One of the main things that sales reps want to know is their quota. Setting reasonable quotas, ones that are not too difficult or easy to achieve, will help keep them focused and motivated. The best quotas are challenging, but also achievable. The metrics you choose to determine compensation will impact the effectiveness of your incentive program.
You know what matters most to your company, so choose metrics that will have the biggest impact on your bottom line. Try to avoid creating overly complex incentive programs with multiple formulas and factors. Many incentive programs fail because of the complexity of reporting or how rewards are won. Rather, focus on incentives that drive desired behaviours. Get your reps involved and find out what matters to them in addition to monetary compensation.
With over 25 years in the incentive industry, Incentive Solutions has a variety of resources for your viewing. Check out our sales incentive FAQ s, or read our most recently released white paper study on the benchmarks of sales incentive programs. And, as always, we offer free consultations and product demos with our sales incentive program experts. Happy sales incentive program hunting! Contact Us! Blog image by Austin Distel.
What feels even better than spending reward points on yourself? Spending them on an important cause! This year, Incentive Solutions employees and That's one of the reasons why sales teams should embrace leaderboards.
To make sure this incentive is appealing to all the different members of your team, you might offer a choice between two or three different products. Personal and professional development can be a powerful motivator for reps who are eager to improve themselves.
The opportunity for personal development may also appeal to your team. You can offer incentives like:. Entertainment incentives are good motivators because these are the things your reps would love to do but may not be willing to splurge for themselves.
Of course, during these times you may need to be a bit more creative with your entertainment options. For example, that nice dinner out could be replaced with a fancy dinner at home with food delivery services.
Or, if your team likes to get out and have an adventure, you could offer activity incentives such as:. In this category also enter travel incentives. But again, with current world conditions, normal activity-based sales incentives may need to be adapted. For example, Airbnb now offers many online experiences , such as cocktail making at home, magic shows, cooking classes, scavenger hunts, online escape rooms, dance classes, private concerts, and more.
Why not search for online experiences that you can gift to your reps? Subscription boxes are all the rage now, with personalized products being delivered to your home to enjoy. This is an excellent choice for sales teams that are currently remote during the crisis, allowing you to give your reps the things they love while maintaining a safe distance. After all, your reps are working hard to reach their goals and hit the metrics necessary to win the incentive.
So, why not reward them with some time away from work? Rewarding your sales reps with time also encourages a better work-life balance within your team.
So, recognition in itself can be a powerful motivator. If you want your reps to be more productive at work, why not offer upgrades to their office as an incentive? Your team is made up of individuals with their own specific tastes, hobbies, wants, and needs. Instead of choosing one prize that may not appeal to many of them, letting your reps choose their own reward within a certain budget or limit gives them the freedom to pick what motivates them.
In fact, you can encourage your reps to visualize what they would pick if they won at the beginning of the month, giving them the motivation to push for that reward.
Of course, these are all just sales incentive ideas that you can adapt to work within your program. But, how can you design a program that appeals to all of your reps and motivates the whole group? Setting up a sales incentive program takes time and may require some trial-and-error the first time around. No matter the type of sales—like retail products, car sales or service memberships—incentives and reward systems for acknowledging when employees meet and exceed expectations are highly advantageous in the workplace.
In this article, we discuss what a sales incentive is, several advantages to using incentive programs and 30 ideas that you can use to brainstorm the perfect sales incentive for your team. A sales incentive is a reward that employers offer to their sales professionals for successfully selling a specific amount of products or service hours.
Sales incentives can be monetary, or they can be physical rewards, experience-based rewards or another type of incentive geared toward employee interests and motivations. Sales incentives differ from sales compensation because compensation usually comes as a commission, which is typical for sales professionals to earn on top of their regular salary. Sales incentives instead are rewards meant to provide recognition for exceeding expectations, meeting objectives and adding to the overall success of an organization.
Generally speaking, many companies integrate sales incentives as regular reward programs when sales professionals meet specific sales objectives such as selling a certain number of products or meeting a certain amount in sales revenue.
Additionally, businesses will use sales incentive plans to motivate and engage employees, resulting in higher productivity and effort to successfully meet their objectives. Aside from monetary compensation, there are a variety of different offerings you can include in a sales incentive plan. From team outings to personal days off, consider the following examples of great sales incentive ideas:.
An outdoor activity or special entertainment event can be a great incentive. The following ideas provide ways for your team to get outside and engage in something they enjoy:. Outdoor excursions, such as a boating trip or a camping trip. Physical rewards are another excellent incentive, especially if the reward is something that your team can use every day. Consider items that improve their workflow or personal items that they can enjoy at home:.
Technology gadgets like earbuds, tablets, watches or other tech accessories. Office equipment like standing desks or new monitors. Professional development and continuous learning are equally important motivators.
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