Rewards Ictsbm
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Reward Management as a Part of Bonus Programs in B2C Markets
Inhaltsangabe:Abstract: At the moment bonus programs are alone or in combination with other instruments - one of the most successful and most often used marketing instruments in B2C markets, to retain customers by giving them a bonus for loyal behaviour. A typical bonus program of this kind is Payback. The problem is that still there is little known about why customers participate in bonus programs and that especially the crucial aspect rewards management (also bonus management) is the blind spot of the marketing theory on hand. On the background of high investments in bonus programs and their rewards on the one hand and unclear reasons for the different success of bonus sets on the other hand this is an unsatisfactory situation. The target is therefore to show how bonus programs work and how rewards management is integrated in such a bonus program. Furthermore it is the target to show how rewards management can contribute to program success, how a rewards concept has to be set up and which possibilities (e.g. type of reward) there are for setting up a successful bonus set. To reach this a compilation of the scattered but carefully selected information in marking literature, papers, articles and further sources also from non-economic ones like psychology, a systematization of the findings and drawing of conclusions from this gives a clearer picture and helps to give recommendations for setting up a successful rewards management. For backing up the findings the results of an especially therefore carried out online survey get used. The decision to start with a bonus program must be based on the likeliness of the expected benefits that can be higher perceived product value, customer satisfaction, loyalty, from that customer equity and company value and cost savings as well as additional sales and cross and up-selling. Of course these benefits are strongly influenced by the customer retention potential of the bonus program set-up. The customer retention can be influenced through bonus programs by both psychological causes (e.g. satisfaction) as well as by rewarding the customer for certain behaviour. Because everybody can reward the customers the type of bonus / reward is decisive. The type of reward belongs to the burning mechanism of a bonus program. In a token economy rewards can be redeemed for collected points (artificial currency). Points and point issuance rules are part of the earning mechanism and are closely linked. The rewards are the [...]
Type and Timing of Rewards as Influencing Factors on the Value Perception of a Customer Loyalty Program
Master's Thesis from the year 2006 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,5, Maastricht University, language: English, abstract: Although this research is also occupied with customer loyalty programs it examines a new customer loyalty model which tests the influence of reward systems on the value perception of a loyalty program. Thus, the thesis introduces an empirical research on a two part model, whereas one part differentiates between direct and indirect premiums (type of reward) and the second part investigates the differences between delayed and proactive reward programs (timing of reward). The study aims at finding differences between the type and the timing of reward on the value perception of a loyalty program, which is new in academic research. In addition, this study grounds on the automobile industry, i.e. a high involvement setting, in contrast to prior academic science which focused on the low involvement setting. The inclusion of moderating factors that contain information on customer's relationship maintenance motivation and relational benefits shall also help to shed light on differences in value perception according to the level of dedication or constraint based relationships. In addition, the degree of social, confidence and special treatment benefits is also assumed to manipulate the value perception of loyalty programs as moderating factors. Lastly, the study discovers relationships between the type and the timing of reward. The study results clearly reveal that there is no difference between direct and indirect rewards, whereas the proactive system demonstrates to have an obviously higher value perception than delayed rewards. Furthermore, the moderating factors partly prove to influence value perception. Hence, dedication based relationships favour direct rewards over indirect rewards and the proactive system over the delayed system. The same holds true for confidence benefits whereas constraint b
The 1001 Rewards & Recognition Fieldbook
Author of the Business Week million-copy bestseller, 1001 Ways to Reward Employees, Bob Nelson is the motivational specialist who helps businesses stay competitive by teaching them how to inspire their employees to excel. Now joined by Dr. Dean Spitzer, senior consultant and performance improvement expert for IBM, Nelson distills the knowledge, experience, and ideas gained from working with thousands of organizations into a hands-on, practical fieldbook. Beginning with the basics of motivation, including the decline of traditional incentives and the trend toward empowered employees, the book lays the groundwork for developing and managing a rewards or recognition program in any work situation: how to recognize an individual or a group; how to develop a low-cost recognition program; how to sell it to upper management, prevent and fix common problems, and assess its effectiveness. There are planning worksheets, templates for different purposes?improving morale, improving attendance, increasing retention?plus perforated reference cards for immediate guidance, and 101 new low-cost/no-cost recognition ideas. Running through the margins are Nelson's answers to the questions most frequently asked since the publication of 1001 Ways to Reward Employees.