When it comes to running a successful incentive program, when and how you offer rewards matters just as much as which incentive rewards you offer. Offer a great reward when the timing or conditions aren’t right, and you could miss a prime opportunity to motivate employees, build customer loyalty, strengthen sales channel partnerships or boost sales performance. Incentive rewards delivered strategically maximizes their impact and makes them much more likely to hit the particular goal you’re aiming for.
Here’s the condensed version of how and when online rewards, card rewards and incentive travel rewards are most effective:
- Work well as a quick reward for SPIFs and other short-term promotions
- Great for international participant bases due to instant, virtual VISA card options
Travel incentive rewards
- Unforgettable, exclusive reward experiences for your top sales channel partners or customers
- Impactful reward for those who have major influence over your sales
- Excellent for motivating large groups and the average-performing majority, due to easy-to-earn rewards and vast options
- Non-cash novelty makes them better than cash for long-term incentive programs
Steve Damerow is the CEO at Incentive Solutions, an incentive program provider in Atlanta specializing in helping B2B companies increase distribution channel sales, establish customer loyalty and retention, and develop long-lasting channel partnerships.