to stronger channel partnerships, a more educated indirect sales force, and other positive business generating behaviors.
Thu, May 24, 2012 @ 11:29 AM
Tue, May 22, 2012 @ 10:12 AM
In the world of performance incentives, a first impression can be a very powerful thing. Though much can be said for targeted marketing campaigns that keep participants engaged throughout the entire length of the program, by drawing potential employees or customers into a program from the very beginning, the stage will be set for long term growth and potential.
Thu, May 17, 2012 @ 10:39 AM
I recently had the opportunity to work with a large financial institution and was put to task to create a “feel good” event as part of their overall sales incentive. As more businesses begin to focus on philanthropy, they are also seeking a more intimate forum (through communities, nonprofits and other associations) where their employees can see, feel, touch and experience what it means to give back. The plans they are putting in are often coupled with teamwork, resulting (ideally) in an intrinsic, often emotional and completely satisfying conclusion, while also helping employees learn valuable skills they can bring back to the office.
Fri, Apr 27, 2012 @ 01:06 PM
One of the biggest challenges that companies face today is the fact that many people only stay at their current jobs/roles for less than five years. As someone who has been in the incentives industry for many years, I know firsthand what a high turnover rate can do to incentive and loyalty programs. Once I establish a relationship with a new client and help them create an incentive program, I encourage them to follow a few of the best practices I have observed over the years when it comes to ensuring the success of a rewards program.
Tue, Apr 24, 2012 @ 10:46 AM
As someone that sells incentive programs, I often share concrete examples of how non-cash incentives provide a differentiator from the competition. The stories keep coming as more and more people realize the fact that ROI for non-cash incentives far outweighs the ROI potential of cash incentives. To use one example, I heard recently about a particular dealer who had never purchased a certain product category from my client before who is now shifting his business to earn points. The client projects that this will probably equate to $50-60k in new business, and it's a double win because not only does it mean more sales, but the sales are in a higher margin product category. That story is just one of many examples of new business being generated through a rewards program, but there are other benefits as well. Consider the following story of a current customer:
Tue, Apr 17, 2012 @ 11:25 AM
Group incentive travel and points based programs are the bread and butter of the incentive industry, but what many people don’t realize is that meetings and events can be educational, rewarding, and exciting all at the same time. With the right combination of speakers, vendor and supplier participation, and entertainment, national sales meetings and corporate events can be transformed from “boring” requirements into a great opportunity to interact with colleagues and experience once in a lifetime opportunities.
Thu, Apr 05, 2012 @ 10:48 AM
When it comes to performance incentive programs, two is a crowd and three is a crisis. One of the biggest reasons why incentive programs fail is because they fail to stand out from the many other performance incentive programs being offered. For this reason, it’s crucial to out-market the competition early and often if you want to win target participants to your side.
Fri, Mar 30, 2012 @ 09:39 AM
Wed, Mar 28, 2012 @ 02:26 PM
Over the past several months, we’ve been blogging about how important incentives are – whether as a way to motivate your channel partners or to reward employees with a group incentive trip. We believe that the results speak for themselves, but to illustrate that point even further, we set out to do some research to see what other industry experts are saying
Fri, Mar 09, 2012 @ 11:38 AM
Setting attainable goals is essential to motivating your customers to perform in your incentive program, as is offering them an exciting award to peak their interest to participate in the first place. These two elements have to be in sync for an effective strategy to be realized. Once these ingredients are baked into your program, your ROI may be even better than you hoped for in the beginning, due to what we incentive industry types call “program breakage.” Program breakage occurs when a customer exceeds their purchase goal or when they come close to earning an award but fall just short. The incremental dollars generated in these two examples equate to profits for the distributor that are free and clear of any award investments.