6 Tips for Planning Your International Meeting

The global nature of business has created a rise in international meetings. Trends are continuing “toward smaller and shorter events, with a focus on more-specific, tailored content of a high quality” – according to Gidman of VisitEngland.  These group travel events have primarily been international groups from Europe, Asia, South America, and largely from India.

So what should you keep in mind for planning your international meeting?

Tip #1 : 

Planners in the international arena need to make sure to take advantage of local knowledge.  FUSION’s network of local DMCs with the knowledge and expertise of the area will prove to be very valuable in creating unique, one-of-a-kind events.

Tip #2 : 

Consider the currency.  The biggest challenge right now for international meeting in Europe, Australia and even Canada – they can be more expensive than a domestic meeting due to the US dollar being lower.

Tip #3 :

Know the culture of the area you are planning an event in, make sure to take into consideration those cultural differences.  Key challenges planners face – language, currency and contractual policies.

Tip #4 : 

It is important that meeting planners are aware of and understand the rules and regulations of each country to be proactive with what needs to be done and to advise clients and attendees accordingly.

Tip #5 :  

In the proper context, “a well-run international event can save money, not waste it.”  Size of international meetings are increasing, while the frequency decreases.  Many companies are taking advantage of being overseas by meeting with international clients over the course of their event.   Make sure to utilize your time overseas.

 Tip #6 : 

Last, but not least, leave the planning to the subject-matter experts.  Meeting planners and incentive travel companies, likeFUSION Performance Marketing, not only have the first-hand knowledge of working with many different types of events, but also the working relationships with suppliers across the globe to provide the most value for your business meeting and incentive travel programs.

Reference:  Chouteau, Zachary.  “World Affairs.”  Meetings Focus, August 2011. http://www.meetingsfocus.com/Topics/ArticleDetails/tabid/162/ArticleID/16210/Default.aspx?utm_source=MagnetMail&utm_medium=eNewsletters&utm_term=mflanagan@fpmglobal.com&utm_content=Meetings%20West%2008-02-11&utm_campaign=Lenders%20Foreclose%20on%20Tahoe%20Ritz-Carlton

Channel Incentive Usage Study

A study conducted by Channel Management Solutions yielded several important findings for channel partner incentive programs.  Below is a summary of the study’s valuable findings.

What are the different channel incentive program types?

1. Co-op / MDF – reimbursement for sales and marketing efforts designed to incent channel partners to advertise / promote the vendor’s brand and products.
2. Reseller Rebates – rewards paid to reseller companies for achieving sales goals or other targets specified in advance of a program period.
3. SPIF Programs – Rewards paid to individual sales reps employed by the reseller for selling the vendor’s brand over competitive products.
4. Opportunity Management – cash incentives or special discounts directed to resellers for registering sales activity in advance of completing sales transaction.  This incentive provides the vendor insight into sales engagements early in the process with the goal of attaining pipeline visibility, minimizing channel conflict, or to encourage “hunting” vs. “farming” sales behaviors.
5. End User Rebates – rewards for purchasing a product offered to the consumer.  Such incentives may be rewarded instantly (acting as a discount at the time of purchase) or reimbursed after the transaction was completed though a claiming process.
6. Trade-In Rewards – an incentive for purchases that requires a physical return of goods in advance of reward issuance.

 Key Findings:

• Co-op/MDF programs are the most widely utilized programs, followed by Sales Performance Rebates; while Rebates directed to end users to incent product purchase are the least utilized.

• The use of financial incentives is supported by relatively modest budgets.  Most vendors allocate 10% or less of their entire channel budget to incentive programs.

• In terms of programs that are most valuable to the channel’s success, the importance of Incentive Programs is second only to Sales and Marketing Training, followed by Opportunity Management and then Co-op / MDF programs.

• Channel partners believe that Incentive Programs are the most significant programming offered by their vendors and perceive Sales and Marketing Training as a much less valuable tool.  Co-op / MDF, Vendor Sponsored SPIF Programs and Volume Rebates rank as the most important vendor-provided incentive programs.

• Co-op / MDF programs have evolved from the traditional reimbursements to channel partners for advertising and marketing activities, and have grown to include business development, training and other activities that focus on closing sales or customer relationships.

• Social media is used sparingly in channel incentives, though it is gaining some popularity, most partners report they do not use social media to build business.  60% of responding vendors do not support their partners for social media.  For those that do, it is primarily only to supply content.

