Survey results confirm the growing importance of incentive programs

by: Nichole Gunn June 25, 2010

A recent study conducted in May 2010 by Berkely Payment Solutions reveals the growing emphasis Canadian executives continue putting on the growth and execution of corporate incentive programs.

The Incentive Trends Outlook for 2010-2011 surveyed executives from marketing services organizations, incentives firms, and corporations and included companies of all sizes and across many sectors from financial services and consumer packaged goods to telecommunications, government and, charities.

“As the Canadian economy continues to grow into the second quarter, and as consumer confidence and the job market improve, Canadian businesses are continuing to seek more effective ways to attract and retain customers and employees in a cost-effective and personalized way,” states David Eason, CEO of Berkely Payment Solutions. Companies are realizing the importance of implementing original incentive programs that are customized to their specific business goals and needs.

86% of the survey respondents felt they gained a competitive edge over the competition as a result of the incentive programs they have implemented--while 83% of respondents indicated their incentive budgets will either remained the same or increase over the year.

The survey also indicates that prepaid corporate incentive cards like Visa, MasterCard, or American Express are the most popular ones (74%), followed by retail gift certificates (55%), individual travel (51%), and experiential events such concerts and special events (42%). Company selected merchandise and the more traditional incentives like catalogues have decreased in perceived value and thus popularity, with 9% and 4%, respectively.