If business success is about any one thing, it is about treating your employees, customers, and partners right. Sure, anybody can be successful in business in the short term by capitalizing on a good idea or by just getting lucky, but only those who have mastered the art and science of managing relationships know how to weather the storm long-term.
While there have been volumes written on how to keep the people you work with, those who work for you, and those who buy from you happy, it can all be summed up with two descriptive words: “fairness” and “appreciation.”
While the idea of fairness makes pretty obvious sense as a component for success, the ability to show those same folks appreciation for a job well done is less often put into practice. There are a lot of ways to show someone your appreciation, but one of the best ways is with gifts or cash rewards.
One excellent idea for showing appreciation that is increasingly catching on is that of giving a prepaid gift card to key stakeholders as a reward for a job well done. These cards carry the symbols of major credit cards like Visa and American Express and can be used in the same way that a credit card is used – at millions of locations worldwide.
In practice, a sales incentive gift card has a ton of potential uses to stimulate business growth. Here are just 3 ways you can use them to increase your business performance:
1. Give them as rewards for goals achieved:
Your sales and business development teams are out there working hard to promote your business each and every day. Of course, if yours is like most companies, they have a compensation plan which rewards them on a commission basis. And, on the other end of the spectrum, most companies will eventually phase out salespeople who are not performing at all.
However, there are smart ways to inspire even greater performance from your team than just the paying of sales commissions or the threat of getting fired. Sales incentive gift cards are one such way. You can set up programs that reward consistently outstanding performers. Or, you can give them as rewards to people who are most improved or who close a particularly tricky sale. And, because you can reload their card at any time remotely within 24 hours, you provide a means of instant reward and gratification when a goal is achieved.
2. Send to business partners as a thank you:
Do you have a network of business partners who are re-selling your products and services on your behalf? Or, maybe they are providing vital support functions for you such as manufacturing, maintenance, outsourced HR, or billing services. Your business partners will be giddy with excitement at receiving a sales incentive gift card from you the next time you want to show your appreciation for all that they do.
3. Award to customers who attend a focus group or try the beta version of a new product offering:
You can even use this idea to reward your own customers. “Pay your own customers – isn’t that odd?” you might ask. Not necessarily. If you are asking them for their valuable time to get their feedback on your marketing campaign or to test a new product, a prepaid gift card can be a wonderful way to say thanks while strengthening brand loyalty and awareness.
Consider these 3 ways to use incentive gift cards as a way to boost business performance.