Experiences, Feelings and Behavioural Economics

Studies reveal that stronger results and higher productivity can be achieved by offering your sales team a memorable experience than merely adding cash to their pay check.

Many choices that we make are depended on the principles of behavioural economics that focus on how we make decisions and why we work harder to deliver some things more than others. It is ideally between our emotional selves and rational selves, or simply put – it is the Heart versus Head!

Few rewards are better than others.

Stunning experiences are remembered for a longer period of time. The experiences could be anything like the awe you feel when you see an amazing spot for the first time which you had researched online or learnt about on your favourite TV travel show. Whether this wonderful experience takes place in a new country or in your own city, the more exclusive the experience is, the more it is kept in mind and shared. On a cold winter day, you can remember the walk on a beach and feel the sand between your toes, or the experience you had conquering the waves on a surfboard. Also, local experiences that have a special theme results in the same feelings – being a spectator at the most happening singing show or getting behind the wheel on a local track will leave a lasting experience.

You are most likely to share your trip experience with your family and friends through Facebook, blog posts and video chats with an envious view in the background. It is a very social reward. Experiences are re-consumptive. Even if you have come back from the trip, you will continue to share the stories with others, days, weeks or years later. The memories you preserve impact a lot than a cash incentive that goes into the bank account to pay every day bills.

The pictures fabricated before the travel experience and the highlights shared after the trip makes a travel incentive the ultimate reward for best performance. When you plan the next sales incentive program, don’t fail to apply the principles of behavioural science to ensure success.

Learn more about behavioural economics and how it is a strong decision factor by contacting us.