Use incentives to increase retention. Whether it’s your sales force, partners, research panel participants, or employees, retention is an important part of your company’s strategy. The Bureau of Labor Statistics reported that in 2018, 15.5% of workers chose to quit their jobs, with Millennial workers making up half of those who quit. There are lots of reasons for employees quitting, but with a low unemployment rate, it is a workers job market, and companies have to get competitive in both hiring and retention. Incentive programs are a proven method for retention and acquisition. An incentive program shows your people that you value them and increases their engagement and motivation. According to a study released by Bersin & Associates, there’s a 14% higher rate productivity in companies with incentive programs. Additionally, companies with engaged employees have higher rates of retention. It is worth comparing incentive program technology and management software programs before setting up your new incentive program. To ensure that you’re getting what you need for your program, there are several key features you should look for: Extensive Reward Offerings User-Friendly Security Compliance Flexibility Customizable To increase the effectiveness of your incentive program, you should have an extensive […]
Tag: incentive program
Choose The Dine and Go™ Prepaid Card For Your Incentive Program
Choosing the right rewards for your incentive programs are one of the most important steps in creating an incentive program. With a strong knowledge of behavioral economics and understanding matching up relevant incentives to drive behavior, we can identify and define demographics and choose the right rewards and incentives. Whether it’s a program focusing on health and wellness program, customer acquisition programs, channel sales incentive plans, rebates, employee recognition, or customer loyalty, it has been shown consistently that cash-equivalents are a favorite among incentive programparticipants. Our research has shown that Millennials (Generation Y) and New Silent (Generation Z) participants are looking for dining and entertainment reward card incentives that will support the local establishment in the communities they live in. All Digital Rewards created the Dine and Go™ Visa® Reward Card to do just that. Participants can now use this custom card incentive program at their local restaurants, bars and entertainment. Gone are the days of having to issue big box restaurant gift cards. Reward cards are wonderful brand awareness and customer acquisition tools and known revenue generators. These cards are popular because of their ease of use, perceived value, and universal acceptance. Additionally, incentive programs that use prepaid cards […]
Get Results With Rewards And Incentives
You want to have the best performing employees. Every company does, but just signing a paycheck alone won’t be enough to get you there. Sure, you’ll have the occasional over-achiever, but for most employees, a paycheck is expected compensation for performing basic job functions and it will not connect at a psychological level. If you want to encourage people to exert extra effort you need to engage them. Employee engagement levels have been linked to increased revenue, retention, and performance. Despite this, you might be worrying that you’ll have to shell out massive bonuses to motivate your people. However, Increasing engagement doesn’t have to break the bank. Non-cash incentives such as merchandise, sweepstakes entries, and experiential rewards can go a long way in boosting employee motivation levels. With the right incentive program, you can turn your employees into team members. Incentive programs can create feelings of belonging and increase worker satisfaction. Earning rewards or points for a reward marketplace can give employees a definitive way to measure their performance and drive them to work harder. Produce exceptional results in your companies ROI. Through creating a feeling of belonging among your staff you can instill a sense of company pride in […]
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 […]
The Key To Engaging Channel Partners
Channel partner programs seek a mutually beneficial relationship, but like all relationships, there are steps that need to be taken to avoid relationship problems. You want to feel that your channel partners are meeting your needs and your partners want to feel their efforts are valued and appreciated. But how do you keep the profit-producing magic alive in your channel partner relationship? Two words: Incentive Program. Now, not just any incentive program. Just like you wouldn’t buy your significant other jewelry from the dollar store for Valentine’s day, you want to make sure your incentive program shows the value you have for your relationship with your channel partners. A custom incentive program, with the right technology, will not only engage and enthrall your channel partners, but it will increase your ROI and provide valuable analytics for your business. You may be asking, “how will an incentive program help?” We’re so glad you asked. An incentive plan shows your channel partners that you value them and increases their motivation and engagement. A study by Bersin & Associates shows 14% higher productivity in companies with incentive programs. An incentive plan rewards your channel sales partners for completing the goals you set for […]
Learn This Secret To Measure Your Channel Sales Program’s Success
