A Guide To Incentive Marketing
Jan 14, 2019
Turn to Geek Tech Branding, the go-to source for promotional products, for tips on how to run a successful incentive program!
By Robert Piller
The Cincinnati Reds are exempt from paying taxes on bobbleheads and other promo products the team offered with ticket purchases for select games. Entrepreneurs in Michigan’s marijuana industry found a loophole in a new law - even though marijuana wouldn’t be legal for another year in the state. In short, there have been several recent headlines about gift with purchase and incentive marketing.
Via: ASI Central
Long before baseball and cannabis became part of the discussion, though Geek Tech Branding was in the game, as the go-to source for promotional products. The business has been selling items used in incentive programs since the 1980s and even used to give speeches on the subject at annual conventions and conferences.
What is an incentive program?
As the name suggests, an incentive program gives an award - but it is more than that. It serves as recognition for achieving certain goals. Incentive programs serve as problem-solving tools for businesses, as they motivate employees and/or customers to achieve certain goals. A well-run incentive program can increase sales and improve safety and attendance.
What is the point of an incentive program?
This is a two-part answer. This program will encourage employees and/or customers to reach a goal, as mentioned, but this also becomes the company's goal. In order to plan out a successful program, we suggest listing out goals within your business and - next to each of them - different performance levels.
How do I run an incentive program?
After deciding on these factors, professionals must also consider time. When will this program start, and for how long will it run? This may depend on your industry. If you sell antifreeze, for example, you may want to start during the fall season, before the peak season begins. And when it comes to the duration, you could have a program that rewards everyone early, that gives bonuses as the program continues or one that finishes on a strong note, as many goals will be met towards the end. Programs can run for a couple of weeks and for an entire year.
Who should participate in this program?
Think about who will contribute to the overall success here. Is the incentive centered around sales? Then there are probably rewards for those who sell and/or those who buy. Is it focused on attendance? Then reward employees who show up for work the most. Is the main goal to have fewer workplace accidents? Then reward employees who demonstrate and encourage safety in the office. Is the program centered around a specific marketing campaign? Then incentives could be given to the staff members who designed the campaign, as well as the consumers who buy into it.
What should the reward(s) be?
Decide what would encourage everyone best. Tech gadgets are often a smart choice, since we live in a digital day and age. We have power banks/chargers to keep professionals on the go, speakers that appeal to a wide range of people and even tech gift sets that come with multiple items.
Want to learn more? Check out our other blogs on incentive programs!
- Why Rewarding Your Employees Will More Than Pay Off For Your Company
- How To Choose The Right Gifts For Your Next Incentive Program
- Which Approach Works Better for Safety Incentives: Group Performance or Individual Achievement?
- We Know Incentives