Top Rewards That Businesses Crave: Insights from Extu
In-demand Incentive Programs for Businesses
In recent times, businesses have increasingly recognized the value of incentive programs. These programs not only help retain clients but also engage partners effectively. According to findings from Extu, three specific reward types emerged as the most requested.
Leading Rewards in Business Incentive Programs
Extu manages significant marketing initiatives, boasting an impressive portfolio of $60 million. Within this framework, they've identified three reward types with a promising track record for reaching an average redemption rate of 60% within two years:
- Debit or gift card rewards
- Merchandise or points-based rewards
- Group travel experiences
Unique Rewards that Stand Out
Extu offers unique rewards that capture participants' attention. Some remarkable rewards redeemed through their programs include new vehicles, extravagant trips to witness the Northern Lights, and even cosmetic procedures.
The Importance of Loyalty Points Programs
Steve Prebble, CEO of Extu, highlights the efficacy of loyalty points programs, stating that they are particularly beneficial for extensive or diverse participant groups. These programs provide flexibility, allowing distributors to choose rewards that resonate most with them, ultimately driving superior business results.
Insights on Reward Redemption Rates
Extu has established key benchmarks for successful rewards programs. During the initial phase, which spans the first year, a target of 39% of participants should be redeeming rewards. By the third year or the maturity phase, this number should ideally climb to 67% of active participants redeeming rewards.
Travel Incentives for Top Performers
Moreover, travel incentives are best reserved for high achievers. As discussed by Gunn, group travel experiences foster lasting bonds and memories, solidifying distributor relationships and reducing the likelihood of competitors stealing their business.
About Extu
Extu specializes in channel incentive solutions and marketing technology tailored for mid-market companies across various sectors, including automotive, energy, construction, and IT. With an emphasis on delivering measurable outcomes, Extu's solutions empower businesses to foster growth and improve channel performance.
Frequently Asked Questions
What are the top rewards businesses seek through incentive programs?
The most sought-after rewards are debit/gift card rewards, merchandise or points-based rewards, and group travel experiences.
Why are loyalty points programs effective?
Loyalty points programs offer a wide variety of rewards, allowing distributors to select options that motivate them, resulting in positive business outcomes.
What unique rewards can participants redeem?
Participants can redeem unique rewards such as new vehicles, trips to see the Northern Lights, and even plastic surgery procedures.
What are the benchmarks for a successful rewards program?
A successful program should see 39% of participants redeeming rewards in the first year and 67% by the third year.
Why are travel incentives reserved for top performers?
Travel incentives encourage strong relationships among top performers, creating unforgettable experiences that strengthen loyalty and deter competition.
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