B2B Loyalty Program Can Accommodate More Than Just Customers B2B loyalty programs are as powerful as their B2C counterparts, with the primary difference being the marketing approach. In this section, we’ll not only share crucial insights to help you build a robust B2B Loyalty Program for your customers but also discuss how understanding loyalty programs can amplify the effectiveness of employee recognition programs. Everyone loves a good experience, whether as a customer or employee. If a customer becomes part of something memorable, they are most likely to share data, spread the word, and come back to purchase from you in the future — you’re on the right track. The same sentiment holds for your employees – if your employees feel valued and recognized, they are very likely to stay engaged, be motivated, go the extra mile, and become brand ambassadors for your company in the process. Meanwhile, as per recent research, a whopping 84% of B2B organizations deploy a customer experience model which further strengthens the importance of managing not just external stakeholders but also internal ones; in other words people most important to any organization’s success. Crushing competition, widening rate differentials, vanishing switching barriers, and scores of other factors […]
Category: Employee Recognition
Exploring RewardVault™: A Digital Solution for Health Rewards Management
In today’s fast-paced healthcare landscape, the need for effective rewards management is more pressing than ever. Whether it’s for employee wellness, patient engagement, or other health initiatives, having a streamlined, secure, and convenient system is paramount. That’s where RewardVault™ comes into play. This secure storage feature offers a unique solution for Health Rewards Management with All Digital Rewards Platform’s RewardVault™ Solution. Let’s delve into the remarkable features and benefits that set our platform’s RewardVault™ apart from our competitors. Traditionally, rewarding healthcare participants in health rewards programs could be a cumbersome process. With RewardVault™, the task becomes seamless. Users earn points or other rewards for making qualifying activities or purchases. These rewards are issued through encrypted links, either directly or after exchanging points in a marketplace. Distributed via email or SMS, these reward links are simultaneously stored in RewardVault™, ensuring a hassle-free experience for both administrators and recipients. Imagine having all your e-rewards, like gift cards or prepaid cards, safely stored in one place accessible from any device. That’s what RewardVault™ offers—a level of convenience akin to that of Google Wallet. No more sifting through emails or physical cards; your rewards are organized and ready to be used whenever you need […]
Measuring the ROI of Your Incentive Program: Key Metrics and Evaluation Techniques
Implementing an incentive program can be a powerful tool for driving employee engagement, motivation, and overall business success. However, to ensure the effectiveness and long-term viability of your incentive program, it is crucial to measure its return on investment (ROI). By evaluating the impact of your program, you can identify areas of improvement, optimize resource allocation, and maximize the value of your incentives. In this blog post, we will explore the key metrics and evaluation techniques to measure the ROI of your incentive program. Before diving into ROI measurement, it’s essential to establish clear objectives and goals for your incentive program. Are you aiming to increase sales, improve productivity, enhance customer satisfaction, or foster employee retention? Defining specific, measurable, achievable, relevant, and time-bound (SMART) goals will provide a solid foundation for evaluating ROI. To measure the financial impact of your incentive program, consider the following metrics:a) Revenue Growth: Determine the incremental revenue generated as a result of the incentive program. Compare the performance of participants with non-participants to isolate the program’s impact.b) Cost Savings: Evaluate any cost savings or efficiencies achieved through the program. For example, decreased absenteeism reduced turnover, or streamlined processes.c) Sales Lift: Analyze the increase in sales […]
Incentive Technologies for Remote Workforces: Keeping Employees Engaged from Anywhere
The rise of remote work has revolutionized the way businesses operate. With the advent of technology, companies now have the ability to tap into talent from all corners of the globe. However, managing a remote workforce comes with its own set of challenges. Moreover, one of which is keeping employees engaged and motivated despite the physical distance. In this blog post, we will explore the importance of incentive technologies. And, how to foster engagement among remote workers and highlight some effective strategies. The goal is to keep your remote workforce motivated, productive, and connected from anywhere. Employee engagement plays a vital role in the success of any organization. Because regardless of whether the employees are working in a traditional office or remotely. However, remote work presents unique obstacles to engagement, such as limited face-to-face interactions, potential feelings of isolation, and distractions in the home environment. To counteract these challenges, companies must leverage technology to create an environment that promotes employee engagement and collaboration. Incentive technologies provide a powerful means of motivating and engaging remote workers. Organizations can foster a sense of belonging, recognition, and reward, which are essential drivers of employee satisfaction and productivity. Let’s explore some effective incentive technologies […]
