Online Reward Programs – How to Structure a Business Incentive Program
When you’re trying to figure out all the different ways you’re going to create success in your business, one tactic stands out that rewards your employees and you for success. It’s a business incentive program. You reward employees, clients, partners, or vendors for helping your goals. That means you meet your goals, and your participants get rewarded for helping you get there. But how do you set one up? What all steps are involved in designing and launching that actually can help you achieve your goals? Here’s what you do:
- 1. Determine The Goal Of The Incentive – Know why you’re launching the program, and exactly what objectives and goal you want it to help you meet
- 2. Identify The Audience – Know exactly who you need to take place in your program in order for it and you to succeed. Is it employee motivation? Is it customer loyalty? Is it a distributor channel sales incentive program? You have to know who you’re marketing to in order to craft the program the right way.
- 3. Choose The Right Incentive Structure – This is an important step. Is your program going to reward individual sales? Is it going to reward safe behaviors? The structure you establish will determine your program’s success or failure. Creativity and empathy on behalf of your participants will help you craft the best program. Don’t ask too much and give too little, but also don’t ask too little and give too much – that way leads to bankruptcy.
- 4. Budget Properly – You don’t have to give out trips to Hawaii for your incentive program to be a success. Most programs should be designed to be self-sustaining tools. The returns they provide should cover the cost of the program. If you put a program into place that contains a wide range of reward options, you stand a much better chance of success
- 5. Get The Rewards Right – As mentioned above, if you choose a program that carries reward selections that everyone will like you’ll stand a better chance of success at achieving ROI.
- 6. Get An Expert To Operate The Incentive – Running an incentive program on your own is tough stuff. This is especially true if you just expect to tack it onto a pre-existing job title and expect them to manage and run the program successfully. This is a full-time job for multiple people. Here at Loyaltyworks we take all the hassle out of your hair and do it all for you, all for minimal upfront investment and no IT involvement.
- 7. Communicate Effectively – If your participants don’t know you’re running a program, or what they can get for participating in it, or how important it is for your company to hit the goals of the incentive program, do you think they’ll participate? Communication is paramount to your program’s success.
- 8. Track Performance – Track your program constantly to find out what’s making a difference and what’s not. Make adjustments accordingly.
- 9. Celebrate The Winners – Make the winners ceremony a really big to-do. If you don’t really celebrate participants winning then all others contemplating increasing their participation won’t see a reason to do so. This is basically your avenue to “sell” your participants on participating in the future.
- 10. Keep It Going – Take your strategies that are working, and keep on going. If your program’s working wonders, don’t change anything, If it needs tweaking, then tweak it and see better results next time.
If you need an incentive expert to help you get your program designed and off the ground, call Loyaltyworks at 1-800-844-5000. We’d be happy to help, so call us today.
2299 Perimeter Park Drive
Atlanta, GA 30341