Gift Cards Make Great Rewards at Events and Meetings

According to the Incentive Research Foundation (IRF), gift cards can be used as effective rewards in well-designed incentive programs.

“In the work [and meeting] place, gift cards have the potential to capture most — and perhaps all — of the well-known benefits of non-cash rewards,” said Allan Schweyer, a chief academic advisor at the IRF. “When selected and presented thoughtfully, they communicate recognition and appreciation. In doing so, they can generate positive behaviors and better outcomes.”

Other ready-to-apply takeaways regarding gift cards include:

• People appear to mentally categorize gift card as “fun money.”
• Incentive program designers should use specific (closed-loop) cards to direct the recipients to make more rewarding and memorable purchases.
• For meeting planners, gift cards are easy to give compared to choosing specific tangible gifts or rewards.
• Branded gift cards that align with the likes and interests of the recipient deliver greater perceived value than an equivalent open gift card or cash.
• Offer gift cards that are likely to cover the full cost of a recipient’s purchase. When recipients have to top up their reward using their cash, it may take away from their satisfaction with the reward.

The IRF funds and promotes research to advance the science, and enhance the awareness and appropriate application, of motivation and incentives in business and industry globally. The goal is to increase the understanding, effective use and resultant benefits of incentives to businesses that currently use incentives, plus others who are interested in improved performance.