Open-end budgets where the final cost is an estimate but encourages limitless performance levels. When determining budgets it is important to note that the launch of an incentive program is crucial to its success. This has been borne out in the Grand Prix incentive program. Knowing the profile of the participants will help pin down the type of award most likely to motivate them. Inspire pride of ownership Be useful Suit the personal taste of the recipient Reflect the best image of the sponsors' company.
Solid administration lies at the heart of every successful incentive program.
The key to good administration is timely, meaningful, accurate feedback. Each month, all participants were sent a statement which detailed all transactions, by date, description of transaction, points earned, and points spent. Many of them would 'phone me once a month to find out their performance points total, which was always instantly available. At any point, we were able to tell them the exact status of their account, and if there was any documentation outstanding. We also kept them updated on the status of their award orders.