Many people are under the mistaken impression that an incentive marketing company is an easy way to make money. In fact, it can be extremely difficult to pull off successfully. The key is understanding the true nature of business before you begin. The incentive marketing business model is one that requires a great deal of planning, effort, perseverance, and patience. When you're willing to take this approach towards achieving your goals, you will find that the results are far greater than you could have ever imagined.
To explain the strategy, the Association of incentive marketing uses rather simple terms. It is a coordinated plan for individuals to take action that is motivated by rewards. It essentially hinges on an old psychological axiom, that says that where there's motivation and will, there tends to be measurable performance. In this case, we are talking about how you are able to increase employee production. The reward you provide should be something the employee values. If they know they'll be getting a benefit or some form of acknowledgment for their efforts, they are more likely to take these actions.
Many companies view incentive marketing as something that should only be done with the help of a consultant or a program. While consultants and program members play a key role in some incentive programs, many other companies prefer to handle all incentive programs internally. This means that they hire people who are already committed to the company's mission and values. This makes it much easier to create rewarding programs for all of the employees, because everyone is working toward the same outcomes.
One of the most common forms of incentive marketing is through social media marketing. The success of many incentive programs is dependent on the social media participation of program members. Social media allows you to interact with and reach target groups on an individual level. When this occurs, it makes it more likely that program members will engage and want to participate in your overall incentive program. They will share valuable information with their friends and families and will likely tell their co-workers about what a great job you did.
Rewards, while important, are not everything when you are discussing the benefits of incentive marketing. The real value comes from the stories told by participants. What makes one employee happy is not always the same thing that makes another employee happy. Everyone is different, and what makes someone feel special is often different from what makes someone else feel special. By hearing the stories of others who have been through similar things, you can learn how to handle yourself and your organization better. You can learn about how others view your business and how these opinions influence your future decisions.
While rewards may be a very important part of incentive marketing, they should not be the only thing. If the primary goal is to increase productivity and improve quality of life, you should still include non-monetary motivators in your incentive marketing strategy. For example, you might offer co-workers bonuses for staying with your company beyond a specific point of time. You might offer them inexpensive lunches or dinners as a way to motivate employees to stay with your company. Whatever motivator(s) you choose, these should be things that your employees really want but cannot afford on their own.
One thing that all businesses face is attracting and retaining loyal customers. If you want to encourage employees to remain loyal to your incentive marketing company, you should look into providing benefits that allow them to keep their existing customers. Many companies have benefits such as insurance, retirement plans, or discounts at their restaurants. These perks can encourage customers to remain loyal customers and can make incentive marketing work.
There is a lot to keep in mind when looking at incentive marketing ideas. Make sure that the rewards and benefits offered do not come at an "unjust" price. Also, make sure that the incentives and rewards are not only useful to the company, but to the employees as well. Lastly, encourage employees to tell others about the great work they are doing, so that other people will be motivated to follow suit. By following these tips, you can use incentive marketing to improve your business in many ways.