Curate Your Reward Solutions to Drive Employee Engagement and Channel Loyalty
When is the last time you evaluated your employee or channel incentive to see how satisfied your participants are? If you’re drawing a blank, we bet the program hasn’t changed much since it started. Incentive rewards must be constantly evaluated to continue driving results that meet your objectives.
Many incentive programs tend to continue without any changes because they were set up as a one-time project or have become a part of company culture and become an expected benefit. As goals shift, so should your rules and benefits. More program owners are taking a step back to measure the satisfaction levels of participants. According to IRF research, program owners will be conducting more participation surveys in 2020. These are expected to increase to 40% for 2020, compared to 27% in 2019.
So, how can you shift your reward options to better engage your audience? We’ve created some tools to make it easy to get started.
- Take a pulse check on how your program ranks with an audit consultation.
- Find out how participants feel about your incentive program using this participant survey. The results will allow you to make the right changes and make changes to improve your ROI. After all, rewards are not a “one size fits all” solution; they should be curated for the audience.
Take a look at your reward catalog. Do your offers seem a little stale? If your participants are earning reward points, but aren’t cashing them in, this could be a sign of undesirable rewards. This lack of motivation can mean your goals, whether to motivate employees or increase sales, aren’t being met. Not to worry – we’ve consolidated the latest research and tips on program design with easy tips to curate your reward collection.
Here are some ideas for rewards to include based on the top reward types trending this year so far.
- Experiential rewards
- Concert tickets, spa appointments, weekend trips, and excursions can be scheduled at their convenience and picked according to their lifestyle. Feature rewards based on time of year, like a spa day to refresh for the New Year.
- Personalized experiences leave notable connections to the program (Remember your favorite live concert? We sure do.).
- Trips tailored to their lifestyle will create an emotional connection with your brand and memories that will last a lifetime. They can pick the best departure dates to fit their schedule.
- High-valued merchandise related to the experience
- Name-brand tech, clothing, and sunglasses valued at ~$160 remain at the top of the list. Apple Airpods are still a favorite with Millennials.
- Merchandise that ties back to your group or individual travel incentives can enhance their experience at the event.
- Custom-made gifts
- Introduce a new program theme with a “thank-you” for their contributions.
- Personalized gifts are more appealing than generic “swag” people are used to.
- Gift something useful to keep your brand constantly top of mind.
You know the saying, “People will forget what you said, but will remember how you made them feel”? The same rings true for incentives. Give participants the right number of options to choose what they want, with memorable and meaningful rewards to truly delight them, while meeting your program goals.