October 2016
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Effective Rewards & Recognition Program Design



You may never be asked to design a rewards & recognition program for your client, but wouldn't it be a good thing to know how, just in case? Or to know what elements make a rewards & recognition program effective?

The Advertising Specialty Institute 2015 State of the Industry Report says that Distributors believe the #1 threat to your business is online promotional product websites. The #1 way in which Distributors plan to compete is by expanding your service offerings. We've talked in previous newsletters about selling name-brand reward & recognition merchandise as one way to expand your business.  Consulting with your clients to help design effective rewards & recognition programs might be another.

8 Steps to Designing and Effective Incentive or Rewards & Recognition Program

  1. Set objectives.  They should be specific and measurable; just 2-3 key measures.
  2. Outline the Strategy. Choose the audience that can accomplish the objectives, decide the timing and structure of the program.
  3. Measure Performance. Decide whether you will use quantitative or qualitative measures, and how you will determine success.
  4. Establish the Budget. Will your program structure be open-ended (funded through incremental sales or performance) or closed-ended (with a set budget figure)?
  5. Select the Rewards. Your specialty! The Rewards should reinforce company attributes and appeal to the target audience (the most effective programs involve the audience in the reward selection).
  6. Administer the Program.
    Communication and Training is key. Make sure the communicate results throughout the program, not just at the launch and the ending.
  7. Celebrate Success.
    Will there be an awards banquet? Will the rewards be presented by company executives? How will you include those in remote offices? The presentation is almost as important to recipients as the reward itself.
  8. Analyze Program Success. Did the program meet your expectations? Were the objectives accomplished? 
    It's important to calculate the Return on Investment, but also consider any outside factors that may have affected the program results.
Award Marketing Services can help to guide you through this process with your customers, review the types of programs that might be beneficial to your customers and help you choose the right name-brand merchandise for their needs.

Contact us today to discuss the many ways that structured rewards & recognition programs can help improve your customer's business!
Issue: 11
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News from

  



Both Jimmie Johnson and Joey Logano were driving in the victory lane this weekend!

Seiko brand ambassador Johnson won on Sunday at the Bank of America 500 at Charlotte Motor  Speedway. He led 155 laps in Sunday's victory, marking an end to his summer slump. Be sure to cheer Jimmie on when he races Sunday, October 16th, in Kansas!




Joey Logano won the XFINITY Series Chase elimination race on Sunday.  Our Pulsar ambassador
grabbed the lead after a restart on Lap 183 of 200. He also won the race by just .462 seconds. This
event trimmed the inaugural XFINITY Chase field from 12 drivers to just eight.




Happy Halloween!!


Be safe and watch for trick-or-treaters!



Award Marketing Services
908-534-5700

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