The best sales incentive plans, rebate incentives, customer incentive programs, and health and wellness incentive programs will almost always offer some form of virtual rewards. An important consideration is the time-frame of a virtual reward. A virtual prize is an incentive reward that is awarded immediately as a reward for an action or an event undertaken by a participant and then delivered via a digital medium. Virtual rewards allow for instant gratification, which can increase the feelings of satisfaction from your participants. The effectiveness of your digital or virtual incentives depends on the nature of the virtual reward and how valuable it is perceived to be by participants. Virtual rewards come in many forms; some of the most common are: Virtual gift card rewards, visa virtual cards, instant win games, and sweepstakes entries. Virtual incentive rewards such as virtual visa prepaid card rewards. These are a solid choice for incentives as they are viewed as a cash equivalent by incentive program participants. Gift cards have many of the same benefits and are often viewed as a windfall, which allows them to spoil themselves instead of having to be responsible with their spending. Primary Benefits of Virtual Incentives: Sweepstakes and instant […]
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Use Digital Rewards for Your Channel Incentive Programs
When creating an incentive program, the reward mix is a crucial element in your channel sales incentive program’s success. What rewards will you offer? What will appeal to your participants? Do you need a full marketplace of rewards or just a limited number of selections? Do you use physical or digital rewards? The best sales incentive plans will choose the right rewards for their participants. There is a strong argument to be made for including digital rewards and incentives in your channel sale incentive programs. Digital incentives boast a lot of benefits over their physical counterparts and can fit a wide range of incentive programs. Adding digital incentives into your reward mix may give your program the boost you’ve been looking for. Now, let’s talk about what digital incentives are and why channel partner incentive providers encourage them. Digital rewards can include electronic gift card incentives for top-rated brands (Target, Walmart, Amazon, Best Buy, etc.), virtual visa prepaid cards, audiobook or video service subscriptions or credits (Fandango, audible, etc.) and so much more. Digital rewards can be used almost immediately and provide instant gratification to your participants, which is why they are encouraged by prize incentive suppliers. No one really […]