Incentive Travel Planners — 6 Key Things Your Incentive Planner Should Know Now
Incentive travel planning is more than just knowing the top destinations. It’s also more than just having the right activities with each trip. The most successful incentive programs will also have timely access to relevant data to come up with effective solutions that generate remarkable results.
So when considering incentive travel planners for your organization, make sure they are aware of the following key information.
- Many companies use incentive travel to reward more than sales employees.
The Incentive Federation reports that: 43 percent of companies that have incentive programs use it to recognize employees; 33 percent use it to reward channel partners, and 27 percent do it to honor customer loyalty.
- The most successful companies use travel group incentives in their program.
The Aberdeen Research has found that 100 percent of Best-in-Class companies provide group incentive travel. The reward is used for successful year-end sales. Best-in-Class companies are organizations that have the highest customer retention and sales growth.
- How the award is communicated and implications to professional development have an impact on an employee’s preferred experience.
Research done by the Incentive Research Foundation found that 40 percent of an employee’s preferred experience is driven by award presentation and professional development. While a majority still puts weight on the reward itself, other factors still create an impact on the employee’s preferred experience.
- Non-cash rewards are effective in boosting the bottom line.
Organizations that use non-cash rewards, like incentive travel, have three times higher revenue increases. This is according to the Aberdeen Research. Non-cash rewards are, in fact, sometimes preferred by 65 percent of employees, provided they come with all the right elements for a rewarding experience.
- But a non-cash reward could also cost quite a bit of money.
The Incentive Research Foundation has found an increase in travel budgets. This year, an average budget per person is at $3,440.
- Ninety-nine percent of employees have unique reward preferences.
Not everyone in the sales team will enjoy traveling to exotic locations, doing adventurous things. A study commissioned by the Incentive Marketing Association reports that 99 percent of respondents have a unique set of preferences—from favorite activities to music.
So as your business targets a specific consumer group with specific marketing, so should your incentive planners create individualized rewards to suit the personal preferences of employees. This will help entice more participants to the program and ensure great success with each incentive trip.