Driving People, Driving Profits – Why Incentive Programs Work
Incentive programs go by many names — President’s Club, Chairman’s Club, Overachievers Program — but what’s in a name is less important than what is behind that name. A motivated, committed workforce, recognized through incentive programs that reward excellent performance, grows while others stagnate.
Incentive programs can create a measurable competitive advantage, particularly when economic conditions require a demonstrated ROI.
The Appeal of the Reward
- Anticipation inspires participants to change their behavior in a positive way
- A travel award is unique because it’s experiential; venturing beyond the beaten path and connecting with other cultures creates lasting memories
- According to The Society of Incentive Travel Executives International Foundation Study:
- Nine out of ten participants agree that an incentive program increased their sales efforts
- Nine out of ten participants say that they gained additional value by interacting with other attendees and program hosts
- Nearly all participants agree that travel is the most appealing award
- Cash rewards are often absorbed into winners day-to-day budgets and forgotten about within days
- Although program participants may state that they prefer cash to non-cash rewards, research shows cash is a poor motivator due to its lack of “trophy value.”
Road to Success
So how does a company create a program that reaps the rewards of metrics like those referenced above? There is a clearly defined roadmap to success:
- Create a program that is easy to understand and implement
- Educate all program participants thoroughly
- Plan an ongoing promotional campaign to kick the program off on a high note and keep everyone focused and engaged
This is the approach we take with all of our clients, whether they have been with us for 10 years or are new partners:
- Treating each one as as a unique opportunity to assist them with their growth and maintain a highly energized sales organization.
- Listening and understanding their strategic needs and delivering tactical programs that guarantee results.
Everyone wants to be a winner — part of the elite team that makes it to the top in a President’s Club or other incentive program. Rewards reap rewards.