Incentive Program Best Practices
We've gathered a collection of tips and best practices from keeping it fresh to keeping it simple, all designed to help you maximize the ROI of your incentive program. This information is most helpful after reviewing our other articles regarding incentive and rewards programs on our website: What incentives are The concept of behavior modification Incentive rewards vs. employee recognition ROI of incentive programs [...]
How Much Do Incentive and Reward Programs Cost?
When it comes to pricing out an incentive program, there are essentially two types of costs: marginal costs and service costs. Marginal costs are some of the most obvious, and the easiest to wrap your head around in their entirety. Marginal costs include the following: Debit cards: The actual debit cards used in your incentive program, along with their design fees. Card carriers: [...]
How Effective Are Loyalty Programs at Improving Retention?
How Effective Are Loyalty Programs at Improving Retention? Earlier this year, Research and Markets added the "United States Loyalty Programs Market Report 2022" to their offerings. The full title of the report is: United States Loyalty Programs Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 [...]
FAQ: How Does The Visa Credit Card Rewards Catalog Work?
FAQ: How Does The Visa Credit Card Rewards Catalog Work? A Visa card is a payment card that uses the Visa network and is branded with the Visa logo. The Visa logo is on the front of all Visa cards, but Visa itself doesn't issue the card. Visa is one of the four biggest processing networks in the world. The others are sure to [...]
Employee Turnover Rates by Industry: Updated for 2022
Employee Turnover Rates by Industry: Updated for 2022 When it comes to workforce planning meetings, one of the top issues sure to be on the agenda will be employee turnover rates. And this year, any conversation about employee turnover rates is sure to include talk about The Great Resignation. The Great Attrition. The Big Quit. The Great Reshuffle. Call it what you will; this [...]
Employee Evaluations: 14 Do’s and Don’ts That You Should Know
Employee Evaluations: 14 Do's and Don'ts That You Should Know Performance reviews are, in general, not effective. In reality, only 5% of managers feel satisfied with their company's annual performance review process, and almost 90% report they don't give accurate results. Success-driven organizations "know it must be a part of a bigger performance conversation strategy." Quantum Workplace considers six reasons why these annual reviews [...]
Do I Need a Web Portal for My Rewards Program?
Over the years, we’ve worked with a wide range of clients in devising and implementing incentive programs. These clients have come from a diverse range of industries and niches, and their program needs and strategies have varied widely. But one question that we get all the time from our clients, no matter how different they may be from one another, is: do I need [...]
Designing an Incentive or Rewards Program
Proper planning is absolutely essential to the success of an incentive program. If you don’t take the time to put together a high-level plan for your entire program, including goals, timelines, expectations, and more, the odds of achieving your intended outcomes are significantly diminished. With that in mind, let’s walk you through each of the most important items to consider when it comes to [...]
Best 5 Channel Marketing Strategies to Try to Grow Your Business
Best 5 Channel Marketing Strategies to Try to Grow Your Business You might be asking, what exactly is a channel marketing strategy? The Economic Times defines channel marketing like this: "The term Channel Management [or Marketing] is widely used in sales marketing parlance. It is defined as a process where the company develops various marketing techniques as well as sales strategies to reach the [...]
7 Reasons Why Customer Retention Is Important for Your Business
7 Reasons Why Customer Retention Is Important for Your Business It's probably not the biggest news flash of the day that holding on to your current customers is easier, cheaper, and all-around better for your business than the alternative. The alternative is what's known as "churn." Churn is the term used to describe the percentage of customers that stopped using your product or service [...]