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Showing posts from September, 2010

What Is The Incentive Marketing Association Or IMA?

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If you are in the incentive or loyalty business you should be a member of the Incentive Marketing Association, or IMA.
The IMA works to expand your incentive customer base.IMA champions the use of incentives through customer education and an aggressive public relations campaign designed to reach decision-makers in corporate America. IMA retains a high-powered PR firm that has been successful in securing hundreds of media placements for us in top publications that include: Forbes.com; Fortune.com; and CNBC.com.IMA exhibits at trade shows in the human resource, sales and marketing, loyalty and incentive promotion fields spreading the “good word” about using incentive programs as smart business tools.IMA presents customer seminars at The Motivation Show, the Loyalty Expo, the PPAI Expo and other venues to inform businesses about the benefits of using incentives.Return on Performance Magazine, IMA’s official end-user publication, reaches 40,000 senior level executives four times a year.
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Four reasons not to use cash as an incentive

This paper from the Incentive Research Foundation suggests how the following four psychological processes can increase the perceived value of tangible non-monetary incentive awards over and above cash-based awards having the same market value.
EvaluabilityNon-cash awards are more difficult to attach a monetary value to.Therefore, when participants focus their thoughts on the positive attributes associated with the award, it is ascribed a higher value. SeparabilityCash incentives tend to be aggregated with overall compensation.Non-cash incentives tend to be kept separate from compensation, thus standing out as rewards for performance. JustifiabilityWhen a non-cash award is something that a participant would not purchase with cash on his or her own, the participant can justify the award.Being able to justify the award means it has greater power to be motivational. Social ReinforcementNon-cash incentives have trophy value and are more likely to be acknowledged than would be the case if t…

Making The Case For Sales Incentives To The Tune Of 10 Percent ROI

Sales incentive programs are widely used by corporations and represent a $127B industry. Yest while 74% of program planners place a greater emphasis on ROI only 55% actually measure ROI. This study by the The Forum for People Management and Measurement provides hard data on the benefits of sales incentive programs.Sales incentives represent a $127 billion-plus industrySales contests account for nearly $9 billion in annual expendituresSalespeople account for roughly 12 percent of the full-time workforceFirms spend more than a trillion dollars annually on sales-force expenditures—more than they spend on any other promotional tactic
Read the entire paper here

Source: The Forum for People Management and Measurement