The Incentive Program's Rewards
The rewards, which you plan to make available to the participants in your incentive program, should be considered under two "value" criteria:-
- The cost to you in dollars
- The appeal and satisfaction of your rewards, in the eyes of the potential winners.
The dollar cost:
The cost of your rewards will be an important component of your planning in the early stages, and must be included alongside the estimates you obtain for printing, trade launches, agency costs and fees, and other items of expenditure. Obviously, the cost in dollars for rewards will be different for all programs, as they will depend upon how many prizes and how many people need to be rewarded, and to what value. Each program will be different.
The important need is to include the reward costs in your total budget. The advantage of a larger number of prizes, even if they be individually of a lower value, is that there is a greater degree of all round enthusiasm and participation, when the potential participants see that the odds are more in their favour.
If there are rewards available for all sections of a unit, or distribution channel, there is total involvement and the degree of co-operation and activity is often greater. However, the competitive spirit must not be destroyed by allowing everyone to win a prize.
Appeal and Satisfaction to Participants:
The success or failure of an entire campaign will hinge on the potential participants' reaction to "What's in it for them?" The appropriateness and excitement offered by the type of prizes can often lift the real value of these prizes beyond their actual dollar cost.
A few basic elements must be considered, in addition to the main need to consider the prizes through the eyes of the winner and not those of the promoters of the incentive scheme.
Summary:
You should:-
- Make it easy for the prizes to be collected or utilised.
- Explain clearly any conditions that may apply.
- Follow up with your prize suppliers to ensure that they do what they have promised, both to content and time.
- Make your communications with winners timely and friendly.
- Treat them as special people.
No incentive program can be considered complete until the prize winners have received their prizes in the form and within the time stated and with the satisfaction promised when you first sought their participation.
2006 Copyright www.TheMarketingUpdate.com The Incentive Program's Rewards.
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