If you missed the first in the series, check out Travel Incentives Part 1: How To Use Them In Your Business Strategy and our introduction What are Travel Incentives and Why are They Good for Business?
If you’re all caught up, then let’s dive in! What industries are finding success with travel incentives?
Top 3 industries in North America taking advantage of incentive travel
According to the Incentive Travel Index, the top three industries taking advantage of incentive travel programs are the following:
- Finance and Insurance
- SaaS, Information, and Communication
- Pharmaceuticals and Healthcare
Travel incentives work well in corporate settings, where managers can set clearly defined goals for their team and attach rewards for motivation. Incentives are effective for sparking competition in sales-driven organizations, but they’re also great for recognizing and appreciating hard-working employees in healthcare settings.
Top destinations that North American incentive buyers want to visit
When choosing destinations for incentive travel, companies have to consider how rising costs and safety or political instability in certain areas affect their options. Many North American businesses choose specific destinations to get the most value out of their incentive travel budget.
Some of the top destinations for incentive travel are:
- Caribbean
- United States
- Mexico
- Western Europe
Building a successful travel incentive program
Incentive travel is becoming more popular among North American buyers who want to motivate and reward their clients and staff. In the finance and insurance, SaaS, information, communication, pharmaceutical, and healthcare industries, popular destinations such as the U.S., Caribbean, and Western Europe are highly desirable for both buyers and earners. More than half of the North American incentive buyers in the Incentive Travel Index survey answered that they would be using destinations like the U.S. and the Caribbean for future travel incentives.
Another study, which focused on the preferences of the reward earners, found that the most motivating destinations for employees align with the incentive buyer’s most planned destinations, but there are some differences.
While incentive earners like the idea of traveling to destinations in the U.S., Caribbean, and Western Europe, they’re less interested in Mexico being the locale of choice. As one of the most popular targets for incentive buyers, it’s possible employees are tired of Mexico being the top incentive destination, or they’re put off by recent negative stories reported in the media.
To ensure the success of an incentive program, companies need to consider what incentives will motivate them. With many exciting options available, crafting an exceptional incentive program is easy. Keep an eye out for our final post in this series for tips on how to build a travel incentive program for your business's health and growth.
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