What are the Benefits of an Incentive Travel Trip?
Incentive travel trips are a popular way to reward employees for excellent performance in the workplace. As reported on the website smartmeetings.com, according to a recent study from the Incentive Research Foundation (IRF), “At least 46 percent of U.S. businesses use incentive travel”. Furthermore, “U.S. businesses spend $22.5 billion a year on incentive travel.”
Benefits of an Incentive Travel Trip
Companies that shell out thousands of dollars for each employee who qualifies for an incentive travel trip do so out of more than good will. They also offer the trips hoping to receive a tangible return on the investment, particularly in the form of great business performance in the coming year. To this end, companies can benefit from incentive-based trips at least four crucial ways.
- Customer Retention
The IRF says that companies with the highest customer retention rate provide group travel to reward annual sales goals. When an incentive travel trip has the desired effect on business productivity by motivating employees to qualify for the next trip, a high rate of customer retention can result. Incentive trips are well-known for helping companies retain talented employees, but they can also help companies retain customers through the efforts of these employees.
- Sales Growth
The IRF also lists sales growth as a benefit of using incentive travel as a business reward. Specifically, companies with the highest sales growth offer group travel to reward year-end business goals. In addition to helping their employers retain customers, employees who are motivated to qualify for incentive trips help add new names to the customer roster. The IRF notes that “Incentive travel programs can increase sales productivity by 18 percent”.
- Revenue Increases
Growing the customer base is a benefit of incentive travel trips that yields yet another benefit: increased revenue. According to the IRF, companies that offer non-cash rewards experience revenue increases that are three times higher than the national average. Every company wants the bottom line to look better next year than it looks this year. An incentive travel trip can help make the dream of a significant revenue increase a reality.
- Excellent ROI
The return on investment (ROI) for incentive travel trips differs in each case. However, the IRF reports that, on average, “well-designed and well-executed incentive travel programs can produce an ROI of up to 112 percent.” The keys to realizing such a profitable ROI, of course, are offering a trip that is “well-designed and well-executed,” which is why many companies entrust the trip planning process to a provider of incentive travel services.
Let Us Plan Your Incentive Travel Trip
The experienced travel trip planners at Incentive Travel Solutions are here to help you plan a well-designed, well-executed travel trip. In creating the trip, we take several measures to ensure its success, including: planning the trip within your budget, selecting unique destinations and activities that are unforgettable, and sending travel staff with you to handle any loose ends.
To learn about additional benefits of incentive travel, give us a call today at (704) 540-1482, or fill out our contact form, to set up a free consultation. We’ll assist you with creating a trip that helps deliver the four benefits above and others. Contact us today to get started!
