Earn Higher ROI with a Data-Driven Incentive Strategy

by: Steve Damerow August 14, 2017

When it comes to the success of an online incentive program, communication is key. It may seem like a no-brainer: send out some emails, make a few announcements… how hard can it be? But many companies neglect to utilize participant data to its fullest potential in communication incentive strategies.

Using a data-driven approach to formulate your communication strategy with program participants is the key to an effective, active incentive program and—most importantly—increased ROI.

Research, research, research

Take a close look at your participant data: it could be that results are underwhelming because your communication approach isn’t appealing to their demographic. For example, a recent study found that 60% of millennials would prefer to communicate with businesses via two-way texting, as opposed to traditional phone calls and emails. As millennials enter the global workforce in ever-increasing numbers, it’s important to keep their preferences in mind when developing communications strategies.

Use the information at your disposal

When starting up an incentive program, it’s common practice to ask participants for basic information during the sign-up phase like their age, birthday, location, and preferred methods of contact. If you’re currently running an incentive program, chances are good that you already have all of this information on hand. Use it! Those details can be used to send out personalized communications to your participants that will make them take notice and appeal to their sensibilities.

Measure your data

Once you have your incentive program off the ground, it’s important to remember to keep track of your communications data. Use it as a metric for the health of your communications initiative. A good incentive program provider will equip you with the tools you need to accomplish this: things like message delivery rates, open-and-click statistics, and corresponding participant activity. Use this vital information to tweak your incentive program communication to ensure a higher ROI.

For more tips on how you can harness the power of participant data and increase ROI, take a look at our slideshare below.

Earn Higher ROI with a Data-Driven Incentive Strategy from Incentive Solutions

About Steve Damerow

Steve Damerow is the Founder of 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.