Success for incentive programs.
In today’s workforce how one incentivizes their sales force and their customers is a key component in driving revenue. A motivated sales force that is focused on a company's bottom line will enhance revenue. A motivated customer to buy a company’s products or services creates more revenues and leads to greater customer loyalty.
The question is how to pull this off?
A successful incentive program in our opinion requires first and foremost a strong reward scheme. Secondly, the program needs to have the ability to measure success with strong metrics/analytics to track real-world ROI.
Without the right reward your program will go nowhere. There are so many ways to reward people today but we strongly adhere to the cash is king model. Giving folks trinkets and promo items is a thank you not an incentive.
We believe that the market of today is one where folks want to be recognized for either their loyalty or performance and are screaming to be properly motivated -- and nothing motivates like cash. That’s why at OneStreet all of our strategies involve a pre-paid VISA card.
Rewarding participants with pre-paid VISA cards also allows us to track the spend of the reward vs. the spend to run the incentive program. With this information we help our clients analyze their return on their investments and help them make decisions for future initiatives.
Arming clients with metrics and analytics gives decision-makers the tools to carefully develop their reward methods and program dynamics so as to keep participants eager to approach new goals once they have achieved a reward. This is imperative to have success for an incentive program.