It’s common knowledge among business managers that incentives—especially those with broad appeal —pay off by drawing and retaining clients and boosting company growth. Yet not all incentives are created equal.
Category Archives: Employee Incentives
Discover an irresistible way to motivate consumers. Restaurant.com and Travel Savings Card teamed up to create the Dine & Travel Pass, two compelling incentives bundled into one powerful offer.
Whether your business goals are to attract new purchases, encourage higher spend or reward loyalty, the Dine & Travel Pass adds incredible value—and invaluable customer experiences—to any promotion.
It’s a challenge faced by every type of business—keeping existing customers while attracting new users.
There are lots of facts showing the importance—and difficulty—of doing both.
Twice as many companies—44 percent—concentrate on customer acquisition, while 18 percent focus on retention.
Today’s incentive market is full of choices. So it’s important to choose wisely with incentives that appeal to the tastes of your customer base, while fulfilling a variety of goals for your business, from branding and loyalty to increased revenue.
At Restaurant.com, we know how much people love gift cards – it’s why we have a
business. Whether it’s filling empty seats at a restaurant or building brand loyalty for a client, gift cards have become a powerful strategy for businesses. Why gift cards? Simply put: Because people love them. Here are 5 reasons why:
Because gift cards allow the recipient to use their gift at any time, the recipient can choose to redeem their gift card during a time where they see the most value. For example, recipients may use their gift cards during a sale, during the holidays or on a rainy day.
2. Recipients get to choose what they like, including trying a new product/service.
Gift cards offer an opportunity for consumers to try new brands, products and services. Recipients may not have been aware of the brand or have wanted to try somewhere new but hadn’t yet taken the opportunity to do so. This is particularly beneficial in the case of restaurants because people love to try new restaurants.
3. Brands can personalize gift cards with their logo.
Gift cards that offer an opportunity to put your brand and messaging (co-branding) on them provide extra value to your business. As a business, you can give customers a gift for another non-competing product or service while still keeping your own brand top of mind. Your customers will be reminded where the great experience they are enjoying came from, thus building loyalty for your brand.
4. Some gift cards can be purchased for less than face value.
At Restaurant.com, for example, we offer special rates for businesses purchasing gift cards in bulk. Businesses can purchase enough cards for large groups of people without reaching too deep into their pockets. Plus, the recipients will only see the face value of the gift card – they’ll never know you paid less!
5. A gift card is never useless.
If the recipient doesn’t have any personal use for the gift card, chances are they know someone who does. So even if our direct recipient doesn’t have use for the card, they can re-gift it to someone who can make better use of it. Not a bad way to “pay it forward!”
According to giftcardexchangeday.com, gift cards have been the most requested holiday item on holiday wish lists since 2007. With statistics like that, your brand will benefit from including gift card giving in its marketing strategies.
How do you think issuing gift cards can benefit your brand?
I’ve always been a fan of company incentive programs that use a combination of cash and tangible rewards to measurably improve performance. Maybe it’s just me but, unless a reward involves a huge amount of money, receiving something I can touch and feel has always felt more motivating, especially when the item is something I desire.
Certainly, in some industries and some situations, cash is still king and can be an appropriate and very powerful motivator. However, statistics show that a company can actually increase results and potentially save money by designing a recognition or incentive rewards program that offers both cash and non-cash prizes. As Chairman of the Incentive Federation recently confirmed, “…the average cost of a cash award is roughly triple that of either merchandise or gift cards”. Further, the Aberdeen Group, a well-respected market research firm, suggests that, “Companies that use non-cash rewards and recognition programs report higher revenue increases – 9.6 percent as opposed to 3 percent who don’t”. This explains why recent research conducted by Incentive Magazine revealed that, in just the last year, “64.3% of the respondents purchase dining/restaurant gift cards for their incentive programs”.
To ensure your promotional incentive program is as compelling as possible, it pays to select rewards that are tailored to your team. For instance, if I know an employee dining out, picking up a token gift card from Restaurant.com is an easy, low cost way to say “thanks” for a job well done. It may not be a grand gesture, such as a vacation, but for many, recognition of the little details can be incredibly motivating.
There are lots of ways to construct a compelling incentive program but, if strong business performance and more motivated employees are your goal, be sure both cash and non-cash awards are used.
Employees are the heart and soul of every business. Without extra hands to take care of all the details and needs of a company from sales to safety and administration, a company would be ineffective at reaching customers, making products, taking care of records and all the other things associated with keeping a business…well, in business. That’s where an incentive award program plays a vital role in keeping employees happy so that they stay on the job and hopefully stay motivated to do that job very well.
Companies can use sales promotion tools to give rewards to sales team members when they meet or exceed sales goals. Incentives can help acknowledge employee achievements for a job well done or even milestones such as being with the company for five or 10 years. Businesses will also benefit from fostering teamwork by giving incentives when employees pull together to create a product or better work processes to get a job completed more efficiently. Additionally, when employees know that a company cares about them and then shows them with gift rewards it can also improve employee retention. Employees want to stay with a company that demonstrates their value and concern for that person.
