Dangling a carrot is often the best way to get people to do what you want. So when it comes to enticing customers or motivating employees, "incentives" are good weapons to have in your marketing and management arsenal. Marketing incentives can get customers to come in more often, pay more quickly and be loyal to your business.

And for employees, useful incentives span a wide range, from a simple thank you card to benefits, bonuses and travel rewards. Our "how-to" guides in this issue of WhatWorks provide dozens of ideas and resources for putting profit-boosting incentives to work at your business.

Faster Collections
Offering Quick Payment Incentives
By Tom Nutile
Late payments can severely crimp your cash flow and damage your operation. Keep the money coming in by encouraging quick payment from customers who purchase your goods or services. Here's how to get started: 1) Consider different solutions for different customers; offer bigger incentives to your best customers. 2) Negotiate a quick payment incentive upfront, before the sale, on large-ticket items or transactions. Here's how to do it: Read Full Guide

Repeat Business
Launching a Loyalty Program
By Matt Alderton
Small businesses often rely on word of mouth to bring customers through their doors. But once the word has reached their ears, it's keeping them listening that truly counts. Raise the volume of your voice with a customer loyalty program. Launching one will help you: 1) Reward good customers. 2) Track customer purchase histories. 3) Increase foot traffic during slow periods. Here's how to start your own loyalty program: Read Full Guide

More than Money
Guide to Employee Incentives
By Linda Formichelli
Sure, moolah counts, but employees respond to recognition and other non-cash perks as well. An occasional pat on the back for a job well done goes a long way. Turnover is costly, so you can see why keeping your employees happy is key. Rewarding employees helps you retain good people, reduce expenses, build a positive culture and motivate employees to do great work. Here's how to do it: Read Full Guide

Send Them Packing
Group Incentive Travel Programs
By Patti Richards
One great way to boost sales and keep employees happy is through group incentive travel programs. Everyone likes a vacation, and a free vacation is even better. Business incentive travel motivates employees and sales personnel to put their best effort forward and ultimately boost your bottom line. Business travel incentives encourage group participation in planning and implementing new ideas and programs. Here's where to find the help you need:
Read Full Guide

How to Sell More
Guide to Sales Incentives
By Greg Brown
Motivating sales people is more art than science, but that doesn't mean you shouldn't try. After all, only a fraction of your crew is truly self-starters, and they already surpass quota. The big money is to be made in getting the slow swimmers into the water while showering attention on the superstars who drive your bottom line now. Here's a quick primer on developing a successful sales incentive plan: Read Full Guide