Money Ain't Everything

A study by the Center for Concept Development for the Incentive Federation Inc. determined that about three quarters of respondents indicated they could build a more exciting and memorable incentive program around merchandise and travel compared to cash. Merchandise, including promotional products and gifts customized with a corporate logo, has a trophy value, where recipients have a hands-on reward that immediately shows worth and achievement.

Merchandise awards can be practical but pleasing. Participants of the incentive program will be grateful about applying points to ticket items that they would otherwise be reluctant to spend their own cash on. There are cost-effective options where merchandise can look the part but not cost it; the perceived value can prove more to the winner than the actual cost to the client. Moreover, by adding a creative element to your merchandise award, employees and customers alike will appreciate both the award and the thought process behind it. If you chose a trip as an award, also give the winner a tangible gift as a reminder of the experience so that once home they can tell their friends, family, and clients.

Keep the process of choosing the award as simple as possible and know your audience. What is your incentive participants’ gender, age range, geographic location, job function, leisure habits, marital status, and interests? Use the program’s goals and how the merchandise can help the participants attain those goals as factors in the selecting and deselecting process. Also, remember that less can be more.

Here is an Award Checklist to help you plan:

• Attainable: Make sure participants feel the award is within reach.
• Variety: You audience will most likely have varied lifestyle and status so offer a range of choices in different product categories.
• Timely: Quick delivery ensures satisfied winners that are more likely to remember and reinforce their winning behaviors.
• Quality: Don’t order out-of-date or poorly manufactured items to save money. Brand names ensure product reputation, innovation, and a wide assortment.
  

Are you using coupons, discounts, or cash as an incentive? What are some of the ways you might add a promotional product to give your program more of a long-lasting effect?