Many companies rely on a core incentive program to help attract and retain a talented employee. Encouraged marketing means employees are provided incentives to become more productive. Below are three types of incentives and why they are important to the success of an employee.
This type of incentive is not new but is often referred to as incentive based marketing. This is a form of reward or compensation that motivates employees to complete a task or reach a goal. The kind of task may be just completing a one time task. It may be completing a series of repetitive tasks.
A long term goal is the most common motivating factor in this type of incentive. It may also be a fixed quantity of sales. When a long-term goal is set, it becomes easier to reach.
Another form of incentive based marketing is the tangible reward. These rewards can be gifts such as movie tickets, free food, etc. Some companies offer a cash reward for the employee who brings in the most sales, regardless of whether or not they really did sell any.
The motivation for the incentive depends on the company's goal for the reward. An example would be if the company was setting up a reward for a team member who brought in a certain number of sales that month, they would give a certain amount of money or a gift for each sale the team member was responsible for.
Companies that reward their employees for their loyalty may reward them with bonuses or a more dramatic reward. They may also require an employee to work certain hours in order to qualify for the reward.
This is another form of incentive marketing platform that relies on motivation to influence the behavior of the employee. If the company is providing their employees with this type of incentive, they may provide incentives in the form of cash bonuses, vacation time, or a paid holiday. There may also be some bonuses that require a certain percentage of sales.
The motivation for this type of incentive program is to motivate employees to perform their best and to keep their heads in the game. The better the performance of the employee, the more money the employee will receive. If a certain quantity of sales were reached during the week, the employee will receive a bonus for being able to meet the goal.
Another form of incentivized marketing is a reward that is personal. Incentive programs that include personal incentives can be very specific and long lasting. The motivation for these types of incentives can come from the business itself or from the employee.
For example, if the employee has won a prize for being able to reach a sales goal for a specific product. Then they may be awarded with something as simple as a dinner out at a restaurant. Personal rewards are a great way to motivate employees to continue meeting their goals.
Leaning on a central incentive program to make people accountable is a great way to encourage people to perform to their highest level. Most incentives provide employees with something that they want but the best incentives often involve something that is meaningful to the employee.
Regardless of which incentive program you use to promote your business, be sure that the rewards are meaningful and consistent. Whether they are given by the company or the employee, the rewards should remain consistent for the employee. Incentive marketing provides many benefits to the companies that participate and as long as the incentives to keep the company moving forward it will pay off in the long run.