​Why Incentives Are Important ~ Part 2

As you may recall from our January blog, we discussed how incentives to your customers, clients and staff are so important, but unfortunately often overlooked. The goal was to examine how this impacts business operations across our Prize, Incentive, and Award divisions. In part one of the two part subject matter we discussed how to focus on staff, employment, and the HR benefits of a comprehensive incentive program.

The plan for the second part was to examine how the right prizes and incentives can drive revenue, profits, and additional business in the Fundraising, Family Entertainment, Amusement, and Loyalty Redemption industries. Little did we know when we outlined our original blog schedule, and examined topics for discussions, that most of us would experience a complete shutdown of our business operations due to COVID 19.

So although our original intentions were to discuss potentially adding to, or improving operations, we thought this topic may be even more pertinent now with locations, facilities, and businesses emerging from quarantine and lock downs. Many of us are dealing with mandated reduced capacity controls, or a cautious general public who may not be ready to patronize with the same enthusiasm as we previously saw. As a matter of fact, initial reports from businesses that opened early seem to indicate that this will be a possibly longer, and slower recovery than we all had originally hoped for.

So we encourage everyone to take a look at some of the suggestions from Part One, as there may be some useful ideas you can implement with your current team under this new normal. Where possible, encourage, recognize and reward exceptional behavior as this is both new and uncertain times for our staff and team members too.

From an economic and financially viable perspective, any ideas to drive additional revenue, profit, and additional business is probably a hot button issue for most of us right now. Capital budgets have been impacted, with projects delayed or canceled. Now is the time to maximize each dollar spent, including the best ROI possible on your inventory. No matter whether you are in the Prize, Incentive, or Award business, the dollars spent on merchandise and products to drive your business have never been so important.

The goal right now is to generate as much profit as possible, so look for items that your players, winners, clients, and customers will actually want, and are of inherent value to them. Your selection has never been so important, and could dramatically impact per capita spending for the foreseeable future. We’re here to assist you in any way possible, as we all strive to work through these uncertain times. Better days are ahead; we just need to get to them.