How Can My Company Run An Incentive Program?
Jan 24, 2019
Learn why to start one, what to consider, how to implement the program and what types of rewards to use - all with tips from GeekTechBranding.com!
By Robert Piller
Why to create an incentive program
Incentive programs motivate people in areas such as cost reduction, quality standards, reducing waste, safety, introducing new products and attendance.
What to consider when creating a program
Objectives - The first aspect to consider is the objective or the main goal of the program. Keep this simple, so it is clear to everyone and easy to understand. Furthermore, it should be a goal that is attainable and measurable.
Participants - Think about who can influence the attainment of the objective. Participants may include consumers, a certain department, influencers or the entire office.
Duration - This will vary, depending on your budget, goals and industry, but keep in mind how long it will take participants to reach the main objective.
Budget - Think of it like this: What would you be willing to spend to achieve a $1 million increase in sales? This gain could be worth from 2 to 10 percent of the increase. You will need to budget for the awards and the administration of the program.
How to implement a program
First, formally introduce the incentive program to the participants, going over why it is being done and how it will take place. Throughout, remind participants of the objective through various forms of communication, and remember to evaluate everyone as the program progresses. At the end of it all, celebrate, in order to incentive people further.
Rewards to consider
Something fun: The big reward at the end of the program could be all about fun - like a drone! This “in” product is great for all ages, genders and industries.
Something useful: Laptop bags, cases and sleeves are quite useful for professionals, so this is another good option.
Something practical: Mugs, bottles and tumblers can be an affordable prize that can be handed out to everyone participating in the program. Plus, they look great when imprinted with your company name and logo!
Something technical: Tech gadgets such as speakers, chargers, adapters, stands and accessories are always a good way to go, too.
See more great incentive items here!