3 Key Tips on How to Make Sales Incentives Work for Your Business"
3 Key Tips on How to Make Sales Incentives Work for Your Business"
Your company’s sales team is arguably the most exposed and hardworking group in your workforce, and that’s just one reason why they need to be given the RIGHT incentives REGULARLY. And so yes, not just any incentive will do. What works for one company may not work for yours so it’s important that you take the time to know your sales team well and determine as well just what you’re capable of giving them.
Factors to Consider When Determining What Sales Incentives to Give
AGE – People’s likes and dislikes as well as their goals tend to differ as they age, and thus, it’s important to give sales incentives that will suit your sales team’s age range. If, however, they’re composed of different generations, then you need to choose something that will be ubiquitously desirable.
GENDER – Gender-specific sales incentives are tricky because you could be sued for discrimination, but they’re arguably more effective as well since you’re giving your sales team – man or woman – what they really desire. One way of solving the discrimination problem is by giving them the option to choose.
BUDGET – Naturally, giving away sales incentives shouldn’t bankrupt you. Evaluate your finances then determine just how much you’re able to spend. Having a budget will also challenge your mind and imagination to think out of the box and be resourceful.
Tips on How to Create Effective Programs for Sales Incentives
Sales Incentives Have Two Faces – And they’re called cash and non-cash incentives. It’s important that you offer both. Like it or not, people are generally easier to motivate if you’re offering both money and recognition in exchange of showing better job performance.
Motivation Comes from Within – Before creating any sales incentive program, you must also understand that no matter how hard you work on setting goals and determining prizes for employees, there won’t be any changes made if the employees themselves aren’t ready, willing, and able to change. Thus, be ready to be confronted once in a while with a few bad apples here and there. And when you do, don’t blame yourself: it’s those people – and not your program – that’s at fault.
Separate Sales Incentives for Short-Term and Long-Term Goals – You must prepare separate and appropriate sales incentives for your short-term and long-term goals. Cash and similar monetary incentives work better for short-term goals because they work like confectionaries by providing employees with a temporary boost of physical and mental energy. Stimulants for intrinsic motivation, on the other hand, will definitely work better for long-term goals because it gives your employees a reason to continue working the way you want them to.
3 S’s for Sales Incentives – When creating a sales incentive program, always make sure that it adheres to the 3 S’s rule: short, sweet, and simple. Anything complicated can discourage your sales workforce from bothering to change. And if you offer something sour instead of sweet, who’d want to work for it?
Take Advantage of Your Affiliations – If you only rely on your own resources to provide for sales incentives for your workforce, your options may be greatly limited. Thus, consider taking advantage of your affiliations. Negotiate with them for mutually beneficial contracts. Exchange favors.
Evaluate, Evaluate, Evaluate – And lastly, don’t stop monitoring the results of your sales incentive program. If you notice something that seems to have lost effectiveness, determine its causes then modify, eliminate, or replace it with something better.
3 Key Tips on How to Make Sales Incentives Work for Your Business - To learn more about this author, visit Sheryl Strasser's Website.
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Tips on How to Make Sales Incentives Work for Your Business
Your company’s sales team is arguably the most exposed and hardworking group in your workforce, and that’s just one reason why they need to be given the RIGHT incentives REGULARLY. And so yes, not just any incentive will do. What works for one company may not work for yours so it’s important that you take the time to know your sales team well and determine as well just what you’re capable of giving them.
Factors to Consider When Determining What Sales Incentives to Give
AGE – People’s likes and dislikes as well as their goals tend to differ as they age, and thus, it’s important to give sales incentives that will suit your sales team’s age range. If, however, they’re composed of different generations, then you need to choose something that will be ubiquitously desirable.
GENDER – Gender-specific sales incentives are tricky because you could be sued for discrimination, but they’re arguably more effective as well since you’re giving your sales team – man or woman – what they really desire. One way of solving the discrimination problem is by giving them the option to choose.
BUDGET – Naturally, giving away sales incentives shouldn’t bankrupt you. Evaluate your finances then determine just how much you’re able to spend. Having a budget will also challenge your mind and imagination to think out of the box and be resourceful.
Tips on How to Create Effective Programs for Sales Incentives
Sales Incentives Have Two Faces – And they’re called cash and non-cash incentives. It’s important that you offer both. Like it or not, people are generally easier to motivate if you’re offering both money and recognition in exchange of showing better job performance.
Motivation Comes from Within – Before creating any sales incentive program, you must also understand that no matter how hard you work on setting goals and determining prizes for employees, there won’t be any changes made if the employees themselves aren’t ready, willing, and able to change. Thus, be ready to be confronted once in a while with a few bad apples here and there. And when you do, don’t blame yourself: it’s those people – and not your program – that’s at fault.
Separate Sales Incentives for Short-Term and Long-Term Goals – You must prepare separate and appropriate sales incentives for your short-term and long-term goals. Cash and similar monetary incentives work better for short-term goals because they work like confectionaries by providing employees with a temporary boost of physical and mental energy. Stimulants for intrinsic motivation, on the other hand, will definitely work better for long-term goals because it gives your employees a reason to continue working the way you want them to.
3 S’s for Sales Incentives – When creating a sales incentive program, always make sure that it adheres to the 3 S’s rule: short, sweet, and simple. Anything complicated can discourage your sales workforce from bothering to change. And if you offer something sour instead of sweet, who’d want to work for it?
Take Advantage of Your Affiliations – If you only rely on your own resources to provide for sales incentives for your workforce, your options may be greatly limited. Thus, consider taking advantage of your affiliations. Negotiate with them for mutually beneficial contracts. Exchange favors.
Evaluate, Evaluate, Evaluate – And lastly, don’t stop monitoring the results of your sales incentive program. If you notice something that seems to have lost effectiveness, determine its causes then modify, eliminate, or replace it with something better.
3 Key Tips on How to Make Sales Incentives Work for Your Business - To learn more about this author, visit Sheryl Strasser's Website.
Like this article? Share it with your friends
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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