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From Crisis to Opportunity: Leveraging the benefits of Incentive Programs to drive business growth.
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While the pandemic may be seen as in the rearview, many businesses are still dealing with lingering implications from those years, which have appeared in different ways. Whether in Australia or New Zealand, how to solve them will drive success in 2023 and beyond.
One of the biggest pain points facing industries in the current environment is the loss of valuable staff or the lack of qualified personnel to fill roles. Whether the staff pain points through redundancies, resignations, or other factors, losing key stakeholders can have a devastating impact on your bottom line. So it’s important that businesses take proactive steps to retain the loyalty of all stakeholders, including staff, suppliers, and other partners.
In the face of this challenge, businesses must have a plan in place to weather the storm and emerge stronger on the other side. By prioritising stakeholder loyalty and taking decisive action to retain the trust and support of your team, you can position your business for success in the years to come.
Incentive Programs are a highly effective means of addressing businesses’ current challenges. These programs have a proven track record of boosting motivation among both customers and employees. Strategically driven incentive programs can provide exceptional and unforgettable experiences that can be earned over time. This allows for targeting new areas of concern and redistributing workload efforts towards new products or services. As a result, the focus can be shifted towards gaining a greater share of wallet rather than solely acquiring new customers.
Incentive programs also offer the flexibility to incorporate design elements that demonstrate your appreciation for the hard work of your stakeholders. This approach reinforces your commitment to supporting and retaining these valuable contributors to your business. It’s a positive solution to the ‘people problem’ business face today.
The obvious question is, how do you implement a program when you are already facing a staff shortage? That is where we come in, and one benefit of working with an incentives and rewards agency like 212F Group is that you get a great partner with experience that can elevate the pressure on your business and staff.
Here are just some advantages of working with an agency like 212F:
It’s not just your business that is facing difficulties, look around, and you will realise that most B2B companies are going through similar issues as you are, including your customer and their sales team. This means that their problem will eventually impact your bottom line! So, it’s not just your customer’s problem; it’s yours as well.
Efficient use of time and resources is critical, especially in a declining market. A self-funded reward program can be the solution to this challenge. At 212F Group, we have a proven track record of building successful self-funded programs that promote team support and motivation. With over 26 years of experience designing self-funded programs, we guarantee that a self-funded program will pay for itself and yield double-digit sales growth.
A self-funded incentive program designed to generate positive sales growth can serve as an additional channel for communicating with your customers. A program that’s built with a strategic view (rather than a short-term, result-driven view) can create a direct contact point with customers and allow you to communicate with offers, track sales and celebrate performance frequently.
A big red flag in any incentive program can be a lack of motivation or enthusiasm in promoting the program or rewards and, worst of all, failure to recognise the winners or achievers in the program.
When the market conditions are challenging, it’s time to double up on the promotion and communication to ensure you get the best ROI possible for your investment of time and capital! You should be excited to share how the program has positively impacted your company’s performance and celebrate individual and team achievements.
Self-funded growth programs enable sales teams to hunt as groups—targeting the right customer with offers to convert sales rather than acquiring new customers. This change in behaviour and the fantastic results should be celebrated together!
Of course, support for this from top management is critical, so you need to involve company leaders in presentations and get them on board early.
With staff shortages and supply chain issues still affecting industries, implementing a new incentive program can be daunting, and this is where we come in! We’ve created a design strategy that allows us to understand the pain points related to sales. It means developing a tailor-built strategy for your program to give you a high ROI.
We manage all aspects of the program, from the design stage to the execution of rewards and experiences. Our team is geared up to ensure program success with dedicated localised support teams across Australia and New Zealand. We are geared with customer support teams, reward options and marketing skillsets that can be deployed immediately, taking the burden off a stretched sales team that would need to roll out them out.