Last week we shared why you need an incentive program and this week we dive into proven strategies that drive motivation and build loyalty for your organization. Read on to find out which type of incentive is right for you.
Top Rewards used by Insurance & Financial Companies:
- Full-blown incentive with a 12-month production cycle – company pays for most expenses and offers numerous networking opportunities – especially with senior management.
- Luxury Incentive (6- to 12-month production cycle) – company pays for many expenses (not all) and gives agents more free time, while still offering networking opportunities. This incentive let’s attendees decide how they spend their time and saves the company money by not paying for all dinners and activities.
- Limited incentive (12-month production cycle) – company typically pays to get attendees to the destination and for hotel accommodations. They’ll also include a welcome reception and a final night farewell. All other meals and activities are at the guests’ expense, therefore networking with host company staff is minimized.
- Seminars and conventions – training sessions in which the company automatically pays for attendees’ air, makes qualifiers earn it, or attendees pay for air on their own. Land expenses are typically paid for with the same categories.
- Gift cards – While gift cards do make great gifts, they don’t provide lasting memories like incentive trips. When you receive a gift card, it’s likely you spend a few seconds looking at it before you put it in your purse or wallet. When you go to spend it – it’s no longer a reminder of who gave it to you. Your recipients may tell you they’d rather have cash, but most don’t know how they would spend it and don’t appreciate it like a reward trip. This “Preference Reversal” is why putting stretch goals with aspirational rewards in front of your audience is important.
- Travel My Way – Individual leisure reward certificates are best used when a company has a very limited budget for rewards but understands that rewards help increase sales by providing motivation and incentive to sell. Individual rewards are a nice, simple option, but fail to build the relationship that a true incentive trip offers. Without the connection of face-to-face interactions during a trip, an individual travel reward becomes simply a transaction with lesser after-trip appreciation tied back to the company offering the reward.
We have also been enhancing the reward trips with our new Gift Suite Experience. In the past, many incentive programs have included room gifts, void of customization, often with unappreciated gifts being left behind in hotel sleeping rooms. Now, personalized gift selection is the rage when you give your attendees the opportunity to stop by our Gift Suite Experience to see, touch and select a gift of their choosing that meets their desires and unique style. Complete with a gift voucher to invite your guests to pick out their ideal gift in their preferred color and size, you can then relax knowing the gift will be shipped and waiting for them after they return home (on site gifts also available).
Kids or no kids? More and more clients want to spend quality time with their attendees and would prefer the kids were not in attendance. However, if they do attend, most clients are collecting a “buy-in” fee for all expenses and taking these extra attendees off the company master account so they can spend their money equally among the qualifier and their one guest. This is the most equitable option for all involved.
What’s the best reward for your group? If you are just starting out – crawl, don’t jump. Avoid putting your company in financial risk with an over eager sales cycle that doesn’t have the history to support it. Our job is to help you navigate the waters as you reduce the amount of time you have to spend recruiting new talent and ultimately creating rewarding incentives to retain your top agents.
And if you are asking yourself, wouldn’t it be great to retain all your top talent without having to provide rewards, then you’d miss out on great networking opportunities and a chance to increase your sales.