In a landscape often governed by spreadsheets and ROI, a fresh perspective is emerging in the world of financial and insurance events. A recent webinar hosted by Smart Meetings dissected a new report from the Incentive Research Foundation (IRF), revealing that when it comes to creating impactful events, the key to success lies not in how much is spent, but how it’s spent.
The report, explored in detail by Andy Schwartz, vice president of content and communications at the IRF, highlights a paradigm shift. Companies that achieve top performance are prioritizing strategic event design, focusing on perceived value, flexibility and deeply understanding attendee preferences. These factors are more significant drivers of success than simply throwing more money at an event.
Experience Trumps Expense: Prioritize Strategic Design
The core message is clear: the era of bloated budgets and extravagant spending is over. Instead, planners should focus on crafting personalized, engaging experiences is taking center stage.
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“It was really centered around spend,” Schwartz says. “The top-performing companies weren’t spending a whole lot more on their incentive travel events than the competitors. It really was about design and designing for your attendees.”
This means going beyond surface-level planning and delving into the needs and desires of your audience. What are their interests? What motivates them? What kind of experiences will truly resonate and leave a lasting impact? By understanding these nuances, event planners can curate events that deliver exceptional value, even on a constrained budget.
Human Connection Is King: Foster Authenticity in a Digital World
In an era of increasing digital dominance, the unique power of live, in-person events to foster genuine connections and build trust are crucial. In a world where virtual interactions often overshadow real-life relationships, events can offer an opportunity to cultivate a strong company culture and solidify bonds between employees and partners.
“You have to create spaces for people to be face to face, to bond with each other, to bond with the company, to have the company culture reinforced,” Schwartz says.
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Whether it’s through shared meals, collaborative activities or simply carving out time for informal networking, these moments of human connection are invaluable for fostering loyalty, boosting morale and creating a sense of belonging. In essence, these events can cut through the static and provide genuine opportunity for relationship building.
Strategic Alignment: Incentives as Tools for Broader Goals
It’s also important to align event design with broader organizational goals. Incentives shouldn’t be viewed as isolated events, but rather as strategic tools that contribute to overall business objectives.
From driving sales and motivating channel partners to bolstering recruitment and retention efforts, incentive events can play a pivotal role in achieving various strategic objectives. By structuring these events around core company values—such as sustainability or community engagement—organizations can amplify their impact and strengthen their brand image.
“Cross-departmental support is really important,” Schwartz says. “In-person events, incentives or any benefit outside of the regular benefit box, are really powerful retention and recruitment tools.”
For financial and insurance companies seeking to elevate their performance through incentive events, the message is clear: It’s time to move beyond the confines of traditional budgets and embrace a new approach centered on strategic design, human connection and strategic alignment. By prioritizing these key elements, organizations can unlock the full potential of their events and create experiences that truly drive business success.
