JNR Spotlight: How Popular are Incentive Travel and Prepaid Incentive Card Programs?

An Incentive Federation study of US businesses confirms that incentive travel, prepaid incentive cards and merchandise are popular tools for business leaders seeking to boost sales, reward their employees, customers, sales teams and customers. A total of 74% of US businesses spend $76.9 billion per year on non-cash award programs to achieve their performance objectives.

The value of incentive programs goes beyond its monetary return on investment.  The number one “secret” to success according to the CEO’s of the top companies in America: Motivate Your People. Target audiences (employees, dealers and customers) are inspired to perform at a higher level or remain loyal in exchange for an incentive reward. It is no coincidence that many of the most profitable companies (those with revenues over $1 billion) are those implementing the most incentive programs (89%), and in turn, also have engaged employees, positive workplace cultures and a better bottom line. In fact, 100% of “best-in-class” companies (those with the highest customer retention and sales growth numbers) offer group travel to recognize year-end sales success. (Aberdeen Research)

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By JNR Incorporated

Written by Kelly Woolsey

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JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom incentive travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies in many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.

Top 5 Reasons Your Incentive Should Swap Checks for Prepaid Cards

If you are using checks as a payment solution for your incentive or reward program, it might be time to make the switch to Prepaid Cards. Here are five reasons Prepaid Cards make a better incentive and reward program solution than checks:

A smart alternative to paper checks, Prepaid Cards are an ideal solution for organizations interested in a cost-effective, quick, and memorable way to reward their employees, customers, dealers and channels members. With a wide array of solutions, Prepaid Cards are a perfect fit for:

  • Rebates/Refund Programs
  • Consumer Promotions
  • Loyalty Rewards
  • Employee Rewards
  • Channel Incentives
  • Sales Incentives
  • Safety Rewards

 

Looking for more on Prepaid Cards? Keep reading:

Is the “Veruca Salt Complex” Influencing Gift Card Trends?

A Look at Prepaid Cards in Incentive, Rewards and Recognition Programs

 

For more information on Prepaid MasterCard® Solutions and how they can be customized to your goals, give us a call at 800.343.4546, or email us at jnrinfo@jnrcorp.com.

 

By JNR Incorporated

Written by Kelly Woolsey

______________________________________________________________

JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.

 

A Look at Prepaid Cards in Incentive, Rewards, and Recognition Programs

There are few rewards as satisfying as being able to pull out your wallet to simply slide out a prepaid reward or incentive card that is a branded, physical representation of your hard work.  In recent years, prepaid debit cards have skyrocketed onto the scene to become the most popular tool of choice by various firms to help motivate, engage and reward both employees and customers alike. The popularity of prepaid cards is evident through 75% of businesses believing that prepaid gift cards are among the most effective rewards, especially in driving loyalty and commitment as surveyed by the Incentive Research Foundation.  The majority of incentive planners also promote prepaid cards as a more meaningful, personal and impactful enticement than cash.

Incentive planners and business executives are not the only ones encouraging the use of prepaid debit cards; recipients are voicing their appreciation for these convenient compensations as well. In a study done by the Incentive Research Foundation, 44% of survey respondents proclaimed that prepaid cards are their favorite type of gift or reward. So much so, that when offered a prepaid card or equivalent cash, five times as many respondents chose the prepaid card over other alternatives. This data speaks volumes about the optimistic future of the prepaid debit card industry as it becomes the most notable way of simultaneously increasing both the potential incentives for employees and overall productivity for a firm.

So what’s the draw to these tiny pieces of extraordinary plastic?

There are numerous benefits associated with issuing prepaid cards, including, but not limited to the following:

  • Prepaid cards are being used as incentives across the spectrum as they can be accepted at any retailer where credit cards are taken.
  • Prepaid debit cards, unlike cash, can be used online, a more suitable feature in today’s technological age.
  • Prepaid cards have the ability to be reloaded, providing ease for the cardholder to continuously add funds to their favorite card.

Prepaid cards are being used as incentives on various levels, from spot rewards to holiday bonuses and for merchandise, dining, travel and entertainment. This slew of opportunities connected to each prepaid card has made the business a $46 billion industry in the United States as stated by the Incentive Federation. Furthermore, prepaid cards are now the most frequently used reward in corporate incentive programs, with over 75% of organizations utilizing prepaid debit cards as rewards according to Incentive Magazine’s Gift Card IQ Survey.

Businesses that are able to capitalize on the opportunity to enter into prepaid debit cards will have a positive position looking ahead, as it is widely believed that these cards drive a much higher return on investment than any other type of incentive rewards, such as cash. The flexibility and ease of distributing each card, as well as the ability to customize each as a personalized reward creates a mutually beneficial relationship while also establishing an emotional connection with an employee or customer. The facts speak for themselves, and the secret is out: prepaid cards are now on the map and are here to stay.

For more information on JNR prepaid card programs, please visit our website.

By JNR Incorporated

Written by Andy Tallon

______________________________________________________________

JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.