An online rewards program’s success doesn’t just have to be measured according to revenue growth. There are many factors that, while perhaps not contributing directly to your sales numbers, can have significant and often underestimated long-term benefits for your business. When you measure online rewards program ROI, don’t forget the fringe benefits.
In this modern era, your brand is only as strong as how it’s perceived. Any well-constructed online rewards program will strive to build and improve upon your image by promoting brand values in how the program is presented.
Improved Work Environment
Motivating employees with incentive rewards contributes to a positive work environment. You can tell that a program is making a difference when observing dropping employee absence rates, fewer complaints and better employee-to-employee relationships. According to research by Bersin & Associates, organizations with effective incentive programs have a 31% lower turnover rate than companies with ineffective programs.
Increased Engagement Levels
Implementing an effective online rewards program can generate higher engagement levels from both salespeople and customers. You can reward employees for hard work and completion of training incentive programs, making them—and, by extension, your customers—more excited about promotions and new products.
Better Ratings and Referrals
Of course, any combination of the above measurements can contribute to improved feedback from consumers. That means better online reviews and ratings, as well as a potential increase in customer referrals.
If you’re still trying to think about all the ways you can measure your online rewards program ROI, take a look at the presentation below.