Using outcomes-based performance awards as marketing tools
HCA 817 Module 3 DQ 1
This age of transparency allows consumers to readily review performance data for health care organizations including a list of awards the organization has earned for outcomes-based performance. Is it ethical for health care organizations to use their outcomes-based performance awards as marketing tools to increase revenue? Why or why not?
ADDITIONAL DETAILS
Using outcomes-based performance awards as marketing tools
Introduction
The best business leaders know that results are what matter most. They understand that a company is only as good as its customer experience, and they want to make sure their teams can deliver superior customer service.
If you’re looking for ways to reward your sales team or other professionals on your organization’s performance, outcomes-based awards might be just what you need! Outcome-based awards are exactly what the name implies — awards that are based on outcomes. These types of awards track specific actions or results rather than profits or hours worked per week, making them an effective way of showing how successful teams are at generating revenue-generating activities.
Outcome-based awards are exactly what the name implies — awards that are based on outcomes.
Outcome-based awards are exactly what the name implies — awards that are based on outcomes. They’re not necessarily tied to performance or revenue, but they can be if you want them to be. In fact, many organizations use outcome-based rewards as marketing tools because they’re easy for employees and customers alike to understand.
For example: You might have a quarterly sales goal for your team of 10% growth over last year’s total sales figures, but your company has had better luck with smaller increases each quarter than with larger ones (which leads us into another topic). You could give out small prizes like gift cards and discounts on office supplies when the team hits its target or even just congratulate everyone personally when they exceed it!
Outcome-based awards show results faster than traditional forms of marketing.
Outcome-based awards can be used to show results faster than traditional forms of marketing. The results are more immediate, measurable, accurate and transparent.
The question is: why would you want to do this? Well, here are some reasons:
Awarding Sales teams for ROI is much more granular than a profit number.
ROI is a much more granular metric than profit. It can be calculated in different ways, depending on the industry you’re in and what your goals are for your team. For example:
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In healthcare, ROI is often calculated by looking at the difference between how much money was spent on marketing versus what it cost to acquire new patients through advertising or other means (i.e., direct mail). If a company spends $1 million on advertising and generates 10,000 leads that turn into annual sales of $100k each year—that’s an effective return of 10x (1/10th).
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In retail stores where customers walk in off the street without being noticed by anyone else there first; they’re often called “walk-ins.” The goal here would likely be not only to win those potential customers over but also keep them coming back again so they become loyal repeat buyers for years afterward—a true long-term win-win outcome!
Awards for MQLs and SALs can motivate sales teams to prioritize accounts and prospects that will likely lead to conversions.
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MQLs and SALs are great for measuring the effectiveness of a sales team.
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MQLs and SALs are great for measuring the effectiveness of marketing campaigns.
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MQLs and SALs are great for measuring the effectiveness of sales training.
Customer acquisition costs, while more difficult to track across multiple platforms, leads to long-term financial success.
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Customer acquisition costs, while more difficult to track across multiple platforms, leads to long-term financial success.
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The cost of acquiring a new customer is the sum total of all the time and money that goes into bringing them in. It includes things like advertising and marketing costs, as well as fees associated with setting up your business account with that particular payment gateway or credit card processor. Retention costs are similar but instead measure how much time it takes you to convert prospects into paying clients—for example, if someone signs up for trial subscriptions on your website but never pay after trying it out for three months or so (a common scenario). Upselling occurs when existing customers are encouraged by salespeople or product managers at companies like yours who want them involved further down the line; this can take place via email campaigns asking users what other products they might be interested in purchasing based on their buying history thus far (which gives us clues about what might appeal most). Cross-selling refers specifically here: offering related products/services because one hasn’t been purchased yet!
Consider incorporating outcome-based metrics into your program.
You can use outcome-based metrics to motivate sales teams and measure marketing ROI. Outcome-based metrics are more granular than traditional metrics, so you can use them to measure customer acquisition costs and other factors that reflect the effectiveness of your marketing strategy. If a salesperson is successful at selling a product, they’ll be rewarded with Points or cash bonuses based on their performance in certain areas (e.g., number of new customers acquired).
Conclusion
I have to say that I am a big fan of outcome-based awards. They allow you to focus on what matters most to your business, while still showing real results. This is an approach that can be applied across any industry and in many different ways. If this sounds like something you want to explore further then we would love for our team here at Equation USA to help you out!
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