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What Is Incentive Management?

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Incentive management refers to finding an effective and efficient way to distribute rewards and incentives to recipients, as well as track those rewards. While research has shown that incentives can help boost customer loyalty and engagement, they can be a significant administrative burden. Well-planned incentive management streamlines the reward distribution process, freeing up team members to do more business-critical tasks. A rewards management tool can make it easy, eliminating manual tasks and streamlining processes.

What Is a Rewards Management Platform?

A rewards management platform offers a convenient and streamlined solution for handling incentives distribution. Whether you are rewarding survey respondents, engaged customers, or high-performing employees, it can be time-consuming and tedious. 

By integrating with software tools you already use every day, an effective rewards management platform makes it simple to manage incentives. It allows you to set up rewards campaigns efficiently, select appropriate rewards, and set value limits. You can automate reward delivery or choose to review and approve recipients before sending out their rewards. 

A good rewards platform also simplifies the process of managing campaigns end-to-end through real-time reporting. By tackling all elements of the process, from curating appropriate digital gift card options to dealing with recipient queries, the right incentive management tool takes the hard work out of rewards.

How Does Automation Help With Incentive Management?

Automating the process of distributing incentives can save your team time. It makes it quicker, easier, and more efficient to manage your rewards program. By integrating rewards distribution directly into your existing survey, marketing, and community tools, you can conveniently automate the process. Integration options include frequently used software like Marketo, Hubspot, Qualtrics, and SurveyMonkey. You can also set triggers to deliver rewards automatically whenever a participant takes a specific action, such as submitting a referral, completing a survey, or registering for a newsletter. 

What Are the Benefits of Automated Incentive Management?

Automated incentive management offers a number of benefits, including:

  • The ability to run multiple campaigns simultaneously.
  • A curated selection of digital gift cards, prepaid cards, or e-donations for each campaign.
  • Streamlined rewarding for global recipients.
  • The opportunity to add company branding and messaging for a more personalized experience. 

Furthermore, an automated platform relieves the burden of administrative tasks. Without having to handle all aspects of rewards campaign management manually, team members are free to focus on more important tasks. Of course, that has benefits for the business, too, because it improves productivity and increases revenue.

Can a Rewards Management Platform Help Me With Tracking and Reporting?

Tracking rewards programs accurately is critical for many reasons. To comply with internal or external regulations and prove ROI, you likely need to know: 

  • Who is getting rewards.
  • Whether a recipient has claimed a reward.
  • Which reward each recipient chooses. 
  • What effect rewards had on the success of your survey or marketing program.

The right rewards management platform gives you complete visibility at a campaign, program, and recipient level. Again, this saves staff time and effort while revealing vital information. 

Do Rewards Management Platforms Offer Flexibility?

Flexibility is extremely important when it comes to incentive management. You need to tailor functionality for differing goals and needs. Some of the flexible options that a good rewards management platform can offer include:

  • Reward caps. Limit the number of rewards that are sent so you’ll never exceed your incentives budget.
  • Approval workflows. Review and approve recipients one by one or in bulk, so you can have final control over distribution. 
  • Anonymous survey support. Using decoupling and data masking, you can reward recipients without seeing their identifying details. 

All of these options make it more convenient and efficient to manage your incentive distribution. 

Which Is the Best Incentive Management Solution?

Finding the best incentive management solution for your business is essential. You need to choose a solution that is effective, efficient, and user-friendly. Not only that, but it must also be flexible enough to meet all your needs.

BHN Rewards is an excellent choice for all your incentive management needs. Its platform is cost-effective, streamlined, and user-friendly, among other benefits. Get in touch to find out more about how BHN Rewards can improve your incentive management processes today.

Related Topics:

3 Tips for Effective Incentives Management

8 Statistics That Prove Why You Need Incentive Rewards

Incentives Management for Clinical Studies: 3 Things to Consider

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