Rewards programs are used across many industries such as healthcare, market research, channel partner programs, and more. Some businesses are very successful with their programs, whereas others struggle to get a return on their investment. No matter what kind of rewards program you are running, there are 5 mistakes that can ruin your rewards program’s success.
1. Having No Strategy
Starting your rewards program without a good strategy is a recipe for disaster. You need to have clearly defined goals and a strategy of how to reach those goals before you even start. This will give you a timeline for you to measure your progress against and the key performance indicators to help you know if your program is working.
2. Offering the Wrong Rewards
Participants love rewards, but if you offer the wrong ones, they may feel insulted and have a negative view of your company. You need to make sure you understand the demographics involved in your rewards program and choose rewards that they will highly value. By doing this, you will resonate more in their minds as a company they can trust. With enough positive reinforcement, you will create a relationship with your participants that will last for years.
3. Using Outdated Legacy Technology
Technology is constantly changing; keeping old legacy technology will only set you back. Now, you don’t need to always have the newest tech, but it is important to make sure that it has been updated within the last couple of years at the very least. Otherwise, you may run into issues down the road that can impact function and even security.
4. Not Having Access to Analytics
This is one of the most important pieces to your incentive programs. Get the analytics and statistics of how your rewards program is doing. Find things that specifically work and find the things that don’t. If you don’t have the data, you won’t be able to understand the progress of your program.
5. No Reporting
Finally, create reports to get all parts of your company on the same page. By showing visuals, numbers, and percentages, you will easily communicate to your company members what is working for your program and what doesn’t. This helps you capitalize on the good ideas, throw out the bad, and leave room for new ideas and creations.
The steps above are not easy by any means. But, by planning ahead and making time and space for yourself to do these things, you will have a much more successful rewards program.
For your best chance at success, contact our team at All Digital Rewards. Click the button below to schedule a demo, or call us at 866-415-7703.