Do Incentives Truly Motivate? Here are 10 Researched Backed Facts about Incentives.
Incentives are valuable tools for driving employee engagement, performance, customer retention and finding new leads… as long as they are implemented and tracked correctly.
For incentives to work they need to be tied to measurable and clear action and achievements and be delivered upon as promised. Thanks to the ever-evolving digital landscape, Incentives are becoming a more popular and respected avenue for generating new customers, retaining employees and finding referrals.
Look at Uber, who expanded into 50+ countries in less than 3 years by utilizing the power of two referral programs, one for their riders and one for their drivers. Some of the biggest name brands are utilizing incentives to drive more leads, customer retention and employee engagement such as Tesla, Amazon, Airbnb, and Paypal.
Still don’t believe us? Check out these 10 impressive facts about incentives and incentive programs.
Companies using incentive programs reported a 79% success rate in achieving established goals when the true reward was offered. - DCR Strategies
A little reward goes a long way: This year employees are satisfied with even smaller rewards. 61% of employees said it would take just a $25 prepaid card to meet their expectations, up from 55% in 2011. Additionally, 85% of employees reported that an end-of-year reward of a prepaid card valued at $100 or less would meet their expectations, up from 84% last year. - Parago
79% of U.S. consumers who’ve “Liked” a brand on Facebook did so in order to receive discounts or other incentives. - MarketForce
57% of the employees chose Prepaid cards as the top choice when they were asked what type of holiday gift they would like to receive from employers. - Parago
More than 35% of leads who were offered an incentive completed a test drive. - Hooklogic
Additionally, 85% of survey respondents said they would feel grateful if they receive a prepaid card as a reward, pointing to the fact that prepaid cards offer flexibility that allow them to be spent at multiple retailers. - Parago
Holiday incentives are still not expected: 69% of employees do not expect their employers to give end-of-year rewards or holiday gifts this year, which is the identical response from 2011. - Parago
(80%) of shoppers throw away loyalty/reward punch cards rather than using them to redemption, and that 50% believe rewards programs are 'too much work' for the benefits received. - Universal Reward Protocol
Rewards will boost morale: 83% of employees said a reward would make them feel either appreciated, motivated to work harder or more loyal to the company, up from 81% in 2011. -Parago
82% of employees said that receiving an end-of-year reward would mean that they had done a great job and worked hard or that their employer appreciates and/or values them, up from 79% in 2011. - Parago
What do you think? Ready to start your own incentive program today for any one of your audiences?