{"id":795,"date":"2020-08-27T09:24:24","date_gmt":"2020-08-26T22:24:24","guid":{"rendered":"https:\/\/new212fprod.wpenginepowered.com\/au\/rewards-and-trophy-value\/"},"modified":"2025-01-31T09:13:39","modified_gmt":"2025-01-30T22:13:39","slug":"rewards-and-trophy-value","status":"publish","type":"post","link":"https:\/\/212f.com\/au\/insights\/rewards-and-trophy-value\/","title":{"rendered":"Put your Brand First with Trophy Value"},"content":{"rendered":"\n

We all love a success story, don\u2019t we? Winning the grand final after years of missing out, taking the first win in a come-behind victory, or holding a well-earned trophy high in the air. Having these stories, or \u201ctrophies,\u201d on display allows you to share fond memories with friends and family and reconnect with those feelings time and time again. We like to refer to this to as \u2018Trophy Value\u2019<\/strong>.<\/p>\n\n\n\n

Most importantly, successful B2B rewards and incentive programs result in the same Trophy Value effect. Recognition of effort and rewards are just like receiving a sports trophy, but specifically tied to your brand. It\u2019s celebrated and should be a hero for your business. Consider these feelings and rewards that truly inspire and engage people to make incentives personal and meaningful. <\/p>\n\n\n\n

For instance, using a blanket approach with your rewards won\u2019t have the impact you want. Programs have diverse target audiences. It\u2019s likely that each audience member, while sharing similarities, will be interested in very different things. This is why it is important to give people a wide range of reward options, which will help overcome the diversity of your audience and connect with customers easier and makes points-based incentive programs more popular by increasing the chance of program success with a more diverse rewards catalogue.<\/p>\n\n\n\n

The most effective way programs can connect with their audiences is to use targeted communications. These messages serve a specific purpose – to guide participants towards specific individual rewards selected by the business, aligned with helping the program reach its objectives. By driving to these, you can create a higher engagement with desirable rewards while also casting the audience\u2019s eyes to the prizes worth working for \u2013 making this a win-win for both audience and business!<\/p>\n\n\n\n

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\nTrophy Value Within B2B Loyalty Programs\n<\/h2>\n\n<\/div>

In all programs, we recommend two things: firstly, having Trophy Value as a central pillar of the program design. This will result in a shift away from what is the reward, to what a participant can achieve. Secondly, this way you can focus on the outcome of targeting desired rewards, with the behavioural or sales efforts required by the participant to earn the rewards.<\/p>\n

It\u2019s important to remember that while gift cards seem like the perfect way to deliver that trophy value feeling \u2013 allowing your customers to buy exactly what they\u2019ve always wanted with their hard-earned value \u2013 we\u2019ve found it often serve the opposite purpose. Gift cards very often end up spent on discretionary purchases, meaning that the work they\u2019ve put into your program is more likely to end up on groceries than it is on the trophy-value inducing high-value purchases.<\/p>\n

By injecting aspirational products into your rewards program, customers can set their eyes on something they often wouldn\u2019t consider directly buying and is sure to be the centrepiece of a discussion of your brand with family and friends.<\/p>\n

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\n\n\n\t\tB2B Incentive Strategy Isn’t Built Rewards First\t\t<\/h5>\n\t\t
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\n\n\n\t\tChannel Partner Engagement 101: Strategies for Success\t\t<\/h5>\n\t\t
Channel partner engagement is critical to finding success in any B2B…<\/div>\n\t<\/div>\n<\/div>\n<\/a>\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\n\t\n\n\t<\/div>\n\n\n<\/section>\n\n\n\n\n\n\n
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\nBenefits of Trophy Value\n<\/h2>\n\n<\/div>

Trophy value can affect the way your customers react to your brand in several ways.<\/p>\n