In today’s highly competitive marketplace, it can be difficult to make a sale. Just being aggressive doesn’t cut it any longer. Sales skills alone aren’t enough to compete when so many new products and services become everyday commodities.
Here are some compelling reasons why you should consider using incentives as such a tool:
* Knowledgeable and attentive employees account for 80% of the reasons consumers feel satisfied.
* Fewer than one in four American workers is working at full potential; half of all workers do no more than directly asked, and 75% of employees say they could be more effective in their jobs.
* 70% of unhappy customers abandon vendors because of poor service.
* A 5% increase in customer retention can increase lifetime profits from a customer by 75%.
How Can I Use Incentives in My Business?
Incentive programs can be used successfully in many ways, here are a few:
- Sales and Customer Retention (ie. referrals, encourage repeat business & attract more traffic, etc.)
- Employee Improvement/Dedication (ie. exceed sales goals, employee retention & loyalty, etc.)
- Fund Raising
- Increase Circulation
- Trade Show Giveaways
These are just a few types of companies who successfully use Incentives in their businesses: Auto Dealerships, Non-profit organizations, Retailers, Manufacturers, Wholesalers, Distributors and many many more!
The Travel Incentive Advantage
Vacation and travel incentives are one of the most powerful methods of attracting business, retaining profitable clientele, increasing profits, enhancing product awareness and improving employee productivity. Businesses that have used vacation travel incentives in their marketing and promotions have seen at least 30% increase in their sales on both sides of the buy and sell cycle.
Why Travel Incentives Outweigh Cash Ones?
- Non-cash rewards are highly visible. Recipients of non-cash rewards, like a trip to Hawaii, are more likely to share about them than cash rewards.
- Non-cash rewards are more memorable and have an emotional value.
- Travel can create a sense of anticipation; a great reward in trying times.
- Cash rewards tend to be used for a utilitarian purpose such as paying the bills, buying groceries, or making mortgage payments. As a result, very little meaning is derived from this type of reward.
- Travel incentive programs allow employees to tick items off their bucket list without the associated guilt.
Though its value is concrete and while it could be used to purchase a lifestyle award, most likely cash will be charged against a pile of bills. And with the demise of the cash award goes the memory of its origin leaving no trace of psychological branding.
In a recent survey over half of the respondents perceive that travel is remembered longest (57% agree), merchandise is remembered next longest (52% agree), and cash is remembered for the shortest time (58% agree).
To learn more about our trips, loyalty programs and gift cards, reach out today!