What Are Incentive Travel Companies?

Incentive travel companies are the masterminds behind these trips. These experts craft customized experiences designed to motivate top performers and employees, boost productivity, and strengthen company culture regardless of your team style.

As stated by Brightspot, they combine the services of a travel agency, event planner, communication expert, and business strategy consultant, all in one. What makes them different from a travel agency, for example? Incentive travel companies focus on creating top-notch group experiences for 10 or more people. Their job is more than just booking flights and hotels; orchestrating immersive adventures that align with a company's goals and values is a top priority.

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Benefits of Working with Incentive Travel Companies

Planning an incentive travel program can be more challenging than it seems, so hiring a specialized team can streamline the process and make sure everyone has a successful experience without the hassle. But these are not all the benefits:

1. Expertise and Experience

Incentive travel companies bring knowledge and experience to the table, acting as a catalyst for achieving your company through tailored travel programs. Thanks to their established partnerships with a wide range of suppliers—such as hotels, resorts, transportation services, restaurants, and tour operators—incentive travel companies can help you get favorable rates, arrange exclusive experiences, and even handle contract negotiations on your behalf.

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2. Cost Savings and Negotiation Power

Incentive travel companies leverage their industry connections to secure significant cost savings for their clients.

Incentive travel companies offer:

1. Access to favorable rates through partnerships with suppliers
2. Exclusive team-building experiences through industry connections
3. Smooth contract negotiations
4. Budget optimization

3. Risk Management and Compliance

‍Incentive travel companies’ expertise in this area is invaluable for safe and legally sound incentive trips. They handle risk management through these key processes:

1. Identifying Risk: Thorough assessments identify potential threats, from natural disasters to political uncertainty.
2. Determining Threat Level: Experts distinguish between minor inconveniences and major safety concerns.
3. Developing a Risk Management Plan
4. Real-time Monitoring: According to Incentive Travel Group, firms use technology to track travelers' locations and get quick response in case of emergencies.
5. Compliance with Regulations: Experts stay updated on local and international travel regulations, and know different jurisdictions in detail.
6. Documentation and Record-Keeping: Maintaining records of all aspects of the incentive program is crucial for potential audits.

By partnering with incentive travel companies, businesses can reduce their exposure to travel-related risks while making sure their programs remain compliant with laws.

4. Program Design and Implementation

Designing a successful incentive travel program requires careful planning and execution. Here’s how incentive travel companies cab help you achieve that:

1. They start by Setting Clear Goals: They define specific objectives for your incentive travel program, such as increasing sales or boosting employee motivation.
2. They help you Define a Budget: Including travel costs, accommodations, activities, and any additional expenses.
3. They help you Choose the Best Destination for Your Team: Select a location that aligns with your goals and appeals to your target participants.
4. They plan a Day-to-Day Itinerary: Create a balanced schedule of activities, free time, and optional experiences that cater to everyone’s interests.
5. They coordinate Logistics: Arrange transportation, accommodations, and on-site support.
6. They create a Great Communication Strategy during the trip: Think about how to announce the program, engage participants, and maintain excitement to anticipate the trip.

Top 8 Incentive Travel Companies

Selecting the best incentive travel company is essential for creating the prime experience for your team of top performers. 

1. TeamOut.com

TeamOut specializes in simplifying corporate retreats with a focus on optimizing travel routes and selecting welcoming locations. As a certified travel agency, TeamOut caters to teams of all sizes, from 5 to 300 people, and recommends planning at least two months in advance for the best prices and locations.

Key features that make TeamOut stand out:

• Customized Venue Selection platform: Discover ideal locations quickly with our tailored venue recommendations directly in the location finder tool.
• Budget Guidance: TeamOut experts provide essential tools and expert recommendations to keep your event within budget.
• Retreat Planning: All aspects are handled, from vendor coordination to client liaisons, ensuring a seamless experience.
• Venue Search: Browse through thousands of properties, build a wishlist, and quickly send it to someone else for approval.
• Exclusive Deals and Pre-Negotiated Rates

Top TeamOut advantages: 

• Flexible cancellation policies
• Handling of travel restrictions

With more than 500 events organized in less than 2 years, TeamOut’s satisfaction rate is above 95% .

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2. TravelPerk

TravelPerk is a comprehensive digital platform that handles corporate travel needs, including group booking services and access to a travel inventory. Their all-in-one solution allows travel managers to handle all aspects of incentive trips in-house.

• A concierge team to suggest activities and book pre-paid restaurants for your stay;
• Access to a 24-hour customer service line for all attendees.

3. ITA Group

This global engagement agency specializes in creating personalized, authentic experiences for employee recognition and incentive travel programs.

ITA Group’s services include:

• Expertise in destination management
• Immersive brand experiences
• Concierge air travel

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4. Maritz Global Events

An experience design company that is fully committed to sustainable practices and socially responsible incentive travel, offering a customized program design and execution.

Maritz Global Events’ incentive travel services include:

• Travel program design and campaign communications
• Sourcing and contracting hotels and venues
• Simplified ticketing process

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5. Creative Group

Focuses on creating immersive, customized getaways with a strong emphasis on attendee engagement and tailored programs.

