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Incentive Travel Mistakes and Solutions
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Common Incentive Travel Program Mistakes & Solutions
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Incentive travel is a 22 billion dollar a year industry. Why? Statistically it is by far the highest motivator of any incentive offering. Now make it more effective by combining it with the right incentive contest and customized corporate training. Maximize your training/incentive travel dollars by avoiding these common mistakes and applying Voyager’s solutions.
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Common Mistake: Running only a "Top Producer" incentive contest
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‘Top Producer’ only incentive travel contests hold several pitfalls. Any successful incentive program requires ‘buy in’ from all contestants. It must also be structured so everyone has a chance to qualify throughout the entire contest period. A case in point is an independent brokerage firm running a ‘top producer’ incentive program with 2,000 advisors and 100 ultimate qualifiers. The 5% that make the trip are usually those brokers with the largest clientele. At most, the top 20% of producing brokers might have the chance to qualify. This immediately alienates 80% of contestants and does nothing to promote an increase in their performance. Any incentive program where 80% of those involved don’t ‘buy in’ from the start is the least effective approach for optimum ROI.
Voyager Solution: Voyager believes in a multi-tiered approach. It is paramount to reward top producers and this type of contest should always be an integral part of incentive programs. Voyager rewards top producers with bigger yachts, plusher suites and exotic side trips. But what of the junior members of the team and new hires? It is from this talent pool that the superstars of the future emerge. Voyager’s approach is to integrate our unique ‘new account lottery’ into the incentive program for a limited number of qualifiers. Anyone who opens any new account for, let’s say, $30,000 gets one entry per account into the lottery held at the conclusion of the contest period. New accounts are the lifeblood of any successful business and this will keep everyone charging to the finish line. Remember: If your company does not have 100% ‘buy in’ from all contestants then you’re not making the most effective use of incentive program dollars and overall ROI will suffer.
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Common Mistake: Not giving tools to succeed
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Incentive program contestants are typically not given the tools critical to their success. When motivating people to increase their performance, we’re asking them to step out of their comfort zone. But taking this step unarmed and unmotivated most often results in their slipping right back to their old habits and creates a sense of failure. That most companies do little towards the professional development of their people on an ongoing basis is one of the most common complaints.
Voyager Solution: Integrate customized training with your incentive travel program. Most companies routinely budget for training and incentive travel but lessen their impact by running them separately. We have gathered together a team of Training Partners second to none spanning 300 industries. Unlike other incentive travel firms, Voyager provides specific solutions to meet the goals and challenges facing their clients.
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Common Mistake: Incentive not highly motivating
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Incentive programs that are not high-end in nature fail to motivate. The commitment to radically increase performance must culminate in a reward that becomes a hallmark in their professional career. Online catalogs, cash cards and weekend trips to Las Vegas might seem economical but structurally weaken an incentive program from the start.
Voyager Solution: Custom crafted incentive travel programs that push the adventure envelope and provide shared, once-in-a-lifetime experiences that creates a bond between winners. A well-structured incentive contest should pay for itself in the first month. Voyager can create an integrated top to bottom training and travel program for roughly the same cost of your current incentive expenditures.
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Common Mistake: Not using incentives as a revenue generator
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Incentive programs are viewed as an expense rather than a revenue generating investment. The majority of incentive contests are little more than an expected reward for the top producers to the usual destinations. Most companies will run the program internally usually on a dry erase board and with little or no performance tracking. Contestants have no way to continually gauge their performance against others across different geographic locations. Decision makers have no way to assess program ROI.
Voyager Solution: First and foremost Voyager is dedicated to our client’s ROI. Our professional staff will implement a flawless program with online tracking that brings contestants together in a common arena. Our formal Program Assessments give management a clear picture of upcoming superstars, under-achievers, accurate ROI and the necessary tools for future budgeting decisions.
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Common Mistake: Running incentives inhouse
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Many companies attempt to run their own incentive travel contests. As an additional duty, someone is tasked with running the contest and setting up the travel. Work effort must be split between running the contest and still doing their normal job. It is not typically viewed as a desirable assignment. As a result both jobs suffer.
Voyager Solution: Voyager offers a turnkey solution. Working closely with management and in-house training departments, Voyager sets up and administers the contests, often running several types concurrently for maximum effect. Interest is constantly maintained through creative activities including e-mailed travel tips pertaining to the selected destination, trip theme music Cds, travel books, maps and many other items designed to keep interest and motivation high. Voyager maintains a current tracking page on client websites where company employees and management can see weekly progress for each individual. By having a third party run the contests and tracking, complaints of partisan or biased results are eliminated.
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Performance Contests