Whether for health and wellness, loyalty, channel partners, market research or something else, there are many different ways to set up incentive programs. One of the more useful tools for incentive programs is issuing points as “virtual currency”, which allows participants to keep track of their earned benefits. Typically, users receive points for reaching preset benchmarks that reward them with a selection of different incentives, which can include prepaid Visa cards, gift cards, digital rewards, goods, and services from the issuing organization. This could include bonus products, bonus thresholds, and channel partner opportunities. These loyalty programs are a fantastic tool for market research, automotive, health, and wellness, customer, employee, sales incentives programs and more. Compiled below are a few of the Benefits and Drawbacks to help guide those considering developing their own points-based incentive program: As you work through the benefits and drawbacks of points-based programs, you will discover that finding the right reward management solution provider is an essential component in driving a program’s success. All Digital Rewards (ADR) is a leading technology company specializing in customer loyalty and promotions, program development, design, and implementation. We can help you navigate through the pros and cons as they present themselves. […]
Category: Incentive Program
2021 Incentive Trends To Watch For
A busy new year has started. Incentive program managers are focusing forward on what will be important for their 2021 rewards programs. Fortunately, they don’t need to consult a magic 8 ball for insight. The Incentive Research Foundation (IRF) released their 2021 trends report, which has a great deal of data to help plan for the year ahead. We will go over some of their top findings. The IRF found that in 2020 merchandise was used by 68% of incentive programs, and gift card use rose 26% after the start of the COVID-19 pandemic. They predict that in 2021 there will be an increase of 33% for gift cards and 24% for merchandise. They also predict that later in the year, as the vaccine rolls out, there may be an increase in demand for experiential rewards. This is why in 2021 incentive program managers should seek out reward distributors with robust incentive offerings, which include cash-equivalents, such as gift cards and prepaid cards, as well as merchandise and experiential rewards. It appears that part of the secret to successful incentive programs is choice and personalization. The IRF found that things like branding and giving incentive program participants choices in what […]
Your 2021 Business Strategy and Incentives
2020 has been an unpredictable year, and 2021 has a lot of hopes and dreams pinned on it. For businesses trying to put together their strategies for 2021, it may feel like a challenge figuring out what to expect and how to plan. Fortunately, when it comes to incentives, 2021 has some clear best practices that can be followed for a successful 2021. When considering your incentives mix, consider the following: Prior to the 2020 pandemic, people were choosing experiences over merchandise more often than not. When a company offers experiential rewards, the participant who redeemed the experiential reward will treasure the memories from their reward, and it will create a stronger bond between the participant and your company. They’ll want to earn more rewards and will work harder to get them. With the vaccines being sent out, it may be that experiential rewards will make a comeback in the 2nd half of 2021 The number of people working from home has increased significantly in the last year, for obvious reasons, and many companies may continue to allow their employees to work from home in 2021. Employers have struggled this year to find new ways to engage their remote workforce. […]
2020 Incentive Trends and What Incentive Trends to Expect for 2021 – ADR
2020 has been a crazy year full of changes and surprises. In the incentive industry, some interesting things have been happening. The Incentive Research Foundation (IRF) recently released their report on the Industry Outlook for 2021, which included some trends from 2020 and what they are predicting for 2021. When IRF conducted their 2019, 85% of companies expected to have a strong financial performance in 2020. The IRF’s new study showed that only 64% believe their companies will have a strong financial performance in 2021 and 50% think that the U.S. economic outlook is strong for 2021. These percentages are still reasonably optimistic, considering the situation with COVID-19. There was a 10% rise in incentive program cancellations in 2019 from 18% to 28%. The rate of incentive program cancellation in 2020 remained fairly steady at 29%. The IRF study showed an increase in preference for gift cards and merchandise, but a sharp, but not unexpected, decrease in offerings of experiential rewards. Many people still desire experiential rewards, but most program managers have chosen to exercise caution in light of the COVID-19 pandemic. The IRF believes that the distribution and adoption of COVID-19 vaccines may cause these trends to change in […]
FIVE EASY WAYS TO CREATE A SUCCESSFUL B2B2C INCENTIVE PROGRAM