Records, paperwork, spreadsheets, forms…In a word: Data. The secret to measuring your success is data. If you want to dominate your channel sales and crush the competition, you need the right data to build out the metrics for your program. Once you have the metrics, you can easily identify your program’s strengths, weaknesses, opportunities, and threats. The question is, what metrics do you need for your channel sales program? First thing’s first. You should divide your metrics up into categories: Channel sales recruitment, success, profitability, and training & support. Here is the channel sales data you need for each category: The total number of partners Recruitment quota attainment Partner attrition rate The percentage of partners recruited by channel (for example, 40% from networking groups, 30% from proactive outreach, 15% from referrals, etc.) The average cost of recruiting and onboarding a new partner The average length of time to recruit and onboard a new partner The total number of partner deals registered The average value of a partner deal The percentage of accepted partner-submitted deals The percentage of closed partner-submitted deals The average sales cycle length The percentage of your partners who registered a lead in the past month or quarter […]
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: […]
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 […]
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 […]
Increase Genuine Accessory Sales with The Right Sales Promotion
This case study will illustrate how to increase genuine Accessory Sales by implementing a highly responsive sales overlay program that will increase participant engagement by educating participants, using interactive games, and issuing sought-after reward incentives as part of a promotional sales claim process. The case study is an illustrative of the promotion outcome after the conclusion of three similarly situated overlay promotions over an eighteen-month period. The subject of the case study is a leading global automotive manufacturing company that is South Korea’s oldest manufacturer of motor vehicles. Over 1.5 million vehicles a year produced in 13 manufacturing facilities and assembly operations in eight countries. They wanted to run a genuine accessory sales overlay promotion for their dealer partners in the US market. The promotion included sales, service, and accessory departments. The current promotion was not performing and the manufacturer reached out to All Digital Rewards to re-launch the program. Being a valued client of All Digital Rewards, and it was important to take into consideration how the promotion was previously conducted, not confuse the participants, and not lose the component participants had enjoyed – the rewards. All Digital Rewards would have to address the promotions decline over the last […]
Exploring Health and Wellness Program Types. Incentive and Reward Program Series 3
All Digital Rewards, a leading health and wellness incentive provider, is committed to helping health and wellness program managers understand the basics of creating an incentive plan for their members. When creating a health and wellness incentive program, there are four main types that most programs will fall under. In previous posts, we’ve explored type 1 and type 2 programs. In this third post of our Incentive and reward program series, we will be reviewing type 3 health and wellness incentive programs: Health Plan-Related Activity-Only Programs. Type 3 Health Plan-Related Activity-Only Programs allow participants who are enrolled in the company’s healthcare plan to earn rewards after completing certain health and wellness activities. Examples of these Health Plan-Related Activity-Only Programs could include things like a reduction in employee health plan contributions if the employee follows a diet plan, or rewarding an employee for participating in exercise classes, or offering a reduction in employee health plan contributions if the employee exercises for at least 3 days out of a week for a minimum of one hour on each of those days. Your type 3 health and wellness program must be accessible to all similarly situated employees who are enrolled in your company’s […]
Why Prepaid Reward Cards Continue to Increase Incentive Program Engagement
There is one constant in every marketer’s toolbox when it comes to incentive rewards – Prepaid Reward Cards such as; VISA and brand named Gift Cards are a still a favorite with participants. If you need to increase engagement in a consumer promotion and if you’re not using them – you should be. Some of the benefits that prepaid cards offer include ease of delivery and use perceived value, and being universally accepted. Businesses continue to use them in their promotions to reward participants and to increase engagement. Below are some facts to consider when creating your incentive and promotional strategy and why choosing the right prepaid reward card providers are important. Business can deliver rewards in a variety of ways, either digitally or by a physical card and participants can receive their reward when and how they like it. A prepaid card is practically a cash equivalent to your participants – easy to store and use. Another awesome bonus is that prepaid cards limit fraudulent activity. VISA Prepaid Card: Users able to use the card practically anywhere to make purchases, both in store or online, just as they would with a debit or credit card. Gift Cards have numerous […]
