When it comes to business, every company is looking to get an edge over their competition. Whether it is on price or the level of service, finding and maintaining a comparative advantage is the ultimate goal for many companies. However, one area which is often overlooked is the potential of your rewards and incentives scheme to help set your company apart. Believe it or not, having an effective rewards program can give your company a comparative advantage over the competition and improve the perception of your brand. To help you with this goal, here are three tactics to turn your rewards program into an edge over your competition.
Execution is key
Every rewards program will differ, based on the goals and methods employed to achieve this change. However, all company incentives will have a common stumbling block – execution. Turning your great motivational ideas into a format which can appeal to your customers, employees or channel partners is often the hardest step. But, it is also the step that is most important if you want to transform your rewards program from an under-performing accessory into a comparative advantage.
Keep it creative
Thinking outside the box is essential for lifting your rewards to another level. With so many competitors out there, your business needs to set itself apart. Injecting a creative, unique spin for your incentives, which can lift the perceptions of your program, is a vital ingredient.
Rewards are about repetition
Good rewards and incentives hinge on repeat behaviour – their purpose is to identify and encourage people to undertake activity which benefits your business. Whether this involves motivating customers to spend more, or trying to get higher-quality work from your employees, repetition is the crucial goal for your company. Building your rewards program so that it encourages repetitive behaviour is going to be central to the success of your program and for turning your incentives into a comparative advantage.