Incentive Travel: Drawing the Map for a More Profitable Year
Business Solutions Looking to change behavior or create a measurable return on investment? Studies suggest incentive travel is an important tool for companies big and small.
As global economies and job markets improve, many industries and companies around the world find themselves competing for employee talent, channel partners and valued customers.
One proven way they are addressing the issue is by implementing incentive travel programs in order to grow, engage and retain their employees, their sales channel partners and their customers.
"Over 90 percent of corporate executives rated incentive travel as “effective” or “very effective” in achieving their goals."
Compared to advertising, direct marketing and other marketing initiatives, incentive travel programs have the highest level of cost accountability. A properly designed, planned and executed incentive travel program can be done at no incremental expense, and often produces incremental revenue.
World of potential
The intentions and business objectives of today’s incentive travel programs are as diverse and unique as the participant base itself. Successful incentive programs link the reward to performance, allowing companies to drive behavior to reach their business goals.
In a 2014 survey, over 90 percent of corporate executives rated incentive travel as “effective” or “very effective” in achieving their goals. They also confirmed that it pays for itself many times over, and has a positive impact on future economic investments and job growth.
Wheels up, profits up
Research has also shown incentive travel programs help companies retain top talent and decrease turnover, with a majority of qualifiers reporting an increased sense of loyalty to their company.
What’s more, a 2013 report by the Incentive Federation underlines that incentive travel contributes to the financial growth of individual companies as well as the overall economy, accounting for over $22 billion direct spending in the U.S. It’s little surprise that incentive travel is predicted to grow at a significant pace through 2016.