Ignite

November/December 2015

A fresh resource for people who plan and manage meetings, events, business travel, promotions and incentive programs. Providing you with inspiration, guidance and great ideas.

Issue link: https://boomart.uberflip.com/i/595263

Contents of this Issue

Navigation

Page 67 of 93

66 | Ignitemag.ca | November | December 2015 • 46 per cent of US businesses use incentive travel • US businesses spend $22.5 billion annually on incentive travel • Organizations that provide non-cash rewards such as incentive travel have three times higher revenue increases • 100 per cent of best-in-class companies (those with the highest customer retention and sales growth) offer group travel to recognize year-end sales success • Incentive travel is not just for sales. Of companies that run awards programs, 53 per cent use incentive travel to recognize sales, 43 per cent to recognize employees, 33 per cent to recognize channel partners and 27 per cent to recognize customer loyalty • Properly designed and executed, incentive travel programs can increase sales productivity by 18 per cent and produce an ROI of 112 per cent • Per person incentive travel budgets are now up to an average of $2,440 Pulled from Incentive Research Foundation studies; IRF president Melissa Van Dyke compiled these stats for the first-ever US National Meetings Industry Day 2015. A NEW VISION The Incentive Research Foundation (IRF) has a bold new blueprint for the next five years in terms of research, outreach and advocacy. The IRF is a not-for-profit research foundation dedicated to a broad range of general motivational research, including incentive travel, gift cards and merchandise. All research papers are free and available for download on their website. As president of the organization, Melissa Van Dyke says the cornerstone of the Vision 2020 blueprint is the focus to become a better resource for the incentive travel and meeting industry. They reached out to their 400 attendees at the annual fundraiser and asked what they should be doing and how they could serve the industry better. The result is a three-pillar approach for the next five years: • continuously support and collaborate with their partners in the incentive industry and to double the number of research papers produced annually • ensure that research is universal in reach to all members of the industry including travel planners and suppliers such as hoteliers and DMCs • create new tools and webinars that get vital information to people in a format they can easily understand • partner with academic research so that incentive research flows both ways from our industry back to different disciplines such as human resource management and business case studies Van Dyke says "typically the most viewed research on the site is the trend information and our oldies but goodies: the design and justification of an incentive travel program." SEVEN INCENTIVE TRAVEL STATS EVERYONE SHOULD KNOW incentive travel report Melissa Van Dyke, president, Incentive Research Foundation

Articles in this issue

Links on this page

Archives of this issue

view archives of Ignite - November/December 2015