10 Tips For Improving Incentive Adoption
You may have been unable to attend our recent webinar, “Selecting the Right Channel Incentives that Drive Demand and Revenue,” featuring Angela Leech, Sirius Decisions and our very own Dan Hawtof. Here’s a list of the 10 tips I learned from the webinar about how to improve incentive adoption.
- Consider all relevant audience because not everyone is motivated in the same way, or by the same things. People have a wide range or likes and dislikes and your audiences, being 100% people, are no different. For example, an Air Conditioner may be more appropriate in a region like Hawaii, as opposed to Maine, particularly in the Winter. Segmentation in different aspects of your incentive promotions is a must.
- Relatedly, you should also target more than just sales people because there are others involved in the customer lifecycle process. Look beyond closed deals and sales; reward engagement and behaviors leading up to the sale, consider sales enablement strategies or engagement activities such as training and certification to put your participants in the best position to sell more of your product.
- Select rewards perceived as compelling because they are the ultimate motivator and the final participant touchpoint for the action your incentive promotion is attempting to influence. Certain rewards may sound cool; however, they may be limited in how fascinating and generally liked they are. For example, a Ryan Seacrest meet ‘n greet may be an incredible evening to some, but it probably won’t be a very popular option across the board. A reward like this should be provided with other options like gift cards, direct deposit, or swag in order to stay flexible and keep participation high.
- Keep your incentive promotion simple and attainable. Partner contacts and reps have very limited time and availability, so promotions need to be easy to sign up for and to participate in. A hassle a day keeps the partners away. Low partner participation is directly equivalent to lower partner sales.
- Grab and retain the attention of partners. Implement communication that drives engagement and awareness, enables your partners for success, and retains the focus of all participants (including individual participants). Simply put, don’t be the beige sweater and be afraid to get creative in your workflows; lest it divert from the clarity of your main promotional points.
- Monitor and measure program progress, results, and impact at all times. Be able to access results and make required changes to remain dynamic and competitive amongst your landscape. People misspeak and exaggerate—numbers don’t.
- Communicate frequently to your participants. The more frequently informed, the more willing they are to participate in your program. Give them performance, product, and industry updates. With tools like a content management toolkit, one cannot over-communicate an incentive because it is at the behest of your program administrator—the person that best understands your audiences and other logistics for the promotion they’re leading.
- Understand and research your industry landscape. You must be able to affirmatively answer that your rewards, enablement pieces, communications are all on par with what your competitors are providing. This helps you win more business by remaining competitive with your offerings, but also provides a hedge in order to be sure you’re not being overly generous compared to everyone else.
- Stick to your planned budget and remember that short- and long-term incentives require different levels of budgets and management. If your budget is limited, you can consider options like consolidated rewards budgets which offer weekly or grand prizes instead of individual prizes to keep participation high and cost low. Vary your budget and get creative with strategies like gamification to execute your incentive goals.
- Always remember that for your program to be profitable and successful, the benefit must be worth the effort to your partners. So, when you make a decision about your incentive promotions, think in terms of benefit vs. effort in order to gain productive results.
For a full recording of the webinar, click here.
Looking to increase the adoption of incentive promotions within your ecosystem? Let’s have a conversation!