Incentive programs are driving the success of B2B2C businesses. B2B2C incentives are engaging business channel partners creating strong relationships between partners. According to statistics in a study from the Incentive Research Foundation (IRF), businesses that used a non-cash channel rewards program showed a 32% increase in total revenue and a 30% increase in market share. Here are five ways to create the perfect B2B2C Incentive program:Make sure to engage your participants, help them be the decision-makers. Offering a direct reward for a qualifying behavior will help you gain and maintain a long-term relationship with your channel partners. By allowing your participants to log into a reward site and pick their prize from among a variety of options gives them a feeling of empowerment. Structure your plan ahead of time with the correct processes because even the most expensive reward will be rejected if the system to redeem it is not user-friendly. A well-designed B2B2C incentive program should offer products and services enticing enough to impact behavior and also be structured to have a delivery system that meets budgetary and client expectations. The wrong incentive marketing agency will have long redemption processes which will cause participants frustration and will impact the […]
What 2020 Has Taught Us About Incentives
The Incentive Research Foundation (IRF) recently released a study on employees’ reward and recognition preferences. This study included around 1500 full-time employees from various backgrounds and demographics. The respondents were given 24 different reward options to rank according to preference. The biggest takeaway from this? When it comes to rewards and incentives, one size does not fit all. For ongoing rewards programs, Gift cards were the top-rated tangible incentive selected by survey participants. For annual rewards, high-value merchandise was popular, along with travel/experiential rewards. However, despite the fact that over 50% of respondents placed all-expense-paid experiences as a reward preference, only 3% of them reported receiving that sort of reward. Rewards programs employed effectively show clear benefits. Employees who felt satisfied with their company’s rewards and recognition efforts reported the following: Despite the Covid-19 pandemic, only 16% of survey respondents indicated their reward and recognition preferences had changed. The 16% showed an increase in interest in monetary rewards, such as gift cards or prepaid cards. The most common reason was because of either an increase or a decrease in work hours. Surprisingly, the interest in travel rewards was not significantly decreased among respondents. Cash-based rewards should be integrated into incentive programs, whether […]
Studies Show the Solution to Raising Performance and Productivity
Incentives have long been recognized as one of the most effective ways to motivate others. The importance of incentives is known internationally. A research paper by Calista Lai of the Jyväskylä University of Finland explores the benefits of incentives. When it comes to channel sales teams, employees, or anyone else, the equation for productivity is: Ability + Motivation = Productivity According to Calista Lai’s research, the difference between Incentives and rewards is as follows: “An incentive is defined as something that triggers a particular course of action, a reward is given following a desired behavior to increase the probability that the behavior will be repeated.” Ideally, rewards and incentives are used together, both to encourage desirable behavior, and to reward positive action. There are three categories that rewards/incentives fall into: Examples of monetary incentives could include stock options, bonuses, paid time off, etc. Tangible non-monetary incentives include Visa Prepaid Cards, Gift Cards, merchandise, experiential rewards, etc. Intangible non-monetary rewards typically take the form of social recognition. A study in Performance Improvement Quarterly found that incentives can improve performance by as much as 44% and increase productivity by 27%. If you’re ready to start an incentive program or take your current […]
Rewards and technology solutions for your B2B incentive programs
The right rewards are essential to your business to business incentive programs. Not all rewards are valued the same, and the incentives that one person finds motivating might not be enough to inspire another’s action. The right rewards can promote b2b business opportunities and increase your ROI. There are several important questions to ask when looking for rewards that will motivate your B2B incentive program participants: Is your program designed to engage participants’ physiological, social, and cognitive requirements? How frequently are rewards issued? What is the perceived value of the rewards? How are the rewards delivered? There is a popular theory of motivation that states that actions are often inspired by a desire to gain outside reinforcement. This incentive theory is one of the significant methods of motivation and suggests an eagerness for the addition of a reward to motivate behavior. The more value the participant places on the reward, the more influential the incentive becomes. To be motivating, rewards must be obtainable. For example – a participant will not be motivated to reach their sales goals if the sales claiming and validation process is so complicated that it is not realistically achievable. The best way to set up your […]
