Whether it is for a customer loyalty incentive program, a health and wellness incentive program, or a channel partner program, choosing the right rewards and incentives is one of the most important parts of planning your incentive program. But how do you know which incentives will be the most effective for your program? Well, first we need to go over the different types of incentives and rewards. Merchandise can include a number of different things. It can include highly rated products such as jewelry, electronics, appliances, etc., novelty items custom branded for your company, and so much more! Merchandise is often understandable considered the workhorse of any incentive program. It’s not hard to understand why cash equivalents such as physical prepaid visa cards, digital prepaid cards, and checks are a favorite among consumers. People love cash, so cash equivalents are always a crowd pleaser. Cash equivalents work best as part of a reward mix, rather than as stand-alone incentives Digital rewards are incredibly satisfying to participants. People love instant gratification, and digital rewards give that to consumers. There is something beautiful about earning a reward and being able to redeem it right away. Digital rewards are an ideal choice for […]
Category: Incentive Program
Choosing The Right Reward Management Technology
Whether it’s channel sales, health & wellness, loyalty, or a customer incentive program, the technology behind it has to fit the program’s needs. Shopping for the right reward management technology is an essential part of planning for any incentive program. Although there may be things you will need to customize, there are some standard features that should be included with your incentive management system. Standard Reward Management Software Features Member Profiles – Set up an infinite number of member accounts with vital personal data. Manage the virtual currency accounts of members in real-time and audit-proof. Admin CRM – You should have access to a comprehensive member dashboard that allows you to view and manage your member profile data and see specific data such as points balance statement, status level, points expiry dates, program creation, and more. Reports and Accounting – Regularly receive program reports to review the success of your program. System Users & Groups with Audit Tracking – You should be able to provide module access to users/user groups and define permission levels. Having control and audit-proof user activity records will help you identify any changes made to your program. Event-triggered Communications and Notifications – Good reward management software will let you set up […]
The Easiest Way To Motivate Your Channel Partners
Motivation is the secret sauce for success in your channel partner program. The question is, how do you cultivate the motivation your sales force needs? A recent Forbes article outlined six keys to workplace motivation: Set goals Celebrate milestones Provide feedback Empower problem-solving and learning Follow through on promises Experiment and learn Most people will agree that these are all effective ways to motivate people, but how do you put this information into practice? A sales incentive program is an excellent way to apply all six of these motivation tips. In this post, we’ll show you how your new incentive program can implement each of these elements to increase your sales force’s motivation and productivity. Sales incentive programs allow for clear goal setting for your sales force. By offering incentives to your sales force in exchange for the completion of specific tasks or goals, you will increase their motivation and give them clear objectives to work towards. For bigger goals, you can offer individual incentives such as virtual prepaid cards, branded gift card incentives, or travel incentives like cruises and vacation packages. Additionally, with the help of a points-based incentive management solution, you could also give your sales force the […]
How To Get The Most Out Of Your Channel Partner Program Through The Power Of Incentives
Savvy businesses know that engagement is the most important ingredient in a successful channel partner program. When your channel sales team drives a considerable portion of your business’s revenue, keeping the relationship between you and your sales team strong becomes an essential part of your business’s focus. How do you improve those relationships and get the most out of your channel partner program? Incentives! Incentives are a popular way of improving channel partner programs. The goal of an incentive program is to change behavior. If your incentive program doesn’t cause a change in behavior, it isn’t effective. Effective incentive programs motivate and engage your sales force, pushing them to greater success! A quality incentive program will require you to have the right rewards, the right technology, and the right administrator. Rewards have to be something that your sales force with value, while also fitting your program’s budget. The Right RewardsChoosing the right rewards for your incentive program can be tricky. Rewards have to be something that your sales force with value, while also fitting your program’s budget. Rewards can include Visa prepaid cards, gift cards, merchandise, digital incentives, travel, and experiential rewards. Demographic information, surveys, and an understanding of current […]