Creative Group offers the following benefits:

• Personalized group incentive travel programs tailored to a business’s goals, preferences, and budgets
• Relationships with hotels, independent properties, destination management companies, airlines, and transportation companies
• Mobile apps and interactive platforms

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6. BI Worldwide

Provides end-to-end solutions from program design to performance measurement, including an event management app for attendee engagement.

• Event management app for attendee engagement throughout the trip
• Destination selection and planning of unique excursions and team-building activities
• On-site management and data analytics to measure program performance

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7. Cadence Travel

Provides support for internal teams and turnkey incentive management programs, with dedicated trip planners and on-site staffing.

• Customized incentive travel programs with a dedicated trip planner
• Expert hotel sourcing and contract negotiation
• On-site logistical support and attendee travel monitoring for safety

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8. Brightspot

Specializes in designing and managing incentive programs with Certified Meeting Professionals (CMPs) on staff, and provides customized sales incentive programs and integrated engagement campaigns.

Brightspot offers:

• Customized sales incentive programs to boost performance and engagement
• Comprehensive incentive trip planning services
• Integrated engagement campaigns and incentive software platform

Each of these companies brings their own strengths to incentive travel planning, catering to different needs and preferences in the corporate world.

Service Comparison

While all companies offer core incentive travel services, key differentiators include:

• TeamOut: Focus on remote team bonding and in-person team-building alike. Seamless planning for small and large groups. 
• TravelPerk: Comprehensive digital platform and extensive inventory
• ITA Group: Emphasis on personalized experiences
• Maritz Global Events: Commitment to sustainability and social responsibility

Client focus varies, with some companies specializing in certain industries or company sizes.

Pricing Models

Incentive travel companies typically use three main pricing models:

1. Package Price Per Person: A set price covering all aspects of the trip
2. Percentage-Based: Fee based on a percentage of total program costs.
3. Hourly Rate: Flexible pay-as-you-go option, ranging from $50-$100 per hour.

According to the IRF/SITE/FICP Incentive Travel Index, the average cost of an incentive travel program was $5,193 per person in 2019. Adjusting for recent "vacation inflation", a good starting budget is now around $6,000 per person for North American trips, $7,000 for Hawaii and the Caribbean, and $8,000 for Europe.

Choose wisely, and watch your team thrive!

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How to Choose the Right Incentive Travel Company

Choosing the right incentive travel company can make or break your program's success. Let's see how to pick a winner!

Assessment Criteria

When evaluating potential partners, keep this checklist handy:

1. What is their industry experience and expertise?
2. Range of services offered: Try to get an all-in-one company, like TeamOut
3. Destination knowledge
4. Budget management skills
5. Risk management capabilities
6. Technology integration
7. Client testimonials and case studies

Questions to Ask

Don't be shy and ask all the questions that arise to those potential partners! Here are some must-ask questions:

1. How do you tailor programs to meet specific company goals? And explain your goal, team style, and group size to see if perspectives align.
2. What's your approach to risk management and duty of care?
3. Can you provide examples of successful programs you've run for companies similar to ours?
4. What's your cancellation and refund policy?

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Red Flags to Watch For

Keep your eyes open for these warning signs:

1. Lack of transparency in pricing
2. Pressure to book immediately
3. Poor or delayed communication
4. Overwhelmingly positive reviews without specifics
5. Limited experience in your industry or with your company size

Avoid these pitfalls by doing thorough research. If something feels off, it probably is!

Decision-Making Framework to choose the right fit for your company

Ready to make the call? Follow this framework:

1. Assess your needs one last time: Define your program goals and budget
2. Do your research: Create a shortlist of potential partners
3. Evaluate: Use the assessment criteria to score each company
4. Contact them through a form and request an interview: Ask tough questions and request proposals
5. Check references: Speak with past clients
6. Compare: Weigh the pros and cons of each option
7. Decide: Choose the best fit for your needs

💡 Remember, the right incentive travel company should feel like an extension of your team. In other words, they should understand your goals, culture, and vision for the program. By following this framework and keeping an eye out for red flags, you'll be well on your way to planning an epic incentive trip.

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Wrapping things up

Regardless of the type of incentive trip you're planning, the primary goal is to create a rewarding experience for your top employees, to keep them motivating and thriving for a long time.

Even if you have experience with business travel arrangements, managing all the intricate details of an incentive trip can be a challenge. Overwhelming, even. When invited for an incentive travel program, attendees are looking for outstanding experiences, not just another corporate outing.

TeamOut specializes in turning your incentive trip vision into a transformative reality. Our retreat experts are passionate about crafting experiences that:

• Match your unique team culture and goals
• Maximize your budget's potential
• Eliminate planning stress
• Create memories that inspire and motivate everyone

Whether you're looking to recognize sales achievements, celebrate team milestones, or simply reconnect your remote workforce, we've got the expertise to make it happen.

Ready to elevate your team's potential? Don't let complexity hold you back from creating a fantastic incentive program. Schedule a free call with our TeamOut experts and discover how we can design a retreat that your team will be talking about for years to come.

Your perfect team experience starts here—let's make it extraordinary!