Talent retention, brand awareness and much more!
Incentive marketing seeks to improve the routine of employees and encourage them in their daily work, upgrade the company’s performance and results. Some say that loyal customers and engaged employees are the keys to a successful business. And there’s no denying it: a team’s level of engagement can affect customers’ own perception of the brand.
In this context, the incentive campaign for employees can tweak the overall performance and satisfaction of your employees with the company, and give you keys to better control of the attraction to the retention of talent in the team. With the right incentive campaign for the specifics of your target audience (that is, the team you want to motivate), this strategy can turn your employees into true promoters of your brand.
What is Incentive Marketing?
Incentive marketing offers people a small offer or reward in return for the completion of a certain action: 30% of increase in a six-month selling rates and the team will be rewarded with a trip to Brazil, just an example… However, how the action and reward are determined depends entirely on your product or service, your business model, and your employees themselves. What works well for one particular team will not necessarily work perfectly for another.
The idea is to give your personnel the little nudge that they might need to part with their time, their efforts and their dedication. These people might be close to that point already and just need a small something to put them over the edge. This is where an incentive that they deem to be valuable can do so.
Incentive marketing can be customized according to the needs of each company and is focused on three keywords: motivation, recognition and reward. Motivation happens through the creation of a campaign with goals and objectives to be met; recognition and reward came further: a professional who achieves good results, receives recognition in front of his co-workers and also an award with considerable added value.
However, in order to obtain full efficacy and achieve the goals initially set, the company must pay attention to key points that are very important for the enterprise to succeed. A good planning prevents waste of money on initiatives that will not lead to any real improvements.
Identify your target audience
First thing is finding exactly for whom the action will be created. Collaborators? From which area? It may also be that the objective is to motivate a supplier or even partners of the company in a certain external business. Map thoroughly the target audience of your campaign and find exactly who the participants are and what they expect from this type of action.
Get an accurate diagnosis
As important as knowing your audience is determining why you are doing what you are doing. What’s everything for? Analyze your market well, understand the company’s culture in depth and even analyze competitors, making a detailed diagnosis to have a more complete briefing.
Time to outline the objectives of the action in detail, as well as the goals to be achieved, the campaign regulations, the awards, the evaluation metrics, the schedule and the strategies for engaging your target audience. In short: to establish how the action will be developed from beginning to end. Bear in mind that the stipulated goals must be realistic, possible to be achieved. When faced with goals deemed unattainable, in general people feel unmotivated to participate and the tendency is for the action to lose its effectiveness.
Make an opening ceremony
This is the crucial moment when it comes to engaging the target audience. The launch of the campaign must have an impact and win over people, making them realize how much the company invest, value and bet on the teams. Organizing a launch event can be a good option and secure a high level of engagement right from the start.
Promote constant stimulation
Project progress is a critical and essential phase. People should keep in mind that there is an action in progress until the award is given and, during this, you must retain them engaged with the proposal. Encourage personnel to keep looking for results until the action closes date. Giving constant feedback, guiding and directing the strategy during the course of action also usually brings excellent results.
Offer quality rewards
An incentive marketing action, even if very well designed, ends up failing to bring results if the prizes offered are not attractive to the target audience. Of course, budgets vary according to the reality of each company, but it is necessary to keep in mind that successful campaigns tend to exceed the investments. Durable goods or consumer goods usually work well, but the type of reward most valued in general is travel, intangible goods that provide unforgettable experiences and non-measurable value.
QUICK TIP: Do you know how employee experience can help your business’ performance? Click here to discover.
Look for feedback
For your company’s incentive marketing campaigns to be increasingly efficient, always collect feedback and impressions from all participants after each action. Ask people what they liked and disliked and if they have any critics or suggestions by sending out some forms. Doing this, you can consolidate a database for future campaigns.
Analyze the results
Once the campaign has ended, is crucial to analyze the results. Were the objectives achieved? What did the company actually gain with the action? Evaluate the metrics described in the planning phase and create a final report, which will serve as a basis for setting up the next actions.
Reasons to adopt incentive marketing strategies
Many companies may find it unnecessary to apply Incentive Marketing actions and campaigns; however, the reality shows otherwise. https://exame.abril.com.br/negocios/dino/empresas-pretendem-aumentar-o-investimento-em-marketing-promocional/, 56% of companies already adopt some of these practices internally.
The same survey shows that 96% of them consider awards fundamental to the performance of professionals. Putting Incentive Marketing into practice is, therefore, a fundamental action for the success of any company, generating engaged and stimulated employees to achieve results that are more positive.
There are countless reasons why instituting marketing incentives is important to your business. Here are just a few of them.
- Happier and more productive employees
With this strategy, your employees will be motivated and engaged in the cause. You will clearly identify how that monotonous air influencing the work environment and the team’s quality of life will cease.
By transforming a monotonous environment into a dynamic one, you can generate the team’s desire to continue in the company and achieve the proposed results you aimed for. In other words, your employees will have a better quality of life within the corporate environment.
A great tip is to bet on good prizes that favor this idea such as travels, leisure options and courses. It is important to always offer really good prizes so you will create an intention to conquer and fight for it.
- Consolidate the team
When you decide to start an incentive marketing campaign, you are valuing your team’s quality of life, which will result in its consolidation. And why is this? Well, in this strategy, in addition to remuneration, employees receive awards receive awards that are outside the usual business relationship within the corporate environment. This brings satisfaction, a feeling of belonging to the team and of wanting to remain in the same work.
That is, dissatisfied professionals seek other job opportunities. Incentive marketing is an excellent option to reduce turnover, which brings benefits both to the sales team and to each of the professionals.
- Cost reduction and revenue growth
Incentive marketing reduces team turnover, avoiding hiring and firing costs. Bringing, therefore, a direct consequence to the reduction of expenses with training of new employees, that is, cost reduction.
In addition, we already know, through new research, that motivated professionals produce much more than unmotivated ones. In other words, they make more sales and meet more targets, which consequently leads to an increase in revenue and the number of sales.
With the employee’s desire of belonging, the company has the possibility to grow within its market. Such actions generates even greater rewards for your employees and, in this cycle, the relationship is one of mutual growth, with both the business and the team stand to gain. In other words, the revenue increases.
As you should know by now, incentive trips are an effective way to promote the loyalty of both, customers and workers, promote the values associated to the company, connect departments or promote and reward the achievement of sales targets. GT DMC can help you reward your teams with a trip to Brazil, where incredible experiences await! Contact us and get to know our portfolio.