• According to vendors, the main area of Co-op / MDF programs that needs the most change is improving analytics and ROI.  While according to channel partners, vendors should focus on simplicity and expediency in administration.

• 60% of vendors are performing joint marketing planning with their partners, primarily with their top-tier partners.  Almost 25% of vendors plan to adopt a structured planning process.  Joint planning provides many benefits to the vendor, including:  increased goal alignment, economies of scale, reduced bottlenecks at critical juncture in channel marketing activity and advance notification of spending.

Find out how FUSION can improve your Channel Incentive Program. View our Case Studies to learn about our extraordinary, financially-responsible solutions that move your brand, your people, your customers and your bottom line!

“Channel Incentive Usage Study:  Within the B2B Technology Industry.”  Channel Management Solutions, CCI, Inc., 2011.  www.channelmanagement.com.

Top 10 Strategies for Achieving Work-Life Balance

At FUSION Performance Marketing, having a good work-life balance is one of our company’s core values.   That balance is a necessity in order to keep employees engaged and to remain efficient, productive and less stressed.  Here are several ways to achieve a better work-life balance:

1. Establish your priorities – identify what’s important to you, whether its getting ahead in the office, family time or a regular workout routine.  Figure out what those priorities are and create your schedule accordingly.
2. Separate home and work – clients and colleagues do NOT need to reach you 24/7.  Create an effective “bridge time” between work and home – find something to relieve your stress in between the two – so that when you are home, you are at home.
3. Manage / track your work time – there is always something more to do at work.  Long days at the office need to be the exception and not the rule.  If they are the rule, track your work hours and reorganize and re-prioritize.
4. Become more efficient – creating templates for regular work projects so you don’t have to reinvent the wheel each time will save your time.  This strategy can work for home too.  Group tasks, delegate and share the workload.
5. Connect to your family each day while traveling – being there when you are not physically there minimizes guilt.
6. Bolster your support system – identify your go-to people at work and home.  You are not alone, let these people share in your responsibilities when you need it.
7. Learn to say no – that’s right, you do not have to agree to every volunteer opportunity or extraneous activity out there.  If you have a busy week at work, take the weekend to recharge and relax – don’t make plans because you feel obligated.
8. Nurture yourself – make time for things that make you feel good and alleviate stress.  Yoga, a massage or a hot bath; take the time to do something for yourself.
9. Disconnect from technology part of every day – turn off the laptop at night and stop checking emails after a certain time.  Don’t work from your phone during family time or while you’re out with friends.
10. Plan personal / family time – personal time needs to be just as important as business time.  You don’t skip meetings at work, so don’t skip a date with your spouse, lunch with a friend, a day out with the kids or a session at the gym!  Put them in your calendar.

Learn more about FUSION and other ways to motivate your employees and drive employee engagement.

Reference:  Loomis, Christine.  “Balancing Act.”  Smart Meetings, February 2011.  www.smartmeetings.com. 

Why Your Brand NEEDS Experiential Marketing

The marketing world is a constantly changing environment, and reaching consumers is more challenging than ever.  “The brand world must change to meet [consumers’] needs and desires, or lose them to those who recognize the unique influence shaping the evolving marketplace.”

Experiential marketing goes beyond the “feature-benefit” marketing of the past; it is a holistic approach to the customer / brand relationship.  Here is the opportunity to connect with consumers emotionally.  Creating a fully-immersive brand experience helps foster one-to-one connections to a specific, target market of consumers.

“When a brand provides an excellent experience it begins to win the hearts and minds of customers and gain the ultimate competitive advantage.”

At FUSION, we have found unique, engaging ways to immerse consumers in the brand experience.  We turn consumers into brand advocates with unforgettable experiences that build brand loyalty.  Check out our Case Study for “Experiential Branded Travel Program” by visiting FUSION Results.

Reference:  Hauser, Erik.  “Experiential Marketing:  Revisiting Brandweek 2008.”  http://www.experientialforum.com/content/view/306/49/.

Why Savvy Companies Turn to Incentive Programs During Economic Uncertainty

Historically, incentive programs endure times of economic downturn successfully, unlike other sales and marketing strategies.   While advertising costs are always cut back in a budget-conscious environment, the companies who maintain their sales, channel and employee incentive programs manage to see results – even in a time of recession.

Here are 5 fundamental reasons why incentive programs withstand economic downturns:

1)     Low fixed costs, variable costs driven by performance, high potential return – 70 – 80% of costs for incentive programs are not incurred until program goals are achieved and performance rewards are issued / redeemed. 

