How do you create an incentive program that helps you accomplish your sales and marketing goals? Follow these 10 steps to create an effective incentive program.
1. Determine Your Program Goal
Select a goal for your incentive program that is specific, measurable, achievable, results-driven, and timely.
2. Establish Program Budget
Structure a budget for your incentive program. Most organizations face some sort of budget-limitations for their program, so be sure to allocate your budget where it will make the biggest impact.
3. Analyze Your Audience
Take a look at the demographics of your target audience. Segment your audience and identify which members have the most influence over helping you achieve your program goals.
4. Select Rewards
Based on your goal, budget, and the interests of your audience, choose the incentive reward that makes the most sense. Reward options include debit cards, gift cards, merchandise rewards, and travel incentives.
5. Identify KPIs
Which metrics can you track, before, during, and after your incentive promotion, to make sure you are on track to achieving your goals?
6. Choose Incentive Platform
Pick an incentive platform that will engage your participants, streamline program administration, and enable you to achieve your goals.
7. Market Your Program
Spread the word! Make sure your participants are aware, informed, and on board. Check out the best practices for program communication.
8. Train Participants
Incentive programs drive behavioral change, but behavioral change takes time. Make sure you are engaging your participants and training them to be successful in your program.
9. Manage Your Program
Monitor performance, clean up your database, set up promotion parameters, and perform any other administrative functions as necessary.
10. Analyze and Improve
Take the time to review your results. Establish what worked and what didn't and what can be improved to generate an even bigger ROI for your next promotion.
Ready to Get Started? Download The BthruB Incentive Program Playbook
Now that you know all the steps to create incentive programs, are you ready to start planning your own? Our free eBook, The BthruB Incentive Program Playbook, contains in-depth details and insights for each step of creating your incentive program.