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Bank Travel Incentive Program - Case Study
Business Type - A Regional SE bank with 50 locations and .6B in assets.
Problem - Sales lagged behind fiscal year target entering Q4, needed something to motivate their 50 Consumer Lenders to reach their annual revenue goals.
Previous Attempts - Cash bonuses weren’t working, they had run out of other incentive ideas.
Goal - Have a strong 4th quarter and make their annual revenue number.
After examining the company, the Consumer Lender’s demographics, and their desired corporate goals, it was decided that a travel incentive program would be the best Q4 program for the bank.
1. The bank had limited resources to manage the program, pick awards, source the awards, etc. Additionally, a flexible travel incentive program proved to be problematic prior to Incentives Marketplace’s involvement. The bank did not know how to put together a program incorporating a travel incentive at a fixed budget.
2. Ideally, award winners should have the option to choose when and where they want to go, rather than have the travel incentive mandate the time and place.
3. A fair playing field would be needed so all participants have a fair and equal chance at earning. There exists an economic imbalance between branches and thus Consumer Lenders.
4. Resources would be required to design the overall travel incentive program, create materials to promote the travel program, select the travel awards, and fulfill the travel awards upon the incentive travel program completion.
After Incentives Marketplace’s assessment of the situation, a Ritz-Carlton/Marriott Q4 Travel Incentive Program was developed. Among the variety of travel incentive programs available, this one seemed to be the best suited for the bank and the demographics of their Consumer Lenders.
* The 50 Consumer Lenders were broken into three production groups to make the travel award earning opportunity fair for all participants.
* A 1st, 2nd, and 3rd place award was given to each group based on loan revenue generation. So 9/50 or 18% of the Consumer Lenders would be winners fixing the program budget.
* This created a competitive spirit among the Consumer Lenders where not only the travel award was of interest, their pride of out performing their peers was on the line.
Incentives Marketplace created the promotional materials to kick off the travel incentive program to the Consumer Lenders incorporating the bank’s logo, earning criteria, and Ritz-Carlton/Marriott travel award details. Since this was a quarterly program, a letter from the Senior Vice President was sent at the halfway point along with a Ritz-Carlton magazine highlighting the properties and lifestyle of a Ritz-Carlton patron. This kept the focus on the program and re-energized the participants until the program ended.
At the end of the travel program Incentives Marketplace fulfilled the Ritz-Carlton/Marriott and American Airlines awards. The travel awards were put into specially made envelopes showing the 1st, 2nd and 3rd place winners. These custom envelopes were presented to the winners at their area sales meeting in front of all of their peers. This gave the winners valuable employee recognition and bragging rights among their peers.
The program was a resounding success. Because of the travel incentive program the bank had their best consumer lending quarter ever, 11% higher than in any quarter in their history! This production helped the bank met their annual number. Most importantly, feedback from the participants was extremely positive. None of Consumer Lenders had ever stayed at a Ritz-Carlton before, this program gave them a chance to experience something they have never experienced before. It also provided them the flexibility to choose when and where they wanted to go. The ,000 program budget was the same as they used before, this time the results were marketable better.
About the Author: Incentives Marketplace specializes in helping companies motivate their people. With direct relationships with over 150 top incentive manufacturers, there are over 2,620 premium incentives at Special Markets pricing to satisfy all audiences and all budgets. Let Incentives Marketplace show you what motivates!