Protect Your Reward Incentives Budget With These 4 Tips

  • author

    Hannah Prince

  • posted

    Mar 21, 2023

  • topic

    Academic Research, Digital Marketing, Market Research, Sales

Protect Your Reward Incentives Budget With These 4 Tips

Professionals everywhere are feeling the pinch this year. Economic concerns have caused companies to tighten budgets across the board, including marketing, customer, and research programs. And that means your reward incentives dollars are even more precious.

The money you put toward rewards are vital to your success, especially in a tough economy. Those incentives are what make your survey response rates higher, your marketing campaigns more effective, and your customers more loyal.

You do, however, need to stretch that limited rewards budget as far as possible and make sure nothing is wasted. There are certainly ways to make your reward incentives more affordable, but there are also things you can do to protect the rewards you do purchase. A digital incentives management platform like BHN Rewards can help with built-in controls and features. Here are four ways to keep those rewards safe.

READ MORE: 5 Ways to Recession-Proof Your Incentives for Engaged Customers

Set Up Separate Budget Groups

Make sure that each team or project spends only the budget allotted for that specific use. With separate budget groups, you won’t need to worry about funds getting crossed. You can also add multiple funding sources and choose which source should be used for each campaign. That means, for example, that your marketing team and UX research team can both put their respective corporate cards to fund their own rewards programs.

Cap the Number of Rewards for Each Campaign

By setting up the maximum number of rewards that can be sent within a campaign, you can make sure not to exceed your allotted budget. Not only is this a great way to limit costs, it can also help you create a sense of urgency when you send survey invitations that say only the first 50 or 100 respondents get reward incentives.

Turn on Approval Workflows

To protect your budget, it’s also important to make sure your rewards aren’t wasted on spam entries or people trying to abuse the offer. BHN Rewards’ built-in approval workflows let you review the recipient queue and approve or reject each one. If you don’t want to do it one by one, you can also set up rules that automatically approve reward incentives based on certain criteria, so you can weed out, say, duplicate responses.

Maximize Your Claim Rate

No matter how you’re using rewards, you ultimately want as many of them to be claimed as possible, so they can do their job of increasing engagement and delighting recipients. The first step is to set a reasonable claim window that gives recipients ample time for redemption. In addition, the BHN Rewards platform sends automatic reminders to recipients who haven’t claimed their incentives yet. And of course, there will always be a handful who forget or don’t redeem their reward, which is a huge waste of your budget. That’s why BHN Rewards automatically refunds those unclaimed reward incentives to your account so you can use them on your next program!

These are just a few of the many features that BHN Rewards has to help you run a successful rewards program that’s right for your budget. Learn more by checking out our Product Tour or requesting a demo!

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.