4 Ways to Measure Your Workforce Engagement
In the wake of the great resignation and the trend of quiet quitting, companies everywhere are fighting to find ways to acquire, obtain, and motivate top talent. All of these goals are supported by an engaged workforce. The question is, how engaged is your workforce? Let’s go over some metrics and questions you can ask to gauge how well your company is doing at engaging your workforce. We’ll start with a fairly obvious one: retention rate. Retention rate and turnover are great ways to check your company’s engagement success. According to SHRM, the basic formula for calculating turnover is:(# of separations during the measurement period /average # of employees during the measurement period) x 100Using this formula, you’ll get a good understanding of how your company is doing in retaining your employees. It is best to also compare this number to the average for your industry, as some companies tend to have higher turnover rates due to the nature of the job. If your turnover rate is higher than the industry average, you’ll want to understand why. This is a big indicator that your employees may not be engaging with your company or their work. If you regularly send out […]
The Secrets To Why Loyalty Programs Deliver Channel Sales Results
No matter how popular or on-trend your product is, if you can’t create an incentive reward program in a cost-effective manner, then you just won’t make a good return on your investment. When your manufacturing facility is not producing the profit margins that you desire, you’ll need to seek out some options that make sense and make your channel sales partners and accountants happy. As incentive and reward management systems evolve, brands and partners are continuing to modify business models, which serves as a catalyst for the change needed to work the core programs. These marketing programs are arguably the most important factors for businesses with indirect sales channels and contribute to the overall success of localized marketing strategy. Here is why: -Rewards programs drive channel revenue. Incentivizing your channel with MDF funds based on sales performance encourages branded co-marketing engagements. The more marketing funds that are dispersed through the network, the more likely the partner is to market the brand, which in turn increases foot traffic and sales. -Compensation programs build up a focused separation for your channel program. Giving your channel guide access to brand dollars expels the biggest boundary to a section for channel showcasing. -Reward programs […]
Your New Health and Wellness Incentive Program Needs This To Succeed
Without the proper wellness program strategy, No health and wellness incentive promotion is guaranteed success. However, this doesn’t mean it has to be a complicated process. When making changes to an existing program or setting up a new one, if you cover the basics and work with experienced experts, you’ll find that your program is well on its way to success. It is essential to your program’s success that you ensure proper planning is aimed toward increasing participation in your health and wellness program. Listed below are a few basics to help guide you to boost participation rates for your health and wellness platform. -You need a well-designed and thought-out program where candidates can reach their goals. -The more participants, the better for your program. When building your program’s timeline, allow a sufficient amount of time to build up interest and excitement (several weeks or so) for your health and wellness program. A number of educational information and announcements released over the course of your build-up period will increase interest. Examples can include: Helpful Tips: -Use attractive visual presentations -Demonstrate a few examples of what to expect -Pass out questionnaires and enrollment packets for those who would like to enroll […]
Incorporating Virtual Rewards into Your Incentive Program for Remote Workers
As vaccine rates rise and life begins to return to a more normal state, it is clear that some changes brought about by the pandemic may be permanent. A PWC survey showed that around 80% of companies are planning to maintain some amount of remote work post-pandemic. Additionally, a PR Newswire survey showed 1 in 3 employees would consider changing jobs if the company they are working for makes them return to the office. In the face of this changing workforce, companies are looking for ways to retain and motivate their employees. Employee recognition and engagement is essential to the morale of a company and in maintaining high standards of productivity from their workers. Remote Employee rewards programs are excellent for employee recognition and with the right employee rewards program, you can see higher levels of retention, engagement, morale, and profits. You may also see higher levels of customer acquisition as motivated employees often prove to be the best brand advocates. Remote Employee Incentive programs benefit employers by: A points-based incentive program can be incredibly effective for remote workers. Your workers will adore earning points in incentive programs, which can be spent on an extensive range of prizes such as […]
