Compensation management has become one of the most complex and challenging aspects of workplace management. The issue is compounded by the inherent difficulties in aligning compensation in organizations that are growing and those with a global workforce. To streamline and simplify the compensation planning process, some innovative global compensation solution providers have gone beyond just offering compensation and have started offering clients rewarding incentive programs. One company employing such creative management initiatives to provide superior incentives is Incentives Solutions. Incentives Solutions empowers B2B companies to move products through their distribution channels. The company focuses on creating loyalty from the channel partners and distributors that have the greatest impact on B2B businesses.
Four Incentive Reward Types
Incentives Solutions offers four types of incentive rewards:
- Points-Based: Online rewards catalog with millions of merchandise, personal travel and event ticket rewards.
- Group Travel: Group travel is the ultimate motivator, creating memorable experiences that deliver a big turn on your investment.
- Gift Card: Online gift card catalog, featuring thousands of gift cards to the most sought after restaurants, stores, theaters and more.
4 Prepaid Debit Cards: Cards are like cash, and cash is king. Incentive Solutions offers a couple of options – single funded, reloadable and virtual.
Clients reward choice is then integrated with the company’s online incentive technology, which allows them to create a sales and marketing tool, rather than just fulfilling the rewards. Incentive Solutions incentive technology starts with a basic package, that includes both the admin and participant portals, a branded website, free program reports, and a communication plan to send participants messages through email, push notifications, texts and call campaigns.
In addition to the incentive program basic package, clients are offered specialized add-on modules with a variety of tools and features. These range from sales performance tracking and online training to a mobile app and CRM integration. Clients can choose the modules they need to put together a configurable incentive program for their business needs.
The full list of modules includes:
- Performance Tracking: Data tracking and collection.
- Mobile App: Puts the incentive program in the participant’s hands. Ÿ Leaderboard: Creates a little friendly competition, displaying top performers and their stats. Ÿ Learn and Earn: Rewards participants for completing product training, taking quizzes and submitting surveys.
- Gamification: Scratch off cards and spin to win games to encourage enrollment and increase engagement.
- Integration Services: Integrates the incentive program with client CRM, LMS, corporate intranet and/or corporate web site.
- Organizational Structure and Advanced Reporting: Segments billing reports, analytics and program controls according to the client’s various departments, dealers, regions, teams or groups within the incentive program.
- Open Enrollment: Allows incentive program registration without an invitation so clients can capture customer information from those they didn’t recognize were a part of their pipeline.
- Quick Points: Reinforces positive behaviors on the spot via digital or paper certificate
- Total Recognition: Creates a social medial engagement wall for manager to peer and peer to peer recognition, fostering a more driven, accountable corporate culture.
Catalyzing in Multiple Sectors
Incentives Solutions was originally founded as an incentive travel company in 1994 but adapted to industry trends and expanded to include debit card rewards by 1996. Mark Herbert joined as the company’s President in 2002. By 2005, the company had developed its own points-based online reward catalog featuring millions of rewards. In 2009, Incentives acquired Loyaltyworks, a renowned loyalty program provider. Mark says “the recession was the biggest struggle the company has faced to date because travel revenue dipped by 75%.” However, switching focus to their online reward platform enabled the company to replace the previous demand of travel incentives with points-based rewards very quickly. The focus on technology, and the shifting demands of the market place, including systems integration and analytics, play a vital role in the fast pace growth of the company.
Comprehensive Plans that Motivate
Incentives Solutions says, “We’re not just an incentive program company, but a trusted partner and strategic advisor to our clients. We help them motivate their people by putting together a comprehensive incentive plan that meets the needs of everyone involved.” By working with Incentive Solutions, clients gain a partner who helps them to maximize their ROI, and drive incremental growth they may not have achieved otherwise. The company believes that its employee’s passion for what they do is the main driver behind its success, and consistent positive feedback from clients has proven this. Incentives Solutions also puts special emphasis on flexibility to adapt to clients’ evolving needs. “We don’t just hear our clients, we live their pain points with them, and continually work on our technology to ensure they have the tools they need to drive their business,” says Herbert
The company’s willingness to change and grow helps it give clients the solutions that help them achieve their goals.
Preliminary Struggles
Historically, companies have looked to incentives as a “nice to have” or as a one-time promotion to achieve a specific goal. Incentives Solutions has set forth to educate sales and marketing professionals on how incentives should be an integral part of their marketing and sales strategies. Another challenge the incentive industry has faced over the years is proving program ROI. Incentive Solutions has made it their mission to provide the tools necessary to track and measure program success. These tools include their modules, real time reporting, sales and goal tracking, engagement and redemption dashboards and more. In addition, Incentive Solutions builds collaborative relationships with their clients.
An Experienced Visionary
Mark Herbert, President of Incentives Solutions, has over thirty years of extensive experience in the incentive industry. He began his career in group travel incentives helping clients drive organizational growth by crafting exciting, one of a kind travel incentive programs. He joined Incentive Solutions in 2002. His knowledgeable insights and compassionate leadership has helped the organization build a thriving company culture, and grow both organically and by acquisition. Under his leadership, Incentives Solutions acquired Loyaltyworks in 2009. The company continues to refine its corporate culture and vision by hiring individuals with a commitment to its core values.
Strategies for the Future
Incentives Solutions aims to develop new technology driven by the needs of its clients. The prime emphasis is on employing artificial intelligence (AI) that can improve its solutions and have a significant impact on clients’ incentive programs.
Source :- The 10 Best Performing Sales Management Solution Providers 2018
