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CASE
STUDY:
The goal of Destination
2000! was to drive employee performance beyond a reestablished minimum standard.
With the clock already ticking on the countdown to the millennium, the program
capitalized on the approaching event by selling Destination 2000! as its theme.
Year 2000 "stress ball" desktop reminders were sent out along with details of
the program explaining how employees could earn points toward merchandise and
trips. As part of this initial welcome kit, employees received a 128-page
catalog featuring more than 1,200 merchandise items. In addition, they received
a separate travel brochure that featured a broad variety of travel packages at
different price points. The target audience varied widely in age, interests and
ability to accrue points, so offering a wide range of award choices was critical
to the success of the program.
The program was
structured to reward not only individual goal achievement, but also to doubly
reward and promote teamwork. "Destination Points" were earned for
non-traditional product referrals (annuities and mutual funds) as well as for
opening new personal and business checking accounts along with transaction
processing efficiency. Not only did points accumulate with each new transaction
- when an individual met or exceeded his/her individual goal, points
automatically doubled. Banking office managers earned points based on the
office's total performance. If the banking office met it's goal, then everyone's
points doubled. Points were earned on a monthly basis and were redeemable
quarterly.
As an added incentive, a
sweepstakes overlay was created. Each month a banking office team member reached
or exceeded his/her goal, they were entered into the Destination 2000!
Sweepstakes. If the office as a whole met its quarterly goal, the management
team gained entry into the sweepstakes as well. Fantastic quarterly sweepstakes
prizes included trips to Cozumel, Walt Disney World and a cruise to the Mexican
Rivera- plus fifty other prizes each quarter.
PROGRAM RESULTS:
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More than 75% of all eligible employees earned points based on meeting
performance criteria.
Astoria Federal experienced
a stellar year in new checking account openings, mutual fund and annuity sales,
non-traditional product referrals and transaction processing efficiency.
Incentive
Marketing Association
1601 N. Bond Street, Suite 303 Naperville, IL 60563
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