Incentives

If you're looking for staff or customer incentives it is important to introduce a reward which can be tailored for a range of solutions.

Incentives are a type of motivation which rewards people when they reach a particular goal. As an employer this may mean incentivising staff to hit a target or objective. A type of customer enticement can include sales promotions or loyalty bonuses.

Reasons For Incentivising

Motivation - Whether it be motivation to reach a target objective or a purchase
Promote a product or service - For example for a new product launch with an encouragement to buy could be an introductory price or free gift with every purchase
Increase in loyalty - Loyalty to a brand or a company may depend upon the products offered to you in return
Increase in revenue - Logic would suggest that providing an enticement to a person will increase sales
Decrease in company turnover - Providing incentives to staff will likely increase their chances of staying with the company

Variations

Generally speaking, there are 3 types of incentives:

Financial - This will usually consist of a monetary bonus for an employee completing a task or reaching an objective. Other than cash, there are also incentives in the form of gift vouchers, company share options and store discounts
Moral - A moral incentive is the will to 'do the right thing', and something which will get respect from peers or loved ones. Failing to do the right thing is often seen as indecent and will result in a feeling of guilt from the person responsible
Coercive - This type of incentive exists when a failure to carry out a task will result in something negative happening against them, such as physical or mental pain

Love2reward can provide help & support for both customers and employees, our solutions can be tailored to meet a variety of needs.

Employees - Providing a spur for your employees to go 'above and beyond' is citical to differentiating your performance levels from that of your competitors. The range of solutions here include:

Customers - Using customer incentives can be beneficial to trade clients or consumers. The range of solutions in this area include:

If you would like to know more about how we can help you with your strategy in this area, and would like to be contacted by a Love2reward representative then why not talk to us today.