Chances are you currently own a big-screen television, a high-tech mobile phone, a fancy coffee-maker, or possibly a deluxe outdoor grill. Do you remember when and where you got any of those items? Maybe you went to a big box store, or ordered it online. Maybe you scrimped and saved to get it, carefully doing heavy research and budgeting your expenses to be sure the cost was worth it. Or maybe – just maybe – you earned one or more of those items through your company’s incentive program. What’s that, you say? Earning a television? How is that possible? And why is that important?

Acquiring high-priced items through an incentive program adds extra value to an earned reward by providing “trophy value” – the lasting memory of receiving an incentive reward. The memory itself increases the value of the item earned by causing an emotional reaction in the recipient every time the item is remembered, used, or even just seen. Walking into the room and seeing that 4K flatscreen TV invokes the memory and acknowledgement of “I earned that through my hard work. My company rewarded my efforts with that, therefore, I am valuable to my company.”

I know what you’re thinking. Companies prefer a simpler approach and it’s so much easier to just add an extra bonus to employees’ paychecks. “Great job! Here’s an extra $250. Go buy yourself something special.” The problem with this modus operandi is that most people simply see this “bonus” as additional compensation and use it just as they would the rest of their paycheck – to buy groceries, put gas in the car, pay bills, or as mentioned above, save it to buy a much-wanted item later. By providing a variety of tangible merchandise to choose from instantly as a reward instead of cash, participants in an incentive program will invest more time and effort into their work in order to achieve and exceed their target goals.

The main value of a reward is not based on the cost of the item, nor the fact that a person qualified to obtain that reward. The true value of a reward is measured by how long one remembers why the reward was received – this is the “trophy value”, and yes, it is absolutely worth it.

What Will Events Look Like in 2021?

2020 changed the way we now need to prepare for events and conferences. As the meetings and events industry quickly adjusted to the rapid shift from in-person events to virtual events, what can we anticipate in 2021?

One thing is clear: virtual and hybrid events are here to stay for the foreseeable future alongside traditional in-person events. According to American Express Global Business Travel, event organizers reported 23.6% of their upcoming 2021 events will include a virtual component and will be smaller local events. Obviously, virtual events don’t require travel costs and are much less expensive to produce, which lowers cost and makes them much more affordable for companies and individuals to attend.  Depending on the type of event and goal, there will be situations where an in-person event will be the most effective way of collecting leads and engaging your audience. In-person events and conferences in 2021 will still continue, but will more likely be at a local and regional level, and will most likely include a virtual element of some sort.

Hybrid events, or events that combine both in-person and virtual experiences, have great potential to grow as they can include physical audiences and digital streaming. With this new event type comes a greater opportunity to reach and engage with new audiences. With that in mind, technology will move to the forefront, and the need to simplify but still provide meaningful content will become critical for event success.

Planning and marketing teams will become more involved with each other as new ideas and next levels of digital engagement, virtual events, and hybrid events become a staple in most organizations’ marketing mix.  Marketing personnel will also need to be able to capture data, insights, and feedback for these events to show the returns on investments for sponsors. 

Modifying how we prepare for future events, and engaging in virtual and hybrid events, is not only a means of ‘surviving’ in the age of COVID, but can also allow us to thrive by connecting audiences from all around the world in resourceful ways. As the old saying goes, “Necessity is the mother of invention,” so as challenging as 2020 was, oddly enough, it was also a breeding ground for breakthrough innovations as well as some welcome progressive changes.

Discover how Galactic can support your next meetings and events!

Balancing Customers and Business Values in Your Brand

We all know customer loyalty programs can contribute to an organization's success. We also know the recent global pandemic has impacted the way the travel and hospitality industry operates. Yes, difficult challenges are emerging, but customer loyalty programs are no less important and if anything, even more necessary. In this fast-paced world, can a company’s marketing efforts still build deep relationships with customers while maintaining their brand identity? The answer is a resounding “YES”. Described below are three distinct spheres of influence that companies in the travel and hospitality sector are focusing on to improve their customer loyalty programs in order to better align with their customers, employees, and vendor partners within a set of shared values and elicit better results. 

