Perk Up Your Business Performance With Excellent Incentive Strategies And Plans

The present junction of business environment can be rightly described as a cutthroat

competitive race among some excellent players having distinct and effective game plans. In order to attract more and more number of prospects or to capture a larger market share, each businessperson is coming up with some different strategies and plans that can counter face the competitive strategies of other players and induce different interest group of business to facilitate a cumulative higher performance.

The success of any business organization depends upon the support and co-ordination of different interest groups. Such interest group includes customers, employees, and business partners and so on. In order to obtain a strong commitment and support on the part of such group it becomes very important for a business organization to formulate an effective motivational strategy. Thus, there is serious need to give more emphasis on incentive program. An incentive program can be rightly described as a formal strategy framed by business organization in order to persuade or encourage a specific behavior or actions on the part of specified group of people may be employees, customers or sales staff. While framing a motivational program other factors affecting the behavior and actions of peoples must also be considered. Such factors include skills, recognition, understanding of the goals and objectives and most importantly ability to measure the response. One thing that should be giving a wise consideration is that strategies that have worked for one organization may not be suited for another one. Each organization is needed to frame their own program that would perfectly match with the needs of their business goals and plans. A complete study is required to be conducted in respect of different aspects and characteristics of targeted audience to frame an effective motivational program. A successful program should include clear-cut goals and objectives, effective rewards, efficient communication strategies and wise mechanical devices for measuring of the response. By adjusting each of the above variables best fitted with the target group, a company would be in a position to get an enhanced participation of the people and achieve desired results.

A business organization can introduce such motivational program at three different level i.e. Consumer level, Employees level and Dealer Level. Consumer programs are introduced by business organization to retain their valuable consumers with them for a longer period and to ensure a greater commitment and loyalty on the part of customers. It is always said that retention of existing customers is a cost effective practice rather than attracting new practice. Based on this principle, businessperson is needed to frame an effective retention strategies for their costumers that will persuade them for repeat purchases and at the same time help to manage an effective relationship with them gaining a strong consumer loyalty. In fact, retaining of strong consumer base and continuing with the strong consumer loyalty is treated as a best competitive strategy to tackle the market race and secure highest possible position. Along with a strong customer base, a business organization also needs an efficient workforce to serve the needs of such customers. In order to achieve higher level of success, an enterprise is needed to attract and retain productive employees. Inducing an employee to come out a performance that exceeds the expected results is an important role that has to be performed by every manager. In order to get such thing done, it becomes more important to make employee more committed towards the organization. In order to increase the commitment and engagement level of employees, Performance incentive programs are framed by the business organizations. Such program may include different measures such as profit sharing, stock options plan, higher bonus, increased rate of commission and so on to perk up the performance of an employee and ultimately that of the whole organization.

Apart from the customers and employees, the next and very important interest group that has a wise impact on the performance of an organization is Dealers and such other channel intermediaries. Thus, motivating and inducing such group to bring the product of company's product ahead in market is an important function. To serve this purpose companies that will help to capture large market share, reduce the selling cost, launching a new product, and ultimately drive the sales and profit frame dealer incentive programs.

by: Lachlan Reinhold

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