Market Research Incentives Strategies That Could Save You Thousands
The challenge that market researchers face is how to engage participants while keeping costs down. Utilizing an incentive program is a proven way to increase program participation and engage your users, but how do you keep program costs down? Short answer: Gamification and diverse, demographic-specific incentives. Take the case of one of All Digital Rewards Market Research clients. Our client had been running a cash-based incentive program for their market research panels. The program offered checks and prepaid cards, such as visa prepaid card rewards, as incentives for completing program tasks. There was consistent user engagement at least one to five times a month. Users had become habitual in their choices of the cash-equivalent rewards, and the program was proving to be expensive for our client. To decrease our client’s costs, we worked with them to enhance their current incentive program and transform it into a more cost-effective program without sacrificing engagement. First, we introduced a wide range of incentive reward products alongside the current cash-equivalent products as part of the marketplace for the points-based incentive management system. By adding the new rewards alongside the old cash-equivalent rewards, the users were able to view the new marketplace as an upgrade, […]
The Building Blocks of a Successful Panel Loyalty Program
Panel loyalty programs increase research firms’ panelist retention, survey frequency, and panelist acquisition programs, making them foundational in increasing your research firm’s profitability and revenue. An effective panel incentive program can build brand advocacy and increase the lifetime value of the panelists. The four basic building blocks when creating an effective panel loyalty program strategy include objectives, gaining program support, rewarding participants and measuring the program. Objectives There are a few steps you must take when creating your panel loyalty program. Gaining the support of key stakeholders When preparing for a panel incentive initiative, panel managers often face roadblocks in the approval phase of their proposal. Be prepared to show upper management that you have a sound business case, including measurable and accurate metrics. Loyalty incentive programs have proven vital in cultivating and rewarding repeat panelists. You must ensure your loyalty program will be valuable to your key stakeholders. With a strong plan in place with clear financial objectives, management is more likely to understand the benefits of your program and see that it warrants their support. When in the program design phase, take the following steps: Rewarding The Participants There are several types of incentives to select from, including: […]
How To Increase Engagement Through Sweepstakes
If you want to engage your customers or employees consider running a sweepstake program! If a sweepstake is implemented correctly and strategically, the benefits are significant. Sweepstakes are cost-effective ways to increase brand recognition, improve engagement, increase sales, and market your business. Before we discuss the process of creating a sweepstake and what all that entails we should define what a sweepstake is. Additionally, it is essential to know the difference between sweepstakes, contests, and lotteries. Each type of program has it’s own uses and laws associated with it. Sweepstakes require luck. A sweepstake is the most common type of giveaway promotion. Sweepstakes select prize winners at random, and there is no charge to participate in them. Contests require skill. A contest chooses a winner based off of the participant’s ability to complete a specific task. An example of this could be a photo contest where the person who submitted the best photo gets the prize. A lottery requires luck and money. Lotteries are pay-to-play. Like a sweepstake, a winner is chosen at random, but unlike sweepstakes, the participant must pay to enter. As with everything, proper planning and good execution are essential for setting up your promotion. There are […]
Comparing Types of Incentive Programs for 2019
It’s the New Year, and it’s time to consider how you will move your business forward in 2019. You are probably looking at all the new tools available to you and considering all the best solutions to meet your business’s biggest challenges. As you consider these, don’t forget to take a moment to evaluate the benefits of implementing an incentive program for 2019. Simply put, an incentive program is a means of rewarding desired behavior or actions. Incentive programs have a myriad of uses. You could use a sales incentive program to motivate your sales force to improve their performance in 2019. You could start a health and wellness incentive program to promote a healthier workplace. An incentive program could be used for employee recognition or as part of a loyalty marketing campaign. The sky is the limit when considering an incentive program! An incentive program can involve a number of different promotion types. Employees could earn a chance to play an instant win game set up to give them a chance to win virtual prepaid cards or perhaps a family vacation. Another option could be a sweepstakes program to increase customer loyalty and engagement. You could also institute a […]
How To Start A Sales Incentive Program In 2019