Restaurant.com Gift Cards will successfully help your company motivate, retain and award employee loyalty. Your employees will enjoy the large selection of restaurants and appreciate the choices available for their dining. Your company will welcome the affordability of putting an employee incentive program in place. Give us a call today at 877.833.2352 to learn more about how we can help with your employee incentives.
The more productive your employees are, the stronger your business can become. But in today’s incredibly high tech and hectic world, the real challenge is in finding ways to keep your employees focused, motivated and performing to their full potential.
Consider three key ways to make sure your team’s productivity remains high:
1. Autonomy works wonders:
Especially in these multi-tasking times when personal and professional pressures run rampant, flexibility and the ability to be the master of your own destiny is often a key ingredient for success. Just ask any working Mom. The more freedom one has to structure their time and prioritize tasks in a way that suits their schedule, typically the more that can be accomplished. In fact, “A century of research into productivity shows that a major way to improve (results) is autonomy,” according to Inc magazine. And, organizational psychologist, Dustin Jundt, agrees, “[Greater autonomy] can lead to lower turnover and higher levels of creativity, innovation, and even performance”.
2. Reward excellent results:
Another important way to encourage optimal employee productivity is to recognize and reward those who achieve clearly defined goals. Be it number of calls made, number of sales closed, or some other quantifiable way to measure success, rewarding those who deliver or exceed expectations can be a powerful tool you can use to enhance overall productivity. Rewards can take many forms but those found to be most influential include sales incentive tools such as valuable gift cards, merchandise, or peer recognition. As found in recent research conducted by the Incentive Research Foundation, “Incentives increase performance by boosting the value people assign to work goals, causing them to make stronger commitments to those goals and achieve them.”
3. Make work meaningful:
Last but not least, nothing inspires top performance more than meaningful work. “Everybody wants to be proud of where they work, to feel that they are investing the most precious thing they have–time–in something that matters.” The more you can, “create direct links between the success of the business and the community you serve,” the more successful you’’ll be. Better yet, if achieving your business goals satisfies a higher purpose, employees will be inspired to work harder and smarter because they are invested in the outcome.
Used in combination, you’ll be amazed at the results you can achieve!
The human condition offers us all the opportunity to choose many elements in our lives. Okay, we know we can’t choose our parents, how tall we are or other genetic variables. But where we live, the jobs we pursue, the people we date and almost an infinite list of other items are prompted for us to choose in our lives. All of these considerations lead me to this question: when do we choose the simplest option?
Sometimes the simple option is considered to be the “low road” while the “higher road” might be the one that offers the challenge or the opportunity to overcome certain barriers or hurdles. That seems noble, doesn’t it? The thought of not taking the easy way out and going about things the harder way can help us build character and makes us stronger. Right?
Sure, that can be the case on major life decisions and moral issues in our lives, but let’s face it: Americans, in general, want is EASY. The shortest way; the fastest route; the easiest job; the quickest cash – it all sounds amazingly sweet! Books on tape, drive through windows, remote start for our cars… it’s all done to increase our convenience and avoid the hassle.
When you’re thinking about rewarding or incentivizing employees or customers, giving them an option that’s hard to implement isn’t going to get you anywhere. Think about ease of activation, the simplest way for them to enjoy what you are bestowing upon them. You’d never reward someone with a bicycle in a box. It’s got to be put together so it can hit the road and start collecting miles under its wheels.
Restaurant.com gives you an out-of-the-box solution that’s built and ready to go. It’s as simple as you want it to be.
There’s nothing wrong with a good challenge to stir the spirit. Just make sure that you’re challenging yourself and not those you’re looking to reward.
Everyone wants a quick fix these days – a faster plane ride, a simple weight loss plan, a better golf game. No matter the arena, we want things more rapidly than ever. When it comes to improving employee morale though, there’s no simple solution. But, with some well thought-out planning and sincere effort, you can stem the tide of mounting employee uneasiness and build employee loyalty.
While no single action is the cure, there as several key steps you can initiate in relatively quick order:
A. Address the Issue: Call a meeting, host a lunch or pull together a conference call. Let your team know that you can sense “a disturbance in the force.” Acknowledge that you’re aware of specific issues (name them) and that you’re doing something about it.
B. Give Them the Responsibility: Involve your team by soliciting suggestions on what can be done to make things better. No recommendation should be deemed “bad” or “wrong”; have them be as realistic as possible. You may need to give them time to consider options, but advocate for each of them to bring ideas to the table.
C. Create the Safety Zone: When moral goes south and problems resurface (which undoubtedly they will), let staff know how to address issues in the future and how feedback will be handled. When employees have faith that you’re getting ahead of future unidentified issues, the more likely they will actively participate in morale-building activities .
D. Share Incentives: It has worked since childhood and it’s a proven path for even the most senior of staff. Identify employee incentives (perhaps from their suggestions) that they will be presented with when conditions improve for the better. (I’d be remiss if I didn’t showcase Restaurant.com Gift Certificates as a leading option.
E. Offer Skill Building: Lastly, if you’ve got funding, invest in your team to help them conduct their responsibilities more effectively. Allowing their participation in seminars, conferences and conventions illustrate your commitment to them, which will fortify their professional conviction.
Give morale time to improve and trust your employees enough to be part of the solution. Changing the vibe in your workplace isn’t a pipedream. Growing hair overnight? Dream on!