How to Implement a Marketing Incentive Plan with Your Team

Incentives are a powerful tool for getting everyone in your practice onboard with a marketing program. Not only do rewards improve team morale, but when set up properly, they can foster collaboration, increase motivation and ultimately skyrocket productivity and profitability. When your team is on the same page, working together toward a shared goal, there is no limit to what your practice can accomplish. Not sure where to start? Here’s how to set up and implement a marketing incentive plan, step by step.

Step 1: Establish your goal. You can’t incentivize your employees if you don’t have a clear and specific picture of what you want them to achieve. By way of example, we’ll use a goal of 20% to 25% increase in revenue, which is ambitious but not unreachable.

Step 2: Determine the time frame within which you’d like to accomplish the desired end result. Make sure the time frame you set is sufficient and realistic, but not too long. For the example goal above, 6 months is a fair and doable number. Anything shorter might result in failure, and anything longer could cause employee motivation to stall.

Step 3: Figure out what service you’d like to promote and what the net revenue is for that service. For instance, let’s say you decide you want your staff to push more dental exams. For most practices, this service produces a net revenue of around 50% of the gross gain.

Step 4: Calculate how much revenue must be generated during the promotional period in order to reach your goal. For instance, if you determine that dental exams produced $100k over the previous 6 months and your goal is to increase revenue by 20%, you’ll need to generate an additional $20k from dental exams during the incentive period in order for the plan to be successful.

Step 5: Determine the percentage you’d like to give back to your team for their efforts should the goal be reached. For instance, let’s say you decide to use 50% – or $10,000 – of your revenue increase to reward your employees. This can be in the form of cash bonuses, a trip, continuing education opportunities – the choice is yours. You’ll just need to figure out how much you’ll be earmarking for whatever incentive you decide on.

Step 6: Create and post a chart to track the team’s progress throughout the promotional period. Generate a little bit of friendly competition by creating a leader board to showcase which team member is producing the highest number of dental exams. You may also want to set smaller, incremental goals throughout the incentive period to keep everyone on track and working toward the overarching goal.

By developing and implementing an employee incentive program, not only will you motivate your team to work harder and produce better results, but you’ll foster a more positive, productive culture at the same time. Happier employees mean more satisfied clients and repeat business, which means more long-term success for your practice. With this type of set up, everybody wins!

Our Advice on How to Implement a Marketing Incentive Plan with Your Team in 2024

What are the initial steps to setting up a marketing incentive plan within a veterinary team?

The initial steps to setting up a marketing incentive plan within a veterinary team involve establishing a clear and specific goal, determining a realistic time frame for achieving this goal, and selecting a service to promote that aligns with the practice's capabilities and market demand. Calculating the required revenue increase to meet the goal and deciding on the percentage of this increase to allocate for team rewards are also crucial early steps. These foundational actions ensure the plan is targeted, achievable, and motivating for the team.

Why is establishing a clear and specific goal crucial for an effective marketing incentive plan?

Establishing a clear and specific goal is crucial for an effective marketing incentive plan because it provides a focused direction for the team's efforts, enabling precise measurement of success. A well-defined goal ensures all team members understand what they are working towards, facilitating alignment and collaboration. It also allows for creating targeted strategies. It benchmarks for tracking progress, ultimately enhancing motivation and increasing the likelihood of achieving desired outcomes in a structured and efficient manner.

What factors should be considered when selecting a service to promote in a marketing incentive plan?

When selecting a service to promote in a marketing incentive plan, consider factors such as the service's profitability, demand among your client base, the team's ability to deliver it effectively, and its potential to attract new clients or increase loyalty among existing ones. Additionally, assess the service's relevance to current market trends and alignment with your practice's long-term goals and values. Choosing the exemplary service ensures the plan's success and maximizes the return on investment.

What are some options for rewarding a veterinary team upon reaching the incentive plan's goals?

Upon reaching the incentive plan's goals, options for rewarding a veterinary team include cash bonuses, additional paid time off, professional development opportunities such as conferences or workshops, team outings or retreats, and personalized gifts or recognition awards. Other creative rewards could involve wellness benefits, such as gym memberships or spa days, to support the team's overall health and well-being and reinforce the value placed on their hard work and achievements.

What benefits do incremental goals offer when implementing a marketing incentive plan?

Incremental goals during the implementation of a marketing incentive plan offer the benefits of keeping the team motivated and focused by providing short-term targets to aim for, making the overall objective seem more achievable. They allow for timely recognition and celebration of more minor successes, fostering a sense of progress and accomplishment. This approach can enhance motivation, maintain momentum, and facilitate adjustments to strategies as needed, ultimately contributing to the plan's long-term success.