360Insights, a channel engagement and business optimization company, helps companies develop incentive travel programs that grow business. Its Incentive Travel Playbook provides insights on selling an incentive program to the C-suite, as well as strategies for developing a program that inspires workers to earn their way onto the trip. Here’s are some of the highlights.
Why Group Incentive Travel Is Worth the Investment
Memorability – One-time bonuses quickly fade recipients’ memory. Incentive travel experiences create Instagram- worthy moments that participants cherish long after the trip is over. This “Return on Experience” (ROE) translates into a lasting sense of accomplishment and boosts morale.
Perception – Non-cash incentives like travel are seen as separate from compensation and often considered more valuable than cash in today’s inflationary climate.
Relationship building – Incentive travel provides a unique opportunity for company leadership to connect with their team, top customers, or down-channel partners on a personal level. It fosters a sense of camaraderie and gives participants valuable face time with executives and managers, strengthening relationships that drive business results.
ROI of Group Incentive Travel
Well-designed incentive travel programs typically boost a business’s sales productivity by an average of 18%. 53% of senior leaders view incentive travel as a “need to have,” while 48% feel that it is a “strategic differentiator.”
What a Successful Incentive Trip Looks Like
The days of a one-size-fits-all design for different trips are over. Successful programs are tailored to the individual audience as well as the sponsoring company’s goals.
For example, one program sponsor wanted to reward top- performing channel partners from both the Middle East and Europe. Middle East partners were treated to an exclusive experience in London, while European partners earned a once- in-a-lifetime trip to Dubai. The latter featured unique events and activities, including desert adventure tours, a camel polo experience and a sunset yacht cruise. Even the transportation was one-of-a-kind, with participants being shuttled around the city in a fleet of Bentleys, Porsches and other high-end luxury vehicles.
The Logistics of an Effective Incentive Travel Trip
Building relationships with on-site vendors – Building strong relationships with hotels and destination management companies (DMCs) is essential. It’s one reason many companies hire an experienced incentive travel program planner who has developed these valuable connections.
More than a pool and a round of golf – Today’s incentive travel experiences include unique experiences that appeal to the select demographic profiles of your participants. Corporate social responsibility (CSR) efforts that aid local groups in need are a popular component, as are activities focused on well-being.
Communication is key – Keep your participants informed from the program kickoff to the post-event survey to sound participants out on their satisfaction. Participants want more communication, not less.
Group incentive travel is a valuable component of a holistic incentive strategy. It’s a versatile performance improvement tool that caters to a variety of audiences and delivers a measurable return on investment.
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