The incentive sector: an unstoppable rise
The total MICE sector has been experiencing constant growth in recent years. Each area maintains a tendency to increase but the greatest growth is in incentive trips. These have become a basic tool for companies with 2 clear objectives: maintain high motivation among employees and, with that, increase profits. Both these, as we already know, are closely related and companies are more and more aware of it.
Market studies launched in the first half of 2019 show how the company incentive segment is not only on the rise but the average spend per participant has increased considerably. The sector is in good health as the return on the investment made is around 200%.
Incentive trips reward achievements obtained by participants or motivates them to obtain them. The idea is about workers feeling proud to work in their company. This opens a door of which, as we have said, we are increasingly aware: A motivated worker sells much more!
What does it provide the worker?
The fact of personally inviting each worker, exhibiting the results achieved among everybody and for the company to stop and thank them makes them feel much more valued. We mix leisure and business to step outside the daily routine for a few days. Although they remain in work mode the atmosphere is much more relaxed and participants appreciate and value these opportunities much more positively. Besides which, many workers also take advantage of the trip to tie it in with a personal break at the destination chosen by the company, just as we have explained in detail in another article on “bleisure”.
As in all aspects of marketing, trips and events, personal experience is more widely valued than ever, in the field of incentives it is no less. Rewards that incentivise employees can be many but none guarantees you the degree of experience provided by trips specifically designed for the purpose.
What is the fundamental objetive of an incentive trip?
The main objective is none other that to reward and show appreciation to employees for a job well done. At the same time the motivation of those employees is fundamental and an indispensable asset for the company. This asset must be nurtured and with this type of trip both that motivation as well as personal relations between employees are developed, whether they know each other or not. At the end of the day the team is made up of all the staff and getting to know each other brings them together, uniting them and motivating them more as a team.
We can transfer this same format from employees to the clients who sell our product or service. Rewarding them for their good results is also a key objective when assessing this tool as a form of motivation.
Personalization is the key to success
Once the fundamental and basic objectives are known, it is important to highlight that personalization is essential to focus more deeply on other specific objectives that go a step further, beyond the reward or motivation.
Do we want to encourage teamwork or are we more interested in developing the competitive spirit? Do we want to see the leadership qualities of some workers concentrating on potential internal promotions? It may be that we simply wish to give some clients who have excelled with their brilliant results the gift of a luxury trip. At times it may be that we want to give the trip a more cultural and tranquil format. Or even a trend increasingly in demand: highlight a social conscience with a more sustainable programme.
In each case an incentrive trip must be exclusive, entertaining, creative and, as we have said, personalised around the participants and the purpose that has led us to organise this event. Results are always satisfactory and the proof is that more and more companies incorporate the idea into their programme as a “basic” of the annual budget.
Key factors in an incentive trip
We always say, as in all areas of work, that specialization in all fields is very important when guaranteeing in advance a satisfactory result. An incentive trip requires much dedication and specialism, so to surround yourself with great professionals in the sector is key and the basis on which the investment of time and economic resources results in benefits.
These are some of the factors that must always be taken into consideration when using this type of tool:
- We have mentioned above that an incentive trip must be exclusive. Bear in mind that we want to motivate and draw attention to attract a large number of participants. That is why innovation and creativity are also fundamental.
- Personalization does not mean being based just on whether they are employees or clients. Neither should we base ourselves solely on the objectives of the company itself. We must also consider the demographic characteristics of the participants so that the activities and venues chosen appeal to all.
- There should be a suitable balance regarding activities that can be considered exclusively leisure or business. To correctly programme the time dedicated to each one of these areas is fundamental.
- The choice of destination must tie in with our objectives. As we mentioned above if we prefer a more luxurious trip or a more cultural or sustainable one we can concentrate on destinations that suit those preferences.
Always use a specialist MICE sector agency because they will give you ideas that may be missing and solutions to problems that may arise. Their knowledge of the market and destination are fundamental as well as the choice of suppliers. Success is always the result of teamwork by a group of specialist professionals who will always help you to achieve the earmarked objective so that your incentive trip is unforgettable.
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