Incentco Fasteezy and Enterprise Engagement Tech Aim for SME Market
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A Focus on Outcomes, Not Technology or Rewards
A Pay for Performance Model
Incentco founders say they are happy to let the several dozen traditional incentive, recognition, and gifting companies go after the nation’s largest companies. Its focus is on the small- to medium enterprises whom they believe can benefit from its suite of Fasteezy quick-start technologies to promote referrals, suggestions, ratings, and inquiries that can be launched in hours to a full suite of enterprise engagement solutions covering all stakeholders and engagement tactics, including surveys and feedback, communications, social recognition, incentives, wellness, and more, based on client needs.
“Do the math,” says Gerry Wiatrowski, Co Founder, Chief Marketing Officer for Incentco. “There are well over 200,000 companies in the US with annual
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sales of over $10 million according to the Bureau of Labor Statistics, and nearly that many organizations with more than 100 people, distribution partners, or customers. If we are not mistaken, there are no more than several dozen incentive and recognition companies in the US, many of them focusing on recognition and gifting only, instead of helping organizations engage all their stakeholders. Look at all the ads of these companies on the Internet, they are all focusing on recognition or gifting. I don’t think I’ve ever met a CEO whose biggest challenge was gifting or recognizing people. Most people just go online and shop at retail for gifts." A Focus on Outcomes, Not Technology or Rewards
The alternative offered by Incentco, says Greg Smith, President and CEO, is to focus on desired outcomes and to make it easy for organizations to test new ways to engage people to achieve desired results. “Almost all the advertising we see in the industry focuses on what the companies wish to sell—recognition, incentives, technology. Our approach is to focus on what companies wish to accomplish—increase sales, productivity, quality, referrals, leads, etc., and to make it easy to get started.”
With simplicity in mind, Wiatrowski adds, the company’s technologies start with its Fasteezy widget, a quick way to promote referrals, leads, suggestions,or reviews. It includes a customizable widget placed on web sites and social media and a QR code for business cards and hand-outs linking to a form to submit referrals, suggestions, or ratings. Companies can use the platform'sintegrated selection of gift cards in almost any denomination; add their own rewards or use cash. From there, clients can add sales incentive programs, employee engagement, channel or other types of stakeholder engagement efforts, surveys and feedback, e-newsletters, etc. to address all manners of engagement, he says.
“I don’t understand this notion that companies should have multiple technologies to engage customers, sales and non-sales employees, channel partners, etc. Almost all the same features can be used with all stakeholders, and the ability to correlate data across programs is much easier when everything is on the same platform,” observes Wiatrowski.
A Pay for Performance Model
Having come to the engagement technology field from the multi-housing market, rather than the incentive and recognition field, Smith says “We have a
different perspective from many in the field, I suspect. First, we don’t focus on what we sell but on the value we create through the results sought by our customers. Second, we don’t put all our focus on rewards like other players. We don’t care what rewards our clients use. Finally, we are happy to do business with anyone with an engagement challenge, that could be another incentive company with a technology they’re lacking that we can provide, such as Fasteezy.” For instance, Incentco’s technology is part of the suite of offerings of Florida-based Luxe Incentives (See RRN: Luxe CEO Sees Merger of Live Events, Digital Engagement, and Data). "Luxe completely customized it to express its engagement vision. Kansas-based Appreciation at Work, which customized the platform to align with its process based on the book, 5 Languages of Appreciation in the Workplace. See ESM: Appreciation at Work Launches Employee Engagement System. The company’s business model reflects where it believes it can create the most value. For the Fasteezy widget, they say it’s a $9.99 a month or annual fee of $99 to start, plus costs for the rewards. For its enterprise platform, the company charges a one-time set-up fee for program design, per-seat or bandwidth-based maintenance and support fees, and payment for points upon issuance i.e., when participants have performed the desired action or achieved the targeted goal. Points issued cover the cost of the awards. The company is already in talks with other incentive companies that seek to use this feature with their own rewards.
When Smith and Wiatrowski look at the overall market, they tell RRN they wonder why the IRR (incentive, rewards, and recognition) industry puts so much focus on the awards aspect of programs when there are literally hundreds of thousands of companies that can unlock new value by better engaging all their stakeholders. "I guess that's what they know best," suggests Wiatrowski. "We hope to work with our partners to help change that."
For More Information
Gerry Wiatrowski
gwiatrowski@incentco.com
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Through education, media, business development, advisory services, and outreach, the Enterprise Engagement Alliance supports boards, business analysts, the C-suite, management in finance, marketing, sales, human resources and operations, etc., educators, students and engagement solution providers seeking a competitive advantage by implementing a strategic and systematic approach to stakeholder engagement across the enterprise. Click here for details on all EEA and RRN media services.
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