What Is the Best Quality of an Effective Reward Incentive?

What Are Reward Incentives?

Reward incentives are distributed by companies to encourage specific actions among a certain audience. Sometimes, companies provide them to employees to motivate them and encourage higher productivity. Others use rewards to keep their customers happy or to boost engagement and participation in their marketing campaigns. Here are some of the best reasons for using rewards or incentives: 

• To motivate workers and boost their performance in the workplace. 
• To show employee appreciation and recognize top performers.
• To improve engagement with marketing campaigns and webinar attendance. 
• To satisfy existing customers and retain their loyalty. 
• To generate greater brand advocacy. 
• To increase the number of responses received for a survey or questionnaire. 
• To increase the number of participants for panels and focus groups.

Incentives can take several forms and be monetary or non-monetary. Examples include verbal or written thanks, physical gifts, gift cards, and exclusive access to events or features. 

Why Are Reward Incentives So Beneficial?

Reward incentives are effective in many different kinds of programs. When used for employees, rewards help by:

• Producing a more positive workplace environment with better teamwork.
• Increasing productivity, which in turn boosts customer satisfaction and increases revenue. 
• Helping staff to feel recognized for their efforts and improving their morale and satisfaction in their roles. 
• Reducing staff turnover and making recruitment easier. 

In research, the benefits of using incentives include: 

• Receiving a larger number of feedback responses.
• Receiving higher quality responses, since more people are likely to complete the survey accurately and fully.
• Getting a more representative, reliable picture of customer satisfaction or needs to inform future efforts.

Marketers using rewards will see benefits such as: 

• More satisfied customers returning to make future purchases.
• More customers will likely become brand ambassadors, referring more new customers to the business. 
• Higher engagement with campaigns, webinars, and more.

Why Is Flexibility So Important for Reward Incentives?

Flexibility is one of the most important elements of any reward. After all, reward incentives must accommodate all kinds of recipients, who have different interests and needs. They also often need to be appropriate and redeemable for people who live in different countries. On the sender side, marketing, research, and HR teams must have versatile rewards that can be used for a number of different campaigns and projects — and fit within budget requirements — so being able to adjust the type and value of reward is key.

Why Are Digital Gift Cards So Effective as Reward Incentives?

First, digital gift cards make great rewards because they have the desired flexibility in many ways, including:

• They can be purchased in practically any value, depending on the task you’re incentivizing and your budget.
• There are international options, such as virtual prepaid cards, that can be used in over 150 countries.
• You can curate a selection of gift cards to tailor the rewards experience, or you can let your recipients choose their favorite.
• They allow recipients to use the gift card to purchase whatever they want.

Digital gift cards also have a number of other advantages as reward incentives, including:

• They’re free, fast, and convenient to deliver via email or SMS.
• They can be sent instantly and automatically using an integrated rewards solution.
• They are easier to track than physical gifts.

How Can I Implement Digital Reward Incentives Most Effectively?

A good rewards program should be easy and efficient to launch, which is why it’s better to use a streamlined digital rewards tool instead of spreadsheets and manual processes.

BHN Rewards offers an easy-to-use, integrated platform that can be incorporated seamlessly into your existing workflows and tools for marketing campaigns, research projects, and employee engagement programs. It also has over 300 reward options, including e-gift cards from top global brands in a number of currencies, virtual prepaid cards, and e-donations.

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