IFI Board Approves Marketplace Estimate Research Study
The Incentive Federation International board awarded a contract to Richard Garlick and Associates Consulting and Market Research Services, LLC to conduct the latest IRR (Incentive, Rewards, and Recognition) Marketplace study. The new report seeks to be consistent with past studies for comparison purposes while addressing the recent trend in experiential rewards.
The most recent study was published in 2016 and estimated the expenditures on non-cash incentives at $90 billion, with 84 percent of businesses using some form of non-cash incentives, recognition, travel, or rewards.
According to the Incentive Federation website, a small group of IFI Board members, comprised of board members Mike Donnelly, President of Hinda Incentives; Karen Wesloh, Executive Director of the Incentive Marketing Association; Brian Galonek, CEO, All Star Incentive Marketing, Sean Roark, Principal of Promo Pros and Rick Blabolil, President, Marketing Innovators, helped scope the research project by reviewing the survey questions for the 2016 study and making recommendations to revise, add or delete questions based on current market and industry challenges and opportunities.
The federation’s website explains that “the scoping committee’s recommendations have been incorporated into the revised survey and the survey will soon be turned over to programmers to construct the final online survey." The survey will be tested with a small number of respondents before it enters it is fully deployed later in April. Publication is expected this summer.
The latest 2016 Marketplace Estimate Study “focused on the use of non-cash incentives in sales programs, channel programs, employee programs and customer programs and the use of award points, gift cards, trips and travel and merchandise across those types of programs with the businesses surveyed. Those elements have been used in previous studies to ensure comparisons to previous studies that help measure changes, incidence, and growth more accurately. An additional form of incentives – experiential – has been added to the 2022 study.”
The goal is to maintain consistency in survey questions to ensure accurate comparisons with previous year, the IFI site explains.
A final report will be prepared and presented approximately two weeks after the data is collected, with a proposed completion by summer 2022.
The website reports that the “Incentive Federation’s Board of Directors, during a December 2021 conference call, affirmed the value of industry standards for programs and procedures implemented for the incentive, rewards and recognition industry. The board also committed to begin work in 2022 to identify the most impactful standards that will bring value to industry companies.”
The website highlights some past findings from IFI studies:
1996 – 26% of businesses used some form of non-cash incentive
2000 – 32% of businesses used some form of non-cash incentive for a total spend of $26.9 billion
2003 and 2005 – % usage of and spend not reported
2007 – 34% of businesses used some form of non-cash incentive for a total spend of $46.1 billion
2013 – 74% of businesses used some form of non-cash incentive for a total spend of $76.9 billion
2016 – 84% of businesses used some form of non-cash incentive for a total spend of $90 billion
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