If you clicked on this article, you may be considering an incentive program, but don’t know whether to run it yourself or through a loyalty incentive provider. Running an incentive program alone can be a daunting task, but luckily incentive providers can alleviate that stress while also saving you time and money.
There are so many incentive providers offering their expertise, but not all providers are the same. Choosing the provider that is the best fit for your company and who will ultimately lead you to success can seem overwhelming. Here are a few questions to consider asking potential providers during your next meeting.
How much experience do you have working with businesses like mine?
Working with a provider that has previous expertise working with B2B companies gives you peace of mind that they will understand your goals and how to best achieve them. These providers will have experience collaborating with previous clients and will understand how your company functions and which method is best when integrating the incentive program.
Can your company help my company grow?
One of the main reasons companies decide to put an incentive program in place is to help drive growth. By offering a well-rounded incentive program, your business will see an increase in profits, motivation, and sales growth while also establishing a bond between you and your audience. For example, if you’re interested in going global, a well-equipped incentive program is a step in the right direction. By offering incentives to potential international partners, you can open the door to a vaster pool of companies. If this is your goal, such a provider should assist you through the ways to reward internationally and will provide you with the tools to accommodate an international program and the knowledge to handle international intricacies.
How experienced is your company?
Be sure the company has sources that will vouch for their programs, or check and see if they have won any awards for the success of their programs? Sharing previous success stories with potential clients helps paint a picture of the type of company that you could potentially work with. It can also provide a status for them based on the outcomes with previous clients.
Check on the company’s website to see if there are any case studies published that discuss previous clients and their success stories. Awards can add to their repertoire so prospects can view them as a reputable and well-credited company whom they can trust with their incentive program.
A few creditable organizations to look at in the incentive industry include…
The Incentive Research Foundation (IRF)
Incentive Marketing Association (IMA)
If there are unforeseen global or market changes, can you be flexible and have the resources to pivot to a reconfigured strategy or audience group?
Incentive providers should be flexible when there is an obstacle and pivot your investment, target audience groups, and initial rewards strategy to ensure the program remains engaging and effective. Being able to change paths when an obstacle arises saves you money and a headache if you’re able to keep the foundation of your program and just have to alter the rewards or tracking method for example.
What security measures do you put in place to ensure my data is protected?
Incentive programs require data collection from multiple sources within your company. When choosing a provider, make sure they are committed to keeping your data safe through the latest cyber security measures. Protection from identity theft and fraud is an ongoing effort and we realize there is no way to stop fraud from happening but enforcing a top-notch data protection system will give you peace of mind that your data will stay out of the wrong hands.
These questions only scratch the surface of what could be asked at your next meeting. In the end, you want to work with an expert who is going to support your company and further enable it to grow to its fullest potential. If you’re interested in learning more about how HMI can help your company, get in contact today!