In a world where the best sales talent is in short supply, your sales incentive programme could make or break your company. So it's important you offer things your competitors can't. Read on to find out why a sales incentive programme is so essential, and how to make yours as effective as possible.
In a world where the best talent is in short supply, your sales incentives programme could be the make or break of your company's success. But it's not enough just to have a sales incentive programme. It has to be one that works. This means not just relying on cash bonuses and commission to entice your sales teams to work hard.
The benefits of a successful sales incentives programme are clear. Research from Incentive Magazine found that top companies use non-cash rewards and recognition in 90 per cent of their sales programmes, compared to 75 per cent of average firms.
How can you create the best sales incentive programme possible?
1) Offer choice
Choice is the true differentiator to any sales incentives programme.
So your company is offering fancy electronics or tickets to the latest Ed Sheeran concert. This is all very well if your employees are all millennials, but even if you have a predominantly young office, there'll always be a few older ones who aren't keen on this type of reward. And even if your whole company is made up of 18-35 year olds, this doesn't mean they are all going to scream at the chance to see Ed Sheeran live.
Hence, choice is the true differentiator to any sales incentives programme. You need to ensure there is a range of prizes on offer that suit a variety of ages, genders and interests to really get people excited about their incentives.
2) Get feedback
The best employee incentives programmes involve the input of employees themselves! Get their feedback on the types of rewards they'd like to see, including specifics on what would motivate them most and which KPIs should contribute.
Additionally, some incentives programmes (including those offered by Power2Motivate UK) have in-built data analytics and reporting functions. The three-click reporting system allows you to see a huge range of metrics, from how many people have logged into the programme to how many awards have been issued per department. This means you can see for yourself what types of rewards are popular among your employees, and tailor your programme to suit.
3) Consider offering travel
Organisations that provide non cash rewards such as incentive travel have three times higher revenue increases.
Travel incentives have been shown to have a number of positive effects on the workforce. Over three quarters of respondents to a study commissioned by the Society for Incentive Travel Excellence found travel incentives motivating or extremely motivating. A further 88 per cent said they felt appreciated when their company offered them travel incentives and 80 per cent said such a programme increased loyalty.
While gym memberships or a cash bonus are offered by many organisations, something like travel is much more unique and personal, and therefore far more likely to be both remembered and appreciated.
In fact, organisations that provide non-cash rewards such as incentive travel have three times higher revenue increases, according to Aberdeen Research.
Power2Motivate's Sales Incentive Programmes
Power2Motivate UK offers companies the ability to increase sales, boost revenue and reward outstanding sales performance with our Sales Incentive Programmes. Our Global Rewards Gallery lets your team choose from hundreds of different rewards.
We also have analytics and reporting features in-built, and each programme is easily tailored to suit the needs of your business and its employees.
For more information on how we can increase employee engagement and retention at your organisation, contact the team or request a demo today.