{"id":50515,"date":"2024-03-19T15:15:33","date_gmt":"2024-03-19T15:15:33","guid":{"rendered":"https:\/\/reedmackay.com\/measuring-the-roi-of-incentive-travel"},"modified":"2024-03-19T15:15:33","modified_gmt":"2024-03-19T15:15:33","slug":"measuring-the-roi-of-incentive-travel","status":"publish","type":"post","link":"https:\/\/reedmackay.com\/ae\/measuring-the-roi-of-incentive-travel","title":{"rendered":"Measuring the ROI of incentive travel"},"content":{"rendered":"\n

Measuring ROI – return on investment – of incentive travel is climbing the list of key concerns for companies this year, according to the latest Incentive Travel Index report<\/a> by the Incentive Research Foundation (IRF) and Society for Incentive Travel Index (SITE).<\/p>\n\n\n\n

\"Incentive
Employee engagement is one of the ‘softer’ benefits incentive travel programmes can deliver<\/figcaption><\/figure>\n\n\n\n

This is driven by a \u2018caution that stems from an uncertain geo-political, economic and environmental backdrop\u2019 the report highlights. \u201cWith projected growth and increased demand, incentive professionals will also have to contend with challenges of availability, lift and access to local resources,\u201d IRF President Stephanie Harris says in the report.<\/p>\n\n\n\n

Measuring the success of incentive travel has been largely driven by the hard power benefits of financial return. However, while the report does show more than a third of buyers measure the success of a programme with financial ROI, increased sales and market share \u2013 and, of course, how it can motivate an individual\u2019s performance \u2013 there is the opportunity to measure ROI with \u2018softer\u2019 benefits.<\/p>\n\n\n\n

The report highlights these are growing in popularity, with more than half of buyer respondents embracing soft power benefits.<\/p>\n\n\n\n

So what are these softer benefits? And why should they be considered when measuring the impact and success of an incentive travel programme? Reed & Mackay Event Experience Lead Lucy Tomkins explains the advantages they bring and how a dedicated event agency can help you measure the ROI of incentives<\/a>.<\/p>\n\n\n\n

\"\"
Combine important meetings during an incentive in any style that helps meet the programme’s objective<\/figcaption><\/figure>\n\n\n\n

1. Staff retention<\/h2>\n\n\n\n

Incentives are an excellent way to drive staff retention \u2013 it\u2019s the ultimate reward. They’re an opportunity to travel to an exciting destination and clients can use them to combine important meetings. You can gather everyone in one place to share key company updates. And, depending on the trip\u2019s vibe, it can either be organised as a fireside chat or have more formal staging. It\u2019s another great way to keep everyone engaged before starting the incentive.<\/p>\n\n\n\n

2. Improves company culture and employee engagement<\/h2>\n\n\n\n

Understanding your incentive programme audience is integral. Personalising what you offer them on the trip makes the participants feel valued. This can go a long way to generating a positive company culture. Personalisation can range from specific gifts targeted to the audience to sustainable incentives and activities as part of the programme. <\/p>\n\n\n\n

What\u2019s becoming increasingly popular is giving back to the communities of the destination you visit. Coming away from an incentive trip having learnt about the culture of another destination can be incredibly powerful. This, in turn, can go towards maintaining a positive company culture.

Another way to do this is introducing bespoke activities. Having a special focus on your company\u2019s culture and values for the afternoon can make the participants feel special.<\/p>\n\n\n\n

\"\"
Reed & Mackay organised an incentive programme to Mexico, bringing in key suppliers to help wow participants<\/figcaption><\/figure>\n\n\n\n

3. An opportunity to utilise supplier relationships<\/h2>\n\n\n\n

Outside of air travel and hotel rates, the biggest cost of an incentive programme are its activities and the food and beverage. As the ITF\/SITE report says, the supply chain for incentive travel experiences can be complex, so \u201cit\u2019s critical to form strong partnerships with suppliers, including hotels, DMOs, and DMCs”.<\/p>\n\n\n\n

Your agency should have those strong relationships with partners; it makes a big difference, both in terms of the speed which suppliers respond to requests and obtaining cost savings. However, it\u2019s vital to have that relationship not just at the start but all the way through the programme. Plus, having a good relationship with the agency may lead to the supplier providing an upgrade or added extras either free or at a discounted price. At Reed & Mackay we have built \u2013 and continue to build \u2013 strong relationships with suppliers through site visits, fam trips and participating in industry conferences and exhibitions. These are the ideal place to meet up with new and familiar faces and cultivate relationships.
<\/p>\n\n\n\n

Get in touch<\/a><\/p>\n\n\n\n

Mail hello@reedandmackay.com <\/a>to discuss all of your travel and event management needs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Measuring ROI – return on investment – of incentive travel is climbing the list of key concerns for companies this year, according to the latest Incentive Travel Index report by the Incentive Research Foundation (IRF) and Society for Incentive Travel Index (SITE). This is driven by a \u2018caution that stems from an uncertain geo-political, economic… Read More »Measuring the ROI of incentive travel<\/span><\/a><\/p>\n","protected":false},"author":19,"featured_media":50516,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[710],"tags":[831,832],"class_list":["post-50515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles-ae","tag-incentive-travel-ae","tag-roi-ae"],"yoast_head":"\nMeasuring the ROI of incentive travel | Reed & Mackay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reedmackay.com\/ae\/measuring-the-roi-of-incentive-travel\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Measuring the ROI of incentive travel | Reed & Mackay\" \/>\n<meta property=\"og:description\" content=\"Measuring ROI – return on investment – of incentive travel is climbing the list of key concerns for companies this year, according to the latest Incentive Travel Index report by the Incentive Research Foundation (IRF) and Society for Incentive Travel Index (SITE). 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