Loyalty programs in the retail sector alone have grown exponentially over the past five years. The 2014 study showed that the average loyalty program for every family in the United States is staggering -22. The question now is, what is the reason why the reward program is so popular? Can innovation be successful through such loyalty and reward programs? Looking at the trends of Starbucks, Barnes and Noble, you will recognize innovation, generosity, and a thorough understanding of customer needs, which is the driving force behind their loyalty.
However, is the generosity of the entity driving innovation in the form of direct cash support, discount cards, fine accessories and luxury vacations? Probably not, but let it be a systematic approach where one factor drives another and opens the mind to a large target audience, and you may have just reached the best point of innovation and success.
Rewards and loyalty programs can stimulate and encourage people to innovate, collaborate, learn and share their expertise on a topic. Therefore, knowing when and how to reward end users is key. In fact, end users offer some new and innovative ideas, as we mentioned in the previous article, gamification is one such mechanism.
In order for innovations and loyalty programs to be innovative, they must be aligned with the company's strategic goals. Creating an example to help solve the current problem or find the next best idea is an example. Choosing an idea based on common standards and then funding the idea to make it a reality may work. Another possibility is to develop new workshops to brainstorm and conceptualize new ideas. This helps determine the maximum potential through innovative thinking and allows them to grow with the organization.
Open innovation has distinct characteristics. If they have a competitively priced compensation plan, most people here are not driven by money. If they feel valued, recognized and have the opportunity to learn and share knowledge, they will Will be happier and more motivated. Our Enterprise Innovation Suite provides assistance in a unique way, dynamically monitoring all users and providing analysis of all user and system activities. Creating leaderboards and templates for campaigns and loyalty programs helps identify, encourage communication, build trust and create interactive, innovative communities.
The goal is to share ideas and solutions openly. This increases the likelihood of destructive ideas and rethinking reward programs. Therefore, employers and contributors are recognized at the same time. Reward and recognition statistics from the creative process should run through the entire innovation lifecycle until the implementation of the idea. The idea is to get support and generate "hype" for future activities.
Finally, rewards and recognition help to promote innovation through meaningful contributions. Rewards provide the means and recognition to provide a platform for a culture of continuous innovation. These programs send a strong and unequivocal message to customers, employees and the networks involved, that is, their contributions are valued by bringing results to the innovation program.
Orignal From: Reward program and innovation success
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