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Article
Whether your channel incentive objective is stretching the top 20% of performers or driving incremental performance of the middle ground, the engagement of your target audience is the first challenge that any channel incentive designer must overcome. A common assumption is that this is simply achieved by curating the right reward selection. After all, the […]
Article
As a tool in a vendor’s toolkit, channel incentive programs are pivotal tools in transforming channel relationships, influencing positive behaviour change and driving performance. The Incentive Research Foundation (IRF) found that non-cash channel incentive programs could increase total revenues by 32%, increase market share by 30%, and increase net operating income to 19% of revenue. Engaged, motivated channel […]
Article
According to research by Frederick Reichheld of Bain & Company, a 5% increase in customer retention can lead to an increase in profits of between 25 and 95%. If your objective is genuine customer loyalty, read on for our recommendations on why recognizing the crucial steps toward a sale is the key to enhancing your bottom line. The […]
Article
The key to a successful sales incentive lies in the planning. According to research, 90% of the top-performing organizations use sales incentives to motivate, recognize, and reward their salespeople. However, while organizations may mean well, the sheer existence of a sales incentive doesn’t automatically yield the desired results. For sales incentive plans to be effective, organizations need […]
Article
In the competitive world of sales, incentives play a crucial role in motivating teams and driving performance. However, one common pitfall is rewarding “business as usual” activities instead of delivering added value to your business, leading to complacency and stagnation. Sales incentives should be strategically designed to inspire exceptional performance, innovation, and value. Read on […]
Article
If you’re in Human Resources (HR) or any sort of leadership position that involves hiring and retaining employees, this guide will explore what the employee engagement lifecycle is and the various strategies and technologies that improve and extend the lifecycle. What is the employee engagement lifecycle? The employee engagement lifecycle encompasses the journey an employee […]
Webinar
Watch this webinar to learn about how Medtronic leverages their employee recognition initiatives to drive organizational objectives. Ken Fairchild from Medtronic will discuss how they were able to improve free cash flow, market share, and other key CEO priorities through a three-step model: Know, Commit, Act. BI WORLDWIDE’s Amy Stern will share the science behind […]
Article
How much is employee turnover costing you? It’s the stuff of Human Resources (HR) nightmares: Recruit. Screen. Interview. Negotiate. Hire. Train. It’s a huge investment. And then that investment starts Googling: “How bad will it look on my resume if I leave a job after eight weeks?” Something, somewhere, went awry between the time they accepted […]
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HR leaders might seem to have a limited set of data to gauge organizational culture, focusing on employee engagement surveys, employee net promoter score (eNPS), and exit interviews. However, if you have an employee recognition program in place, you possess a treasure trove of information that can drive strategic decisions and provide actionable insights for cultural […]
Article
Personalization goes beyond just using the customer’s name. Recognizing a customer for achieving a milestone or engaging in a critical touchpoint should be specifically acknowledged. Start by gathering meaningful customer data. What kind of information are you collecting about your customers beyond their name and contact details? Are you recognizing first-time buyers, repeat customers, or […]
Article
Many organizations face common challenges with their sales incentive programs, such as: To overcome these challenges, organizations need an effective strategy, such as: Different types of incentives can be used to address various goals and timeframes: A proven methodology can help drive behaviours and activities that produce measurable results: By addressing common issues and implementing […]
Article
First, we create a program unique to the target customers’ needs and interests, an approach also known as idiosyncratic fit in behavioural economics. This personalized tailoring helps customers feel as if they have an advantage as they pursue maximum rewards and benefits. It encourages them to keep using the program. From there, we add a […]