Are you looking to find a new way to motivate your sales force in 2019? Consider implementing a sales incentive program! No matter what industry you’re involved in, incentive programs are an effective way to drive employee engagement. Here are some tips to get you started on your new year incentive program. Engage Your Employees Make sure your employees are engaged by your incentive program. The goal of a sales incentive program is to motivate your employees to engage in desired behavior. To ensure maximum engagement, make sure your program is relevant to your employees. Consult with experts who will be able to help you choose the most effective program types and rewards for your employee demographics. Plan Ahead It is important to have a solid plan in place before you launch your incentive program. To flesh out your plan ask yourself questions like: Don’t Just Focus On The Cost Of Individual Incentives It is easy for decision-makers to focus on the individual costs of incentives and become discouraged. However, if you work with an incentive agency, you can alter the costs. Incentive agencies only pay for rewards redeemed, which reduces costs and improves incentive programs’ ROI. Use The Right […]
Introducing the Ezepic™ Rewards Program
Companies and organizations use incentive programs for a variety of promotional and employee recognition purposes. In most cases, incentives play a contributing factor in determining the success of channel partner, sales, loyalty, consumer, health and wellness promotional programs. Incentive programs increase participant engagement and yield significant results for the sponsoring organization. As reward programs have evolved, so has the technology that supports them. All Digital Rewards is excited to introduce our new Ezepic ™ Reward card. The creation of the Ezepic™ Reward card is to help program managers reduce costs and streamline efforts managing their Incentive program and meet evolving consumer and participant engagement appetites. Adding an Ezepic Reward into your incentive mix eliminates the need for inventory management helps minimizes risks on purchasing incentives that for whatever reason is not attractive to your participants. Its purpose is to lower costs while at the same time allowing program managers the ability to easily customize incentive offerings and can be branded to fit your organization’s needs. The Premiere Ezepic™ Reward offering revolves around rewarding participants retail gift cards instantly, or in bulk through automatically awarding recipients through RewardWIZARD™ API providing instant impact. Gift cards are proven to deliver results and […]
Types of Health & Wellness Incentive Programs
It can be a challenge deciding which type of health and wellness incentive program is the best fit for your organization or whether or not you should engage the services of an incentive provider to gain helpful insights. Health and wellness incentive programs are an important part of encouraging health among employees, decreasing spending on employee health care, increasing productivity, and raising morale among employees. Health and wellness incentive programs come in many forms, depending on the sponsoring organization’s particular goals, and what tactics are needed to influence healthy behavior. Health and wellness incentive programs should be consistent with an organization’s vision and goals, legally compliant, and relevant to the program’s participants needs. As a general rule, most health and wellness incentive programs will fall under one of four different types: When effectively implemented, these health and wellness incentive programs have been shown to improve work performance, decrease the number of sickness-related absences, increase companies’ abilities to attract top talent, and improve employee’s self-management skills. Each of these types of plans have their own unique features and compliance obligations. Becoming informed as to the different types of health and wellness incentive programs and their requirements is one of the […]
Acquiring and Keeping Customers Through Incentive Programs
Every day businesses are trying to find effective ways to acquire and keep customers. Both customer acquisition and loyalty are top priorities for companies everywhere. A customers incentive program can help you meet both goals. Customer incentive programs create loyal brand advocates among your current clients and entice new customers to turn to you. Customer incentive programs can include things like sweepstakes, points-based incentives, instant win games, or point of sale rewards. Each program should be tailored and branded for your company for maximum effectiveness. The type of customer incentive program you choose will depend on your organization’s needs and goals. Each type of program engages customers in different ways to encourage customer loyalty and acquisition. Sweepstakes Sweepstakes programs are a great way to entice customers and generate excitement. Sweepstakes are especially good at bringing in new customers and encouraging engagement. A well-executed sweepstakes program can be an excellent choice for companies. Points-Based Loyalty Programs Points-based customer incentive programs allow your customers to earn points for engaging in behavior your company finds desirable. Using points-based technology, the points can then be spent by the customers on things like travel, e-gift cards, VISA® prepaid cards, and brand name merchandise. With the […]
