Originally posted on January 17, 2017, and updated on May 16, 2023.
With the pandemic largely in the rearview mirror, Americans are taking to the skies with force. According to the TSA website, passenger levels through April 2023 are in line with the same time frame in 2019. CAPA, Centre for Aviation, reports that corporate travel is gaining momentum in 2023, and leisure tourism is up more than 9 percent over 2019 levels. On the spectrum between traveling for business and traveling for pleasure, you’ll find group incentive travel.
Incentive travel has been steadily climbing since early 2022, with top destination hotels booking up years in advance. The Incentive Research Foundation, in conjunction with the Society for Incentive Travel Excellence and the Financial and Insurance Conference Professionals, found 67% of North American buyers resumed international incentive travel in 2022. Domestic (especially Hawaii) and Caribbean destinations also remain very popular right now. Allied Market Research predicts the global incentive travel market will grow from its 2021 level of $42 Billion to more than $215 Billion by 2031.
There’s a reason incentive travel is making a strong comeback. It works. It’s a great motivator, an aspirational reward, and a perfect balance of building relationships, recognizing outstanding performance and experiencing incredible moments together.
Some of the top industries utilizing incentive travel include healthcare, banking and finance, IT and manufacturing. Why should your business consider this often high-ROI motivator for your sales teams, channel partners, top performers and loyal customers? We’ve got 10 reasons for you!
1. Incentive travel creates a positive emotional connection.
When someone is emotionally connected to your company, they’re more likely to be more productive (employees), think of your product first (channel partners) and be loyal to your brand (customers).
2. It brings people together to celebrate.
We all appreciate the ability to gather now more than we did in 2019. Being recognized for an achievement among other top performers is an esteem booster that continues long after the travel experience ends.
3. It has trophy value.
When was the last time you saw someone post their bonus check on social media? That money usually goes right into the bank account and makes paying for gas and groceries easier, but doesn’t necessarily create a lasting memory. People definitely post their photos of amazing travel adventures and can easily share how they earned it without feeling braggy.
4. It builds trust.
When representatives of your company interact with participants during an incentive travel program, personal connections are made. This can lead to a higher level of confidence in your company and its leadership. Not to mention the shared experiences to reminisce about in future business meetings.
5. It increases loyalty.
Incentive travel winners will feel like they’re “part of the family” of your organization. Gratitude blooms. Loyalty to your brand follows.
6. It’s customizable.
Your travel program itinerary is unique to your company and its goals. You know your culture better than anyone. Building a travel experience that caters to your core values, demographics and participants’ personal interests will make your program a bar-raiser!
7. It’s a great way to promote healthy competition.
Whether you’re awarding the travel incentive to the top 5% or it’s a “hit and win” structure, people will be eager to beat out the competition or outperform their personal best. Often, we hear participants say, “I will do what it takes to earn this award again next year!”
8. It’s cost-effective.
With the correct rule structure, incentive travel programs can pay for themselves, and then some. Factor in the lifelong memories created, increases in loyalty and productivity, and now we’re in the “priceless” territory.
9. Travel has universal appeal.
This is especially true for Millennials, who seem to prioritize travel more than previous generations. And when the cost of travel is picked up, a significant other is included, and there are wow-worthy events accentuating the entire experience, it’s hard to beat it!
10. Having Motivation Excellence as your partner makes it easy!
We know how to Inspire Extraordinary Performance through our award-winning travel programs, performance-tracking platforms, and creative engagement campaigns.
Notice, we never used the word “trip” in this writing. Anyone can plan a trip. We create memorable experiences that are meticulously planned and flawlessly executed. With us as your guide, you’ll enjoy the “before, during and after” even more than your participants!
Now that you have the “Top Ten” list at your disposal, contact us if you’re ready to start down the road to building a successful incentive program (travel, point-based, lifestyle packages, individual travel, personalized rewards). We’re here to start from scratch, or pick up where you left off before the pandemic, and anywhere in between.
