It’s common knowledge among business managers that incentives—especially those with broad appeal —pay off by drawing and retaining clients and boosting company growth. Yet not all incentives are created equal. Mounting evidence shows travel incentives are more valued than anything—even cash. For one, a USA Today survey showed 93% of respondents prefer travel over other incentives. There are many reasons behind the numbers. Aside from having universal appeal, travel offers an experience. People might not take time and money to plan a trip, but the gift of a getaway is likely to be warmly welcomed. Unlike cash, which is often absorbed into a bank account—or used for necessary evils like bills—travel offers a good time and leaves a lasting impression. Some surveys show 57 percent of respondents feel travel is remembered longest, likely because it offers the chance to relax, disconnect and make memories. Many travel incentives can be customized by giving travelers choice (picking between a family trip and a couples getaway, for instance) to create a trip with even more value.
For companies, travel incentives can be used to achieve different goals, such as increasing sales, building loyalty and boosting referrals. They can be offered by all types of businesses, yet may be a natural fit for a variety of business models, from auto dealers and jewelry stores to banks and credit card companies.
Meanwhile, incentive-based travel appears to be at pre-recession levels, and may only increase. An estimated 65% of those in charge of reward and recognition programs expect to bump their incentive-travel budgets in 2016. As a result, sponsoring a trip creates a positive experience people associate with your brand, building long-term loyalty. That loyalty pays off—businesses that used travel incentives in their marketing and promotions saw roughly a 30% increase in sales.
Looking for a unique way to boost your sales? Try an incentive program for major companies looking to reward their staff with travel plans to your destination.