The Customer

This seems like a simple concept, but many companies miss the mark on this one. To provide the best customer service, companies have to put the needs and requirements of the customer ahead of anything and everything else. This in turn builds a strong and healthy relationship with consumers by identifying, meeting, and or exceeding their needs and providing the best possible experiences. Connect with your customers through more personalized methods and more meaningful and relevant messaging. Through this customized process, customers will begin to connect with you on a shared and emotional level. 

The Competition

More and more companies and brands are getting involved one way or another in travel loyalty or points program. This can make it more difficult to create differentiated experiences that allow nontraditional competitors to gain market share. Set yourself apart by sticking to your true brand identity and focus on what your company does best. Establish clear-cut goals to provide a sense of drive and direction that will elevate and distinguish you individually from the crowd. Also, be as transparent as possible. Transparency is so important in business because it helps you build integrity and trust.

The Configuration

The pandemic has forced all of us to put our trust and confidence in different areas and ideas than before. Nontraditional methods are now being utilized across various aspects of life overall, and many brands have jumped in without an intentional approach to evolve customer loyalty programs over time. As a result, some programs have lost their competitive advantage and value. It is important to learn from every experience, both the good ones and the bad. Good experiences can teach us what we are doing right, and bad experiences shouldn’t be ignored because they can teach us powerful lessons about how we can improve or do things differently in the future.

COVID-19 may have accelerated how the travel and hospitality industry handles its customer loyalty programs and how you need to effectively plan for long-term success, but balance is an essential component of any business and change is inevitable, so ensure you are consistently ready to take on exciting new challenges.

Learn how Galactic can help you to take your business to the next level!

January Quick Fun-in-the-Sun Destinations

If you are longing for warmer weather, spectacular sunrises and sunsets, and delectably delicious drinks on the beach, then get ready to trade your snow boots in for some open-toed sandals. Here are some of my favorite not-too-far destinations to check out in January.

Montego Bay, Jamaica

January average high: 84°F/29°C

January average low: 72°F/22°C

January average precipitation: 1.9?/4.8cm

January’s weather is almost perfect in Montego Bay, Jamaica. Flights are typically cheap compared to some of the smaller islands and are usually direct. For the water enthusiast, you will be pleased to know there are plenty of water sports and activities to keep you entertained throughout your stay. If you prefer dry land, go hiking, golfing, or simply kick back on one of the many golden beaches and enjoy the captivating Caribbean atmosphere.

Cancun, Mexico

January average high: 82°F/28°C

January average low: 69°F/21°C

January average precipitation: 5.4?/13.5cm

It may rain a bit during January in Cancun, but rain showers here don’t last very long and often take place overnight. If you are looking to save more money, I suggest booking after the first week of January. Nearly all hotels in the main resort areas are high–rise so you will most likely be able to enjoy magnificent beach views during your stay.

Punta Cana, Dominican Republic

January average high: 82°F/28°C

January average low: 69°F/21°C

January average precipitation: 0.7?/1.8cm

Punta Cana is best known for its collection of beach towns and has one of the Caribbean region’s longest white-sand coastlines. There are many activity options to do on land and sea including golfing, sightseeing, and marina adventures, as well as a profusion of fine dining.

Puerto Vallarta, Mexico

January average high: 84°F/29°C

January average low: 62°F/17°C

January average precipitation: 1.3?/3.3cm

Puerto Vallarta is an excellent option if you enjoy warmer days and cooler evenings. This unique town, surrounded by the Banderas Bay to the west and the Sierra Madre mountains to the east, is an historic yet contemporary city with an interesting traditional center. Puerto Vallarta offers authentically warm Mexican hospitality right alongside modern conveniences.

Ready for some fun in the sun? Galactic can take you there!