Corporate Incentive Award Programs
Continue to Part II: User Awards for Marketing Campaigns»
IntroductionIncentive marketing is a fun and exciting way to boost sales and motivate and reward your sales team and customers by offering prizes, gifts, discounts, rewards, premiums, and other incentives for meeting quotas or making purchases. Incentive marketing for customers could be a program as simple as offering big discounts for bulk orders, or for setting up a weekly or monthly autoshipping service. Incentive marketing can also include contests which offer rewards or chances to win prizes as a result of specific behavior.
CostsMarketers of any size budgets can use incentive marketing to their advantage by tailoring a program which scales to their company's size. Whether your rewards are something as simple as discounts on products, t-shirts, or something more enticing like vacations, cash prizes, or contests which give away automobiles, computers, or home electronics, scaling your prizes to your company's size will insure that your customers and employees are rewarded in conjunction to the size of your business.
TimeframeIncentive marketing can take some time to show its results, or they can be somewhat quick, depending on the program. Contests and giveaways should be given time to work, while other programs, such as offering large discounts for bulk sales can be instituted almost immediately.
Action PlanAt the beginning it is important to determine whether your company will design and manage the program in-house, or whether a professional agency will be contracted. Agencies can be expensive but also can bring knowledge and resources that many companies may not have. Whether your incentive program is designed for employees or customers, the rules and definitions of who qualifies for what should be outlined and clearly defined up front. There is nothing worse to destroy an incentive program than someone who believes that they are qualified for a prize, only to find out that they really are not.
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