Your sales team may work cohesively at times, but ultimately they are still a group of individuals with different motivations. Finding a way of rewarding everyone equally can be a challenge - but with Power2Motivate UK's Sales Incentive Programme, you can get everyone on your team firing on all cylinders!
There is no such thing as a one-size-fits-all approach to a Sales Incentive Programme. Every person on your team is motivated by different factors and rewards. They will also have distinct strengths and weaknesses - some do exceptionally well in short bursts, while others may be dependable week in, week out.
Targeting your entire sales team with individualised rewards is easier when you partner with an incentive industry expert. We can give you guidance on how to plan a Sales Incentive Programme that motivates every individual on your team to achieve for the whole.
Break down your team into performance groups
Within your sales team, there should be a couple of identifiable groups of people you can pull out based on their sales figures. These groups are:
Regardless of the individual personalities within these groups, each has specific traits you need to reward appropriately in order to get the best out of everyone:
Laggards are often aware of their lower-than-average performances, so appreciate incentives relating to upskilling. Additionally, the Harvard Business Review (HBR) found quarterly bonuses had a more positive effect on performance than annual bonuses, showing the value this group places on more regular gratification.
Core performers' reliability for regular sales often means they slip through the cracks for rewards. Address this with a multi-tiered incentive programme. Start by establishing targets at the core group's average, then set another tier at a level of over-achievement, and then a final step towards your highest sales figures. This way, you can encourage this group to steadily raise the curve of sales over time.
Maintaining your stars passion for excelling consistently can be a challenge, especially when the impact of sales incentives becomes lost in a group of high achievers. This group will likely be the most competitive, so focusing on ranking peers in a leaderboard is a good way to tap into this nature. Set goals for ranking based on sales KPIs and reward your highest achievers with big ticket rewards such as travel incentives - things reserved for only the very best!
The Power2Motivate UK team are industry experts in crafting a Sales Incentive Programme that rewards the individual while appealing to your whole team, with something to motivate everyone.
Quarterly bonuses have a more positive effect on sales laggards' performance than annual bonuses.
Focus on prizes instead of money
The incentive to perform comes from a reward that is specific to the individual, one that has had thought put into it. Monetary incentives work fine in some cases, but cold, hard cash in your hand doesn't scream personal, does it? You want your sales team to feel as if what they achieve for your business matters. You want them to feel validated that their individual contribution is irreplaceable.
Prizes communicate personality and can be specific to individuals in a way money simply can't. Power2Motivate UK boasts a massive Global Rewards Gallery which gives your sales team access to thousands of different prizes. Tickets to amazing concerts and experiences, white goods and designer clothes are just the tip of the iceberg - and if our gallery doesn't have something your team wants, we can source the item and deliver it for you.
Give them the chance to feedback
The best Sales Incentive Programmes are made to fit your team, not the other way around. Using Power2Motivate UK's online platform, you can make use of the Reporting feature to analyse data on how, where and when your sales team use the incentive platform. Gathering this data, you can make changes to your programme in line with what your staff want to see, making your investment in a quality Sales Incentive Programme all the more worthwhile.
To speak to a Sales Incentive Programme expert, contact the team at Power2Motivate UK today.