Which Incentive Strategies Should You Be Using?

By: Steve Damerow

May 8th, 2017

There are so many different schools of thought and strategies when it comes to operating business incentive programs. How do you know which incentive strategies you should use? It all comes down to who you want to incentivize or reward.

There are three main types of incentive programs: sales, customer loyalty, and channel. Tweaking your incentive strategies to specifically target each group is the best way to get maximum ROI from your program. Here’s the low-down on the strategies are best suited to each group:

 

1. Sales Incentive Programs

 

  • Use easy-to-understand rewards such as gift and debit cards to motivate salespeople during quick sales promotions.
  • Gamification features like leaderboards and trivia incentivize salespeople by appealing to their competitive side.
  • Use mobile-friendly incentive technology with sales claims uploading to speed up claims auditing and reward redemption turnaround.
  • Utilize CRM integration to facilitate two-way customer data exchange between your incentive program and your CRM system.

2. Customer Loyalty Programs

 

  •  Integrate your incentive program with your corporate website to reinforce brand loyalty and awareness.
  • Offer customer rewards for completing satisfaction surveys and referring new customers.
  •  Provide open enrollment so that anyone can sign up to your program, giving you access to customers you previously had no contact with.
  •  Use an online, points-based reward system. Loyalty programs tend to be long-term, so accumulated points make excellent rewards.

3. Channel Incentive Programs

 

  •  You should have the ability to segment your program participants and users into varying groups according to their title, department, region, district, etc.
  • Your incentive program software should be capable of scheduling and be tracking multiple, simultaneous sales promotions.
  •  Online training incentives will be incredibly beneficial in familiarizing your channel partners with your product and brand, giving you an edge over the competition.

For more tips on what you should look for in an incentive program provider, check out the slideshow below!

Choosing the Right Incentive Program Provider from Incentive Solutions

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About Steve Damerow

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.


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