It's nice to show appreciation for anyone who has an impact on your business, but for those who go above and beyond, luxury rewards could be the answer.
When running a business, it's important to be thankful for every contribution made towards achieving your goals. Whether large or small, from employees, customers or strategic partners, each interaction can have an impact on your organisation's performance.
That said, there are certain people who go above and beyond the efforts of others - truly star performers who, in some cases, could be credited with making a distinct favourable impression on your bottom line. For these individuals, sometimes more substantial recognition is in order. Enter the world of luxury rewards.
The lure of luxury
In today's image-conscious society, where it seems hordes of millennials are documenting their every move on a number of social media channels, the concept of "luxury" has transformed into a more accessible commodity. According to Bain & Company, the number of people in the market for luxury items jumped from just 90 million in 1995 to 330 million in 2013. That increased demand is an indication of just how desirable the top-tier consumer items have become.
Tapping into that desire for the best, luxury rewards show your most valued personnel, customers and partners just how important they are. Meanwhile, knowing that high-level incentives are on offer can push those top performers to become even stronger advocates for your brand.
High-level incentives can push top performers to become even stronger brand advocates.
What constitutes a luxury reward?
Defining what each person considers luxurious isn't an easy task - it's a somewhat subjective term, after all. However, there are two key areas that modern consumers are flocking towards in record numbers:
Technologies - All of that social media activity mentioned above is largely driven by the smartphone revolution, and brands like Apple are amongst the world's most valuable thanks to the cultural premium put on their devices. Rewarding key contributors to your organisation with high-end devices like the Apple Watch can be a great way of showing your appreciation.
Travel - Where it once meant being pampered in a five-star hotel, luxury travel is now aligned closely with adventure. According to Forbes, the coming generation of workers are 78 per cent more likely to put their incomes towards unique experiences over buying things, which presents an opportunity for organisations considering a travel incentives programme.
From the smallest thank you note to the most outlandish luxury reward, there's a lot of scope for developing an effective rewards programme. With Power2Motivate, your members have access to our world-class rewards gallery, as well as unbeatable travel experiences. Give us a call today, and start showing people just how important they are.