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.
More Valued than Cash
There are many reasons behind the numbers. Aside from having universal appeal, travel offers an experience. People might not take time and money to plan a trip, but the gift of a getaway is likely to be warmly welcomed.
Packs a Lasting Impression
Unlike cash, which is often absorbed into a bank account—or used for necessary evils like bills—travel offers a good time and leaves a lasting impression. Some surveys show 57 percent of respondents feel travel is remembered longest (2), likely because it offers the chance to relax, disconnect and make memories.
Many travel incentives can be customized by giving travelers choice (picking between a family trip and a couples getaway, for instance) to create a trip with even more value.
Goes the Distance for Business Goals
For companies, travel incentives can be used to achieve different goals, such as increasing sales, building loyalty and boosting referrals. They can be offered by all types of businesses, yet may be a natural fit for a variety of business models, from auto dealers and jewelry stores to banks and credit card companies.
Meanwhile, incentive-based travel appears to be at pre-recession levels, and may only increase. An estimated 65% of those in charge of reward and recognition programs expect to bump their incentive-travel budgets in 2016. (3)
Builds Long-Haul Loyalty
As a result, sponsoring a trip creates a positive experience people associate with your brand, building long-term loyalty. That loyalty pays off—businesses that used travel incentives in their marketing and promotions saw roughly a 30% increase in sales. (4)
Another perk of travel is that it can dovetail with other incentives. For example, Restaurant.com offers the Dine & Travel Pass, which combines savings on dining and travel.
For more tips on how travel-savvy businesses fuel people’s wanderlust with incentives, please visit our blog.