Incentive Marketing

Incentive marketing has been effectively used as a marketing and management tool for the past five decades. Typically, an incentive program differs from a loyalty program in that the target market for an incentive program is defined and participation is restricted to a particular segment.

Forward thinking executives realise that using incentives (both financial and non-financial) to motivate, not only sales and non sales employees, but distributors, channels and partners, is often the most effective way to quickly achieve critical strategic objectives. Traditionally, incentive programs have fallen into two main categories being employees and the distribution channel, however the principles that guide in the development and creation of the incentive marketing strategy are the same.

With the development of sophisticated data tracking and measurement systems within the corporation, incentives are now successfully applied to any corporate activity, both quantitative and qualitative. Essentially the most common application of incentive marketing address the following business challenges:-

Improving sales

• Increasing Market share
• Reducing staff turnover
• Boosting quality
• Instilling company loyalty
• Lifting morale
• Fostering teamwork
• Improving work habits
• Ensuring work safety
• Addressing absenteeism

In order to achieve and maximize the desired results from an incentive program, our work is based around six key principles:-

1. Clear and vivid articulation of the company's strategic and tactical objective
2. Establishment of performance measurement and tracking systems
3. Setting of achievable targets
4. Effective and understandable program communication and selection of communication channels
5. Timely and accurate reporting of performance and payment incentives
6. Compelling and appropriate rewards for the target audience

Our unique methodology uses these key principles to create a detailed incentive campaign template that comprehensively addresses all aspects of your brief.

Where there is an existing resource that currently performs some of the functions and processes outlined in the incentive strategy ciloyalty will customise the incentive operational strategy to provide a fully inclusive service or a framework through which existing resources can work. In other words, we can manage as much or as little of the incentive program as you desire.

ciloyalty can help you prepare a solid business case for developing your new incentive program or making enhancements to your existing program.