Best Practices for Creating the Right Rewards Program that Drives the Right Results
A high performing incentive program should provide the right reward to the right person and drive the right results. However, because each audience and organization is different, reward programs contain variable components. There isn’t one off-the-shelf program strategy that will work for every business. But there are key considerations to weigh when speaking with a potential reward provider and designing a reward program strategy.
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Understand your audience and define your goals
New technologies and connected lifestyles are reshaping the ways organizations successfully engage and motivate consumers, sales partners and employees. Businesses are challenged to create reward programs that are unique and personalized. The key is to create meaningful segments that provide separate rewards to effectively engage with or motivate each group.
Offer varied reward options
An effective program must offer reward choice for participants in order to satisfy a potentially diverse recipient group. Customers have different reward preferences, and reward programs should offer enough variation to evolve with your program.
Select a user-friendly platform
Reward programs should be seamless and user-friendly. Select a reward provider that is able to offer an extensive suite of customized and off-the-shelf, web-based applications. These allow for ease of program administration, communication, ordering, tracking and integration into third-party systems.
Decide how you will communicate the program
Develop a communication plan to support the roll-out, implementation, and maintenance of the program. There may need to be separate messages for audiences in different geographic locations, different departments, etc.
Conduct ongoing review of the program
All of the available options for personalization can only be effective with regular monitoring of the program and reporting on progress. To optimize the program, organizations must create benchmarks and define success metrics to continuously measure against.