If You Answer Yes to These Questions, You Need Better Incentives Management

  • author

    Hannah Prince

  • posted

    May 11, 2023

  • topic

    Academic Research, Digital Marketing, Employee Rewards, Market Research, Sales

If You Answer Yes to These Questions, You Need Better Incentives Management

When you look at any company’s or department’s processes, there are inevitably a few that haven’t changed in years simply because that’s the way it’s always been done. But if you don’t take a step back once in a while and assess your day-to-day operations, you may be missing an opportunity to make your team more efficient and effective.

Take incentives management. Whether your rewards program supports your marketing efforts, employee engagement, sales, or research projects, you may not realize that managing it is bogging you down and there are tools that will make it much easier.

If you answer yes to any of the following four questions, then it’s time to reevaluate your incentives management to see how a digital rewards platform can help you streamline your processes.

READ MORE: Who’s Involved in Your Incentives Management?

Are You Drowning in Spreadsheets?

If you are managing your rewards and incentives mostly manually, you likely have separate spreadsheets to track recipient lists, budgets, and claim rates for each project. Not only is that inefficient, it’s also not a secure way to store and share personal and financial information among team members. 

How an incentives management platform can help: With the right rewards tool, you can neatly organize your projects or teams into separate campaigns and even completely separate workspaces. That way, you can have different funding sources, user permissions, and reporting for each one, all at your fingertips. Recipient data is stored securely and can even be masked to maintain anonymity, if necessary.

Does It Take Multiple Calculations to Track Your Budget?

Considering current economic concerns and tightening budgets, being able to track every dollar is more important than ever. Leaders also want more visibility into what their teams are spending. If all that means you’re devoting a lot of time doing mathematical calculations and juggling recipient lists and claim rates, you are wasting hours that could be put to better use.

How an incentives management platform can help: There’s no need for complicated Excel formulas or manual math when you use a rewards tool. After you add funds to your account, you can see your remaining balance at any time on your dashboard. Need to see where the money went? Built-in reporting capabilities show you the full picture with just a few clicks.

Are You Clueless About How Many Rewards Have Been Claimed?

When you send rewards manually, whether they’re physical gifts, plastic gift cards, or digital gift cards, you aren’t able to track how many recipients actually claimed their reward. You don’t know if they got lost in the mail, or if someone who says they never received theirs is just trying to scam you into sending another.

How an incentives management platform can help: When you distribute rewards through a robust, transparent platform, you will be able to see what happened to every digital incentive you’ve sent. When a recipient contacts you saying they never got it, you can check to make sure it hasn’t already been claimed and then resend it with a simple click.

Do You Find It Challenging to Send Rewards to International Recipients?

The world always seems to be getting smaller, and you may have expanded your rewards program to include global customers, prospects, employees, or research participants. But if you’re using physical gifts or ordering digital gift cards straight from the retailer, things get tricky. For physical gifts, you have to deal with the high costs and potential address errors associated with international shipping. Even for digital gift cards, you have to worry about what cards are redeemable in each recipient’s country — it certainly wouldn’t look good to send an Amazon.com gift card to a British recipient instead of one for Amazon.co.uk.

How an incentives management platform can help: By using a rewards tool, you’ll get a lot more flexibility thanks to a catalog of digital gift cards. Prepaid cards are often a good option, since they can be used in more than 150 countries. You can also use a platform that can do the heavy lifting for you. BHN Rewards’ Smart Global Choice feature, for instance, will detect each recipient’s location and automatically present them with a selection of rewards available in their country.

Does one (or more) of these situations sound a little too familiar? Then request a demo today and let us show you a better way!

about the author
Hannah Prince

Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.

Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.