The following is a blog that was originally written for Best Payment Solutions.
https://bestpayment.solutions/knowledge-center
The new year is fast approaching and everyone is strategizing how to improve their business. Incentive programs are amazing tools to help your business or organization reach your goals. Here are just a few of the benefits you can expect from implementing an incentive program.
So many different types of incentive programs can boost your revenue. With rebate programs, you’ll see an increase in sales and repeat purchases. Sales contests can help move excess inventory and increase sales in general. Referral programs work to expand your lead pool with a higher percentage of relevant leads while reducing lead acquisition costs. Additionally, studies have shown that a B2B incentive loyalty program can reduce sales and marketing costs by as much as 18%.
Quick Tip: To fully understand the success of your incentive program, it is essential that you maintain records of your pre and post-implementation metrics so you can compare them as the program progresses. With a good program management platform, you should be able to download detailed reports on your program’s progress for easy review and strategizing.
A Harvard Business Review study showed that 84% of B2B buyers start the purchasing process with a referral. With incentive programs that reward clients for referrals, you can increase your leads and brand awareness at the same time. This could be anything from a client entering the email addresses of people they’d like to refer to you, or sharing a specially generated link on social media to encourage people to engage with your brand.
Quick Tip: It’s important that the referral process is as easy as possible for your clients. You want the effort-to-reward ratio to feel like it’s in the client’s favor. Make sure there are no unnecessary complications to the referral process and that the reward will be desirable enough to motivate your client to take action.
Show your channel partners that you are invested in their success. With a channel sales incentive program, you can reward your partners for moving your products. This will give your partners a more favorable view of your company and strengthen their relationship with you.
Quick Tip: Ensure that you have a good platform from which to manage your channel partner program that allows you to easily review program data and connect with the program participants so you can enjoy the full benefits of implementing an incentive program.
Whether it’s a channel sales incentive program, an employee recognition program, or a sales contest, people love to get rewards. When set up in a thoughtful manner with carefully chosen rewards and realistic expectations, an incentive program can have a massive impact on your team’s motivation.
Quick Tip: Take the time to understand what types of rewards are most desirable for your participants. The more the perceived value of the reward, the greater the motivation.
As we’ve discussed, there are many ways incentive programs give your company an edge over your competition such as increasing your leads, retaining existing clients, and boosting your sales. You can also use incentives to encourage employees and partners to become better educated on your products and business, making them significantly more effective. Additionally, having an incentive program can make you stand out from the crowd and increase your brand awareness.
Quick Tip: Whatever kind of incentive program you use, make sure you have clear goals and the infrastructure in place to appropriately support those goals and measure your results. Consider whether it will be more effective to handle the program in-house or bring in specialists to ensure things run smoothly.
In today’s competitive business environment, you need every advantage you can get. Ask yourself, how can an incentive program help you reach your goals this coming year?