Digital Rewards For Employee Recognition
As more and more people are working from home, companies are looking for employee recognition ideas and ways to motivate their employees. Employee recognition and engagement is essential to the morale of a company. Employee rewards programs are excellent for employee recognition and with the right employee rewards program, you can see higher levels of engagement, morale, retention, and profits. You may also see higher levels of customer acquisition as motivated employees often prove to be the best brand advocates. Employee Incentive programs benefit employers by: Motivating Employees Promoting Teamwork and Engagement Retaining Your Company’s Top Talent Boosting Employee Morale Providing Measurable Results Increasing Service Levels A points-based incentive program can be incredibly effective. Employees adore earning points in incentive programs, which can be spent on an extensive range of prizes such as gift cards, merchandise, experiential rewards, additional paid vacation time, or cash equivalents. Employees are well acquainted with what is required to participate in points-based reward programs and will respond enthusiastically to them.When creating employee rewards programs, particularly for remote employees, the right rewards are very important to your program’s success. The effectiveness of your digital or virtual incentives depends on the type of the virtual reward and […]
Incentives & Rewards To Engage Remote Workers
Many companies have employees working remote or from home. This is a tremendous opportunity for companies to save money and increase their employee retention. However, it is not uncommon for many companies to feel that it can be difficult to engage their remote workers. One of the most effective ways to engage both remote and in-person workers, is through incentives programs that are geared to employees working from home that is attached to measuring milestones and outcomes that benefit the company and the employee. A good example is a remote employee who sits for extended periods of time and does not have the daily water cooler activities that the office environment provides may need the encouragement to get up and move around. A wellness program attached to 5,000 or more steps a day may successfully boost the morale, health, and productivity of the individual. No matter what sort of organization or company you have, people are motivated by incentives. A study from the Incentive Research Foundation (IRF) showed that 81% of the top-performing companies had non-cash reward programs. A 2016 study by DCRStrategies reported that 79% of companies that have used employee incentive programs say that their incentive program resulted in achieving […]
Start The New Year With a Winning Wellness Program
It’s that time, setting better intentions for ourselves to get healthy. Whether it be going to the gym more or eating better, which are literally the top two resolutions the general public gravitates towards, and we’ve got the research to prove it (see the infographic below)! But let’s get to the nitty-gritty of why 2018 is the year to cultivate a winning wellness program. Source: Accelerant Research As the wellness industry continues to evolve (now grossing a whopping $6 billion), it’s becoming more transparent, and providing more information that is readily available for the general population, we can see now how important health and wellness plays in our daily lives, not only for current state of well being, but there is proven research that shows increase in work productivity/performance, less stress-more happiness, and life longevity. So many wonderful benefits and a better quality of life can be achieved with a simple health and wellness program, and the working men and women are taking notice. “More than three-quarters of job seekers say benefits are “very important” when considering a job offer, and 69% say they might choose one job over another if it offered better benefits.”-Source: Spring Buk. Which is why […]
Top 2018 Corporate Wellness Trends
It’s that time – we are all gearing up for the new year already, getting through the holiday madness and planning for Q1. With all the busyness of the holiday season, health and wellness program participation tends to have a little bit of a decline, which is why staying up with the trends to entice your participants to get off to a good start next year is so important. When managing a successful corporate health and wellness program, it’s necessary to take ABE approach (Always Be Evolving) and work with a health and wellness incentive provider that understands services you are offering to assist them, and the appropriate incentives needed to modify the behavior to lift program uptake over last year. ABE is key to participation because they continuously need your active interest in their influencing motivation! Key considerations need to be reviewed every year to keep your workplace wellness program on track. Listed below is a handful of the top corporate wellness trends to incorporate into your program for 2018. This one’s a biggie. When presenting a more flexible work environment in exchange for program participation, you can bet that participants will be willing to engage. Offering teleworking or […]
