Travel Incentive Return on Investment
As profit margins become smaller and management continues to strive to find ways to motivate their employees, business leaders are challenged to spend their money on programs that will deliver the best ROI.
Odenza Marketing uses the following framework in consultation with its clients to maximize their investment on travel incentives.
1. Determine Your Objectives
Describe where the performance improvement need is. Look out for short and long term goals and where they apply. Placing your immediate goals within the bigger strategic plan will give you immediate as well as longer-term value.
2. Focus and Communicate
Ensure that everyone who could affect the success of the strategy is informed. Employees who really understand the goal, will go the extra mile.
3. Be clear about the budget
Evaluate the direct costs of the incentive/program as well as the indirect costs. How will it benefit the bottom line? Elements could be: # of participants, length of the program, cost of collateral materials, cost of incentives.
4. Describe the desired results clearly
Whether it be to increase sales, improve productivity, close more deals, improve customer loyalty etc., if you are clear about your goals, then you can readily determine impact.
5.Choose your rewards with care
You need to be sure that the rewards themselves, as well as your chosen promotion, fit both what motivates the recipient and serves your business goals. Getting employee input ahead of time in designing a performance reward program could be vital to its success.