Incentives remain an essential component of revenue growth strategies. According to NerdWallet, 64% of small business owners predict their revenue will increase. However, it takes more than building a fantastic service or product. Non-cash incentives can help you see the growth you want in several ways.

Personalization

Non-cash incentives allow owners to tailor rewards to employees and their personal lives or goals. For example, if someone loves to work out, you can give them a new water bottle with a customized inspirational phrase. A new set of headphones is great for a tech junkie. Personalized rewards show you know and care for your employees.

Engagement

The customization of non-cash incentives helps keep employees engaged in the company. It helps them feel part of a fantastic team instead of just another employee sitting in a cubicle. When employees feel engaged with the business they work for, they’re more likely to work hard to increase sales. That’s why incentives are an essential aspect of a revenue growth strategy.

Productivity

Employees who receive incentives feel acknowledged, leading to them taking more pride in their work. The feeling of accomplishment will continue as employees view their reward sitting at their desks. This helps increase productivity. Initially, it helps increase productivity because employees want the incentive. Then, it continues to help increase productivity because employees are more engaged.

Marketing

Non-cash incentives can feature the brand’s name or the business logo. Customized apparel that features the business is a free method of advertising that doesn’t stop working. You only have to spend money once, but people will keep asking employees about their sweatshirts for months. This helps increase brand awareness, brand recognition, and visibility. You’ll reach new markets you didn’t have before.

Affordable

Small business owners might be unable to spend thousands on incentives for their revenue growth strategies. That’s where incentives tend to outshine cash rewards. Incentives are often cheaper for businesses. However, even though they are more affordable, they have the same lasting impact on productivity and increased engagement. This makes them a winning strategy.

It can be disheartening to run a business but not see the growth you want. We can help you with that. We specialize in revenue growth strategies, including assessments and interventions. Contact Double Loop Performance today to learn more about our process.