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Travel incentives Australia_ Is Your Travel Incentive Program Fit to Fly_

15 strategic design elements to help you build a successful travel incentive program to reach sales goals and improve sales rep performance.

212F
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Travel incentives Australia_ Is Your Travel Incentive Program Fit to Fly_

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  1. Travel incentives Australia Is Your Travel Incentive Program Fit to Fly?

  2. Use a B2B travel incentive In Engage Magazine issue 1, we listed our top 15 recommendations for B2B points-based incentive and reward programs (Part 1). Business pain points can be reduced by offering incentives to change target audience behaviour. In this article we turn our focus to the different ways and crucial elements for the set up of non-points-based incentives, like travel based incentives, leader boards, and reward programs. Due to the global pandemic, travel has been on hold for the past 2 years. However, now borders are reopening, travel incentives are once more emerging as the preferred option for reward and incentive programs.

  3. Why use a leader board or target? Using a leader board or target structure may seem automatic when designing a travel incentive program. However, using them will focus recognition and reward around sales processes. Top performers, who have contributed the most, will love being recognized for their effort. A leaderboard structure will help you manage budget and group sizes by determining and identifying the top ranking winners. This will in turn incentivize others to generate more revenue for your business. Incentives work hand in hand with performance. Reward program participants who achieve stretch goals with VIP access or special treatment.

  4. Set targets for success Targets drive new and innovative travel incentive design. However, setting a target that increases by 10% year on year is the lazy way to design a travel incentive. It does not allow for nuances in your sales cycles or target audience personalisation. Things to consider: Can year on year trading be sustained Do we have the majority of share of wallet Should we review the returns each customer type brings to our business What is the potential for growth in current market conditions ● ● ● ●

  5. Qualification benchmarks When designing targets, look beyond simple sales figures. Set sales goals to unlock additional bonus rewards or trip inclusions if your target audience achieves key product family volume targets. Support your overarching sales goals by adding additional participant rewards when they reach value-add targets in additional areas of focus. If you want to change behaviour that is not directly linked to sales rep performance, consider adding eligibility criteria. Qualification benchmarks will help drive business outcomes when you cannot define an incentive cost. Designing a target that awards sales success via eligibility criteria will influence behaviour and remove financial pain points across the board.

  6. What data do you have Like any points-based B2B rewards program, data plays an important role in tracking participant activity and behaviours. Tracking and displaying leaderboard progress and sending relevant communications needs the same precision as other sales insights require. Without getting too granular, use data to drive behaviour, sales success and ultimately annual revenue goals. Frequency is a priority when you are tracking targets on a leaderboard. Tracking criteria should include a frequency component, like website visits per month, engagement on social media, or number of email opens. Remember, an engaged target audience leads to program success.

  7. Create a program brand, not a destination Strategic Event Design is more than simply throwing a travel destination into your reward mix. A common mistake is to focus on the destination, instead of putting your company and program brand first. It is vital you create a brand that people will remember and associate with a positive experience. What you want to hear is “My Reward program for travel is unforgettable”, rather than, “My trip to Queenstown was great.”

  8. A destination-led focus will produce issues Increased Budgets Growth Targets Messaging Budget Creep Easily Replicated ● ● ● ● ●

  9. Control your budget Those with travel incentive experience know budget control is critical to the design of a travel-based reward. Compared to other rewards, travel incentives and events require the highest budget to execute. To deliver a ROI, everyone needs defendable costs and quotes from the outset. These determine the target setting and overall experiences you can include in a trip. Therefore, it’s crucial you choose vendors that offer no surprises or ongoing costs, which should begin at the RFP process.

  10. Is it OK to miss out this year? A fear when implementing travel incentives is whether you can skip a year if there are challenges within the business. And it comes down to this: how will your participants feel if the expected travel incentive is not available? This answer goes back to the strategic event model and creating a travel incentive program brand. Take the time to build a value proposition program brand and reputation that will keep your brand front and centre. Source: https://212f.com/is-your-travel-incentive-program-fit-to-fly/

  11. Thank You..

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