When starting an incentive program and considering your incentive program strategy, it is important to set the right key performance indicators (KPIs) so that you can effectively measure your incentive program’s success. Different types of incentive programs will have different KPIs. If you plan out your KPIs prior to the start of your incentive program, it will be easier to measure effectiveness and to see areas for improvement.
Incentive Program KPIs
Some common KPIs can include:
- Incentive Program Enrollment – How many members of your target participants are enrolled in your incentive program? If you don’t have the level of participation you’re looking for, it may be time to consider making a change to your program. Do you have the right rewards that will appeal to your participants? Are you using a delivery method or redemption site that is difficult for them to use? Would adding some excitement through sweepstakes or instant win games improve things?
- Sales Increases – If you’re running a channel partner incentive program or other types of sales incentive programs, you will want to see if your sales increase after implementing an incentive program. Make sure you give adequate time to measure the results. It is important to make sure that you offer high-value rewards to your participants, otherwise, they may not be adequate incentives to motivate your sales team.
- Employee Motivation and Retention – Training new employees is expensive, so most companies prioritize employee retention. It’s also important to make sure that the employees you have are motivated to do their best. A good incentive program, particularly a long-term one can help with both of these issues.
- Reward Points Earned – In a points-based reward system, seeing the number of points earned is a good KPI as it helps track participants’ behavior. A high number of points being earned means that participants are being motivated to perform the desired behaviors of the incentive program.
- Reward Points Redeemed – It’s not just important to see points earned, but also redeemed. If participants aren’t spending their points it is important to understand why. Are they saving up their points for higher value items or are they uninterested in the offerings available in your reward marketplace?
Plan for Success
When looking at KPIs it is essential to have good data. This is why you need the best reward program management technology you can get. Keeping track of an incentive program without specialized technology can be a nightmare. As an incentive program manager, why would you put yourself through that? Look for a secure rewards program management platform that will give you the data you need and be customizable to your program’s unique requirements. Expert support and an extensive rewards catalog is an added bonus.
All Digital Rewards offers best-in-class reward management technology and an outstanding, ever-expanding selection of rewards, both physical and virtual. All Digital Rewards’ reward program management software, SaaS with RewardSTACK™ can simultaneously support multiple reward and incentive programs with the click of a mouse. While our real-time reward management solution functions as a turnkey modular platform, it can be customized and tailored to accommodate individual client and project needs, deploying thousands of rewards in over 150 countries, and supported by industry-leading reporting and analytics. Whether a client is delivering rewards to five customers or 95,000, ADR’s RewardSTACK™ reward management solution provides the much-needed support for whatever type of incentive program you’re running.
Additionally, RewardSTACK™ includes ADR’s Contact Center Module, which enables the client to have direct communication with their reward and incentive program respondents, simplifying customer service processes, and providing cost-effective account management.
For more information on our proprietary RewardSTACK™ program management SaaS platform and applications, call us now at 866-415-7703, or click on the button below to schedule a demo.