Moments of triumph are etched into everyone’s memories. Winning the grand final after years of missing out, taking first win a come behind win, or holding the Bledisloe Cup. Having these stories or “trophies” on display allows you to share different stories with friends and family, reconnects with those happy memories and feelings time and time again. This is commonly referred to as Trophy Value.
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. It’s celebrated and should be a hero for your business.
Consider these feelings and that rewards that truly inspire and engage people make incentives personal and meaningful.
For instance, using a blanket approach with your rewards won’t have the impact you want. Programs have diverse target audiences. Two people of the same age and the same demographic can be interested in very different things. Hence, giving people a wide range of reward options helps overcome this. It makes points-based incentive programs popular. Most importantly if there is an extensive rewards catalogue chances of program success increase.
The most successful programs use targeted communications. They guide and nudge participants about individual rewards. Thereby helping the program reach its objectives. Likewise, rewards that relate to a targetted audience result in engagement because they are meaningful. Therefore, people will put in more effort to achieve those rewards. That’s the definition of win-win for everyone in a program!
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 earned the rewards.
We know that if a customer has achieved success through a program, they value rewards more and will truly celebrate. Like a hard-won trophy, there’s an emotional connection. Just like the day, should the Wallabies beat the All Blacks to take back the Bledisloe Cup.