Incentives In a Changing World
The world is changing, and with it, the way we conduct business is changing as well. Companies are seeking new methods of customer acquisition. Employee recognition ideas are a high priority. Sales incentives are becoming more common as part of channel marketing strategy. Virtual incentive options are being sought out. You can spend thousands on advertising, but that doesn’t guarantee customer acquisition. You can experiment with both new and existing models to retain employees. You can look into new ways to increase sales from your direct channel marketing. All of these are reasonable ideas, but you could say yourself some time and money and use a strategy that works: Incentives. As we go forward in the years to come, incentives are going to continue to be an essential part of daily operations for businesses in nearly every industry. If your company is needing a change, and you have the budget and organizational support to execute, it may be time to either start an incentive program or upgrade your existing program. One of the biggest challenges facing businesses is choosing the right rewards and technology to manage their incentive programs. Incentive programs, whether sale incentive programs, employee recognition incentive program, customer […]
How To Spice Up Your Incentive Program In 2020
2020 is the year to add some fresh flavor to your incentives rewards programs. Whether it is for customer incentive programs, market research payment incentives programs, health and wellness incentive programs, or a channel partner program, there is always more you can do to make your incentives rewards program better. Some of the best ways to spice up your incentive programs include choosing the right rewards, adding sweepstakes/instant win games, and increasing motivation. Rewards are a key part of every incentive program. prize incentive companies will often point out five key reward types. Cash Equivalents Incentive Gift Cards Digital Rewards Experiential rewards Merchandise Cash equivalents such as virtual visa prepaid cards, physical prepaid cards, and checks are a favorite among consumers. A good visa prepaid card provider will be able to offer bulk prepaid cards and custom branding for your company’s incentive program. Gift card rewards, whether physical or digital, allow your participants to enjoy shopping with top name brands. Like cash equivalents, gift cards are an incentive program favorite. Digital rewards give participants the pleasure of instant gratification, making them a great way to update your reward program offerings. Experiential rewards allow participants to create memories and can include […]
2020 Incentive Program Trends
All Digital Rewards is committed to providing you with a dynamic, and engaging program that will meet your company’s goals. For more information on how All Digital Reward can help you with your 2020 incentive program call 866-415-7703 now or click on the button below to schedule a demo. It’s the New Year, and it’s time for your company to consider how you will move your business forward in 2020. You are out there looking at all the new tools available to you and finding all the best solutions to meet your business’s most significant challenges and upgrade your incentive programs. There are a lot of changes coming in 2020 and many trends to look forward to and plan for. Here are some of the top incentive and reward program trends for 2020. Whether for customer incentive programs, channel sales incentive plans, market research incentives, or anything else. Digital rewards are a trend that keeps going. Digital rewards can include electronic gift card incentives for top-rated brands (Target, Landry’s, Walmart, Sephora, Amazon, Best Buy, etc.), virtual visa prepaid cards, audiobooks or video service subscriptions or credits (Fandango, audible, etc.) and so much more. Digital rewards can be used quickly and […]
Digital Vs. Physical Incentive Redemption
Reward distribution and redemption are key points in the structure of an incentive program. The most common methods include digital codes, physical pieces, or blended systems. Each type has its benefits, and their appropriateness will be dependant on the incentive program’s needs. Direct digital incentives provide an online redemption process, typically using a unique pin code. A recipient will receive a link to the online redemption center and a pin code. They then go to the redemption center and enter their pin code. They are given the opportunity to select their reward, which will be sent to them either physically or digitally, depending on whether the reward is physical merchandise or a digital reward like a coupon, egift card, music, prepaid VISA card, etc. Direct online redemption processes are commonly used as part of corporate incentive programs. Digital redemption solutions provide simple and easy support to the redemption process. This solution has a low chance of human error and the least amount of steps. Real-time tracking and reporting of redemption statistics and customer support functions is easy due to the digital nature of the redemption process. Direct digital redemption processes are ideal for use in support of corporate incentive solutions […]