2)     Effectively target audiences – “over the last 100 years or more [organizations] have used incentive programs to target offers, enhancements or other engagement strategies to change behavior…” according to the IPC.

3)     Relative ease of measurement – a well-structured incentive program makes it possible to screen out external factors and find some cause and effect, especially when incentive technology is used to measure results.

4)     Flexibility – it’s difficult to change a trade show, advertising campaign or direct marketing program; but incentive programs are much easier to adjust to new circumstances.

5)     Potential for both short-term and long-term results – behaviors promoted during incentive programs will have long-standing value, evidence shows that incentives drive bottom line performance!

Learn more about FUSION Performance Marketing and its 30-year history in the Incentive Industry.

Reference:  “Why Incentive Programs Endure Recession.” Incentive Performance Center.  www.incentivecentral.org.

10 Tips to Communicate Effectively for Meetings

1. Write the way you speak – effective business communications use a conversational tone and avoid beingformal and stuffy.
2. Take a positive approach – negative messages cause listeners to become blocked emotionally and does not allow your audience to fully absorb the message.
3. Tell them how they benefit – if you want to reach your audience, tell them what they will gain from you.
4. Write at the correct level – business communication is meant to communicate.  Your audience must understand the message!
5. Never communicate when you’re angry – you do not want to use a condemning tone or burn bridges by letting your emotions get the best of you.
6. Anticipate questions – answer any potential questions you think might arise beforehand.  Your audience will benefit from being informed upfront.
7. Remove acronyms and jargon – acronyms, words and phrase within your specific industry may seem like everyday language, but make sure you are speaking to your audience.  Will everyone in the audience understand the industry jargon?
8. Longer is not necessarily better – extra content does not always enhance the message.  Make each word count.
9. Be patient – if you can spend the time writing a communication piece, take advantage of the extra time.
10. Do a final proof – write the communication one day, get a good night’s sleep and proof it one final time the next day.  Having another pair of eyes to review your writing is also helpful.

Find out how FUSION Performance Marketing can support your next meeting and Learn more about the FUSION Solutions.

Reference: (Walsh, Ivan.  “10 Tips to Communicate Effectively.”  Smart Planner, September 2010. www.smartmeetings.com)”

Key Elements of a Successful Incentive Program

FUSION prides itself on our expertise of the “ins and outs” of an incentive.  Below is a list of the crucial elements needed to maintain a successful incentive program.

Measurable & Realistic Program Objectives – to reward success, you must be able to measure it.  Expectations must be clear, specific and credible.  Nothing kills the effectiveness of a program quicker than setting unrealistic goals.

Specific Program Period – it is important to consider when to start and when to finish.  Start dates must be early enough to allow attainment and produce an effective return on investment.  End dates create a sense of urgency and allows for results evaluation.

Carefully Select Participants – choose the people who will have the most direct impact on the results you want to achieve.  Think of both the targeted employee group and the support team that affects that group as well, i.e. managers or supporting departments.

Significant Award Opportunities – awards must have a perceived value sufficient to justify the effort required to earn them.  A high performing participant should be able to earn an award value at 3-5% of their regular compensation.

Appealing Awards – there are two important factors to consider when evaluating potential awards.

1. Non-cash awards are much more effective than cash (see our blog on Cash vs. Non-Cash here.)
2. A group travel experience is the most appealing award you can offer.  No award is more requested by potential participants.

Clear Rules – “Do this, get that” is the objective when developing program rules.  Limit award opportunities to key results and behaviors.

Frequent Program Communication – this is critical for maintaining excitement and momentum.  The longer the time frame, the more communication is needed to ensure participants remain focused on program goals!

Performance Reporting – keep participants posted on their progress toward goals and awards with “performance statements.”

Budget Considerations – project potential levels of improvement and resulting revenue / profit increases.  Define acceptable, preferred and ideal results.

Clear Benchmarks for Program Success – this step is vital to evaluating program success and determining how to make your next program more effective.  Define your benchmarks after all other program elements are finalized before starting the program.  Set specific targets for program results and include historic seasonality in performance projections.

Ongoing Observation / Analysis – perform periodic reviews of performance and expenses to date; review quarterly for 12-month programs, bi-monthly for 6-month programs and monthly for programs of shorter duration.

Post-Program Evaluation – here is where the final version of your periodic reviews, comparing actual with estimated budget, occurs. Include post-program participant surveys and any subjective feedback.

Contact FUSION to find out how we can design an effective, profitable incentive program for your company.