Your Incentive Program Needs a Strong Reward Mix
Incentive programs are common in many businesses and industries. They range in type and complexity. Whether for a health and wellness program, channel sales, market research, or something else, your reward mix is an essential part of your incentive program. A good reward mix can lead to a high ROI and successfully meeting your goals. If your incentive program isn’t meeting your goals, it may be time to consider a more robust reward mix.
Not all rewards are equally valued by participants. The rewards that one person finds motivating may not be effective enough to motivate someone else. Having a broad range of reward options can help increase your ability to motivate your incentive program participants.
Many incentive program managers make the mistake of thinking that they can just offer cash, or cash equivalents like prepaid cards and gift cards and that’s plenty for their reward mix. Although this strategy may work for some programs, in most cases, a more robust reward mix is needed.
Why Cash & Cash-Equivalents Aren’t Enough
To many people, cash may seem to be the best gift to give to others. How many people once reaching adulthood start asking for cash at Christmas, rather than standard presents? Although cash may be useful, it is not memorable and creates very little in the way of lasting bonds. Think about the last time you got a really good gift for a birthday, or holiday. Didn’t you feel an immediate bond with the person who took the time to get you something special? The same thing can happen when incentive programs take the time to understand their demographics and offer rewards they will truly value.
Types of Rewards That Can Strengthen Your Reward Mix
When you are planning to add more quality rewards to your mix, there are plenty of options to choose from. Keep in mind that the best picks will fit both your demographics and the program you are running. When in doubt, reach out to a reward specialist to get some tips on what will work best for your program.
Merchandise is a nice addition to your rewards program. It gives your participants something tangible to have on hand and remind them of the reward they received from you. Merchandise also allows for a wide range of options that your participants can choose from.
As more and more people are being vaccinated against covid-19, experiential rewards will become a more viable option for incentive programs. Experiential rewards are some of the most popular types of rewards among participants. These can include concert tickets, travel, events, and more. Experiential rewards make strong memories and connections between participants and your organization.
Games and Sweepstakes
Games and sweepstakes add fun and excitement to incentive programs. Participants enjoy having the chance to win one big prize. These games and sweepstakes can also be used in points-based incentive programs as a way to motivate lower point earners and to help people spend leftover points.
No matter what type of rewards you want to add to your incentive program, All Digital Rewards has options for you. All Digital Rewards has a long history of helping businesses succeed by being able to identify, obtain, and present highly responsive incentives and rewards to achieve successful behavioral outcomes. At ADR, we believe incentives and rewards help create personal partnerships, build brand advocacy, and extend the lifetime value of employees and customers for organizations. Regardless of the critical objective, we can provide the processes and solutions for validation, management, fulfillment and delivery of the perfect incentive or reward.
For more information on how our reward and incentives and our reward technology platform applications can support and benefit your incentive program initiatives, call 866-415-7703 now or click on the button below to schedule a demo.