Incentives That Work!
Updated: Mar 23
Recent studies show that the incentive travel industry is growing. 43% of companies reported their incentive travel budgets increased in 2019 with 53% predicting increased spend in 2020. Spending smart and tracking your ROI are key to sustaining your program long term.
While spend is on the rise, it's more important than ever to incorporate creative ideas and strategic insight into programs that will keep them relevant to multi-generational participants year after year. Here are a few tips to help your program evolve.
It's important to find the right mix of incentives that resonate with all generations whether they are just starting their careers or nearing retirement. Consider your participant demographics, where they've already been and experiences they've already had. We’ve seen many companies use one size fits all programs to the same or similar destination types each year. Their programs have become irrelevant to participants who want real life experiences they can’t arrange on their own. Destinations where they can have authentic cultural experiences, opportunities to make an impact and learn a new skill have more of a positive impact.
No One Left Behind
Programs are often built around the top 3 percent of performers, which leaves out a larger demographic. Building secondary programs and subprograms makes goals more obtainable for lower level performers to be recognized. Rewarding actual behaviors that lead to success can motivate for bigger achievement year after year. There is a large gap that exist between the program kick off and the reward fulfillment. Puzzles are put together piece by piece as opposed to coming all together at once. That’s why it’s important your incentive program provider should deliver the wow factor in all communications, push notifications, monthly program incentives (the puzzle pieces) and technology that break the program down during the long sales cycle. Have you heard about our monthly momentum program? If you only hear from your incentive house about details pertaining to the trip, then you are using a travel agent and not an actual incentive house.
Keep It Trending
Finding the right mix of destinations year after year is key to a relevant program. A professional incentive provider stays informed and educated on all trending and emerging destinations. Using their industry connections and professional affiliations such as SITE to stay current with new properties tour companies and trending experiences. A whole new world is available outside of traditional programs relying heavily on all-inclusive properties. Over-familiarity with programs that limit participant travel to Mexico, and the Caribbean are not as motivating as Europe might be. Participants are willing to spend some out of pocket money for diverse locations outside of all-inclusive only properties.
If you aren't using technology in your business, you are behind. Your competitors have the leading edge over you. It's no different for an effective incentive program. There are numerous creative ways to use a personalized app to maintain participation and continuously motivate throughout the program. Technology can be used to send teasers, destination information, new reward opportunities, schedule personalized experiences, send push notifications and so much more. It’s part of your brand.