When a participant is deciding whether a travel or non cash incentive is “worth the effort,” the participant is considering the perceived value of earning the incentive — the match-up between the value of the incentive itself, and the effort required to earn it. Insights into this decision-making process come from expectancy theories, which hold that effort exerted in pursuit of a reward is positively related to the value of the reward offered for performance. This dynamic is known as the expected utility of the incentive. In addition, several principles of social and cognitive psychology suggest that participants may perceive non-monetary incentives to be more valuable than the retail value of that incentive in cash. For example, acknowledgement from peers and other dynamics when they receive the travel incentive can extend the value of non-cash incentives over and above the cash value of the incentive. This has been referred to frequently as Trophy value. 

While travel incentives have been presented showing a dollar value, that’s where the comparison with cash stops. When properly used, travel incentives provide powerful, ongoing target marketing power. That potential has to be unlocked, however, through careful marketing and ongoing communication of your program, the branding and/or customization of the packaging making it relevant to the participant desires and through effective presentation of the awards and recognition of the award winners. By matching the correct travel incentive to the participant, add in the front-end excitements before the participant leaves on their trip combined with the photos and souvenirs they share with friends and family after their trip. That’s trophy value. 

In addition, many of today’s travel incentives carry the names of leading brands, which enhances the perceived value. Travel incentives incorporate major travel providers branding enabling your organization to target awards based on demographics and create themes based on communications objectives.Aligning your travel incentive or premium program with leading industry travel providers can significantly increase the participation in the program you offer. Brand awareness is a major factor in the end users’ experience, and by offering travel incentives that are fulfilled by brands they already recognize and offering locals they are dreaming of traveling to, you add awareness to your program—which leads to greater participation. The benefits of offering leading travel provider brands in your program are very compelling. 

The overabundance of options—including the many travel branded options—also allows you to target and tailor your travel incentive program in ways that are similar to but more flexible than merchandise because they allow the recipient to select the most relevant travel award option. In addition, many travel agencies open up the potential for some unique customization or packaging opportunities, allowing companies to leverage major Travel industry brand names in their marketing programs to maximize perceived value, adding to the excitement and pride of the target audience. 

IMPACT International Group (IIG) is a Sales Promotional Marketing Agency specializing in incentive loyalty and reward programs, in addition to point of sale, traffic builders, and lead generation gifting and incentive products.  IMPACT International Group provides quality marketing programs and incentive products to direct mail houses and agencies, along with direct sales marketers serving the vacation ownership, multi-level marketing, retail, catalog, mail order, automobile, and banking industries. 

IIG and its affiliated companies are devoted to providing products and services that meet the ever changing needs of today’s consumer. IIG provides incentive products and services that anticipate industry change, market trends, technology, and the lifestyles of the consumer.
To find out what “trophy value” that will motivate your clients, customers and employees contact IMPACT International Group.