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 […]
Tag: Sweepstakes technology
Plan For The Best Sales Incentive Program
The best sales incentive plans are simple, flexible, easy to administer, easy to monitor and improve, have low overhead costs, and bring about measurable results. Most companies use their sales incentive plans as a way to reward their sales force for their efforts on behalf of the company. The sales incentive plan should help promote loyalty to the company and increase participant performance. If your sales incentive program does not meet these criteria, it is a sign that you need to review your sales incentive plan and consider making changes. In order to help motivate and inspire your sales incentive program participants and encourage them to succeed, the incentives offered should have high perceived value and be tailored to your participants’ demographics. Some of the most popular choices include gift cards and incorporating sweepstakes and instant win games. The benefits of gift card rewards are well-known to most companies. Gift cards are great for budget-conscious participants, allowing them to use their gift card rewards for things they might not normally spend their cash on. The gift cards earned from these types of rewards programs can be redeemed at thousands of online and in-store retailers. Additionally, the perceived value of those […]
What Your Competitors Don’t Want You To Know About Planning Sweepstakes
Millions of people participate in sweepstakes every year. Brands know that they can use sweepstakes, both internally and externally, to engage and motivate participants. Sweepstakes can aid in market research, company health and wellness programs, recruitment, sales, and so much more. No matter what kind of program you’re running, there’s an easy way to integrate sweepstakes. Before you get started on your sweepstakes, there are some things you’ll need to know to be successful. Here are some lesser-known tips to keep in mind when putting together your company sweepstake. Planning is essential in everything, and sweepstakes are no exception. This may seem elementary to you, but there are some unique elements you must keep in mind when planning sweepstakes. Keep Your Participants In Mind Consider your participant demographics and interests. Make sure your sweepstakes will appeal to them, and that participation is not overly complicated. Make it an enjoyable experience from A to Z. Picking the Right Prizes Incentives need to fit your audience. You need your rewards to be valued as worth the time and effort it will take for participants to get a chance to win. Utilize Reward Technology Using reward management technology and custom-tailored software to run […]
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 […]
