MarketBridge - Incentive, Rewards, or Recognition Provider of the Year
Company: MarketBridge, Bethesda, Maryland
Company Division/Group: MarketBridge
Company Description: MarketBridge is a leading consulting agency specializing in marketing and sales enablement. MarketBridge works with Fortune 1000 organizations to plan, develop and execute sales training programs and incentives to help drive employee motivation and participation, improve knowledge retention and drive bottom line business results.
Nomination Category: Solution Provider Awards Categories
Nomination Sub Category: Incentive, Rewards, or Recognition Provider of the Year
Nomination Title: MarketBridge
Tell the story about what this nominated organization has achieved since the beginning of July 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
MarketBridge is a leading consulting agency specializing in marketing and sales enablement. MarketBridge works with Fortune 1000 organizations to plan, develop and execute sales training programs and incentives to help drive employee motivation and participation, improve knowledge retention and drive bottom line business results.
MarketBridge designed and implemented three types of incentives throughout 2018 to motivate Associates and Managers to promote Private Label Credit Cards and loyalty program to customers.
Company-Wide Incentives: Associates were rewarded with a prize each time they processed a Credit Card application. Some samples include:
- “Double the Fun in the Sun” | Associates received double the amount of their usual spiff for processing an application. On average, stores finished at 118% to goal during this incentive.
-“You Won’t Be-Leaf These Payouts” | Associates received double the amount of their usual spiff for processing an application. On average, stores finished at 122% to goal during this incentive.
-“Incentive Spooktacular” | Associates received a Halloween-themed scratch card each time they processed a credit card application. The scratch card revealed a prize reward. On average, stores finished at 108% to goal during this incentive.
Spot Incentives: This incentive type worked in conjunction with MarketBridge’s Credit Sales Training Programs. Each day MarketBridge held an in-person training, Associates had the chance to earn a day-of-training reward. These on-the-spot incentives were given to engaged training attendees, top performers or Associates that processed an application that day.
- “Stores loved Double Payouts! They’re easy to promote and motivating for Associates.” – Regional Credit Manager
- “In spirit of Halloween, St. Louis opened 12 accounts yesterday! The Associates love the scratch off cards incentive. Now we just need every day to be this Spooktacular!” – Account Executive
Recognition Incentives: Each month, season and year the top five Associates per region who processed the most credit card applications were recognized and awarded with a gift card. Last season, there was a 45.7% lift in unique Associates that processed an application – that means more Associates are getting motivated and involved in credit!
Testing and Optimization
We know that the implementation of well-timed, creative rewards is crucial for dramatic and sustained incentive success, that is why we continuously test and optimize our incentive strategies. In 2018, we tested the timing of company-wide incentives to determine if Associate incentives are more impactful when run in conjunction with customer/store sales events or as stand-alone incentives with dedicated attention.
Results: The Associate incentive that was run during a sales event resulted in a 44% application lift compared to the control, while the incentive that was run as a stand-alone incentive resulted in a 22% application lift compared to the control. While both incentives drove results, we learned that Associate incentives that run in conjunction with customer or sales incentives can produce stronger results.