There are many struggles associated with launching and maintaining sales incentive programs. Are you paying people to do what they would have done anyway? Are you getting the right information to judge the success of the program. How do you keep someone engaged and successful? All of these challenges need to be addressed before you try to design any of your sales promotions. We all know that sales incentive programs are run to grow sales, but it’s not just revenue that goes into the equation – it’s really about the overall profit to your business.
So how do you may sure that your sales incentive programs help? Start by looking across the sales lifecycle and determine which behaviors need reinforcing. A smartly designed sales incentive program can target high-margin products, new products or profitable services. It will reinforce the goals of your business and ultimately improve retention rates of your most-desirable sales people.
Then, keep in mind these five items to consider when creating effective sales incentive programs.
Learn from your past programs. Be ruthless. Keep what works, get rid of the rest. Create a continual improvement process.
Define your goals and objectives, make sure sales & marketing goals are linked and in support of corporate objectives.
Communicate, Communicate or it will Perish. Let participants know how they are doing and give tips on how they could do better. Share results.
Match the reward to the achievement
Report program ROI. If you want to keep funding your program, make sure you have a conservative, believable, ROI.
The care and feeding of professional, consultative sellers demands a new skill set that encompasses a broad range of compensation, motivation, and coaching best practices that the most successful enterprises find to be well worth their investment.
Peter Ostrow, Aberdeen Group. For the entire report, click here.
Sales incentive programs should be a powerful tool to help your company exceed sales goals. In addition these programs are a great way to drive engagement by boosting the value people assign to work goals, causing them to make stronger commitments to those goals and desire to achieve them. Too often companies use the same incentive program over and over and fail to properly assess their results or ask sales people for feedback on how to improve.
About the Author
Engaging employees of various backgrounds, interests, and generations may seem next to impossible. As an employer you want to reward your workers on an individual and meaningful level for reaching business goals, but may not have the time or knowledge to do so. If your organization is suffering in the areas of: retention, attracting new talent, low satisfaction, or safety issues among others, consider partnering with Perks. By pairing our Science of Motivation™ methodology with your unique business needs, our incentive programs have a proven track record of strengthening all areas of employee engagement, most importantly: productivity and ROI. Our programs provide unique employee engagement solutions by rewarding workers based on performance. Whether rewarding an employee for going above and beyond, referring new talent, or taking the necessary steps to prevent workplace accidents, Perks will work with you to design the ultimate incentive program to meet your needs.More Content by Perks WW Employee