If you are a sales company or handling a sales department, then you need to retain the best sales member on the team. A sales incentive program is beneficial in many ways.
- Create loyalty – when employees feel appreciated, they turn loyal. A huge commission can encourage more work but does not address their emotional aspect related to hard work. An ideal incentive program creates a feeling of loyalty and even helps in employee retention.
- Promotes healthy competition – if you don’t appreciate an employee for their extra effort, it demotivates them, but they are always prepared for a healthy competition among their team members. Incentive programs motivate employees to compete. They work hard and it even creates better teamwork. In such cases, peer pressure is fine because it allows the low-performers to excel as they don’t desire their team to suffer.
- Recruitment edge – A competent sales rep is capable to choose companies. A prospective sales rep looking for a job will look at what the potential employee has to offer. Work hours, compensation, benefits, and the commute are normal, but if a sales incentive is offered they grab the job.
The employee needs to offer exclusive incentives to attract talent. Just like an employer looks for talent, the talent will expect sales incentives besides commissions. Sales incentives even offer the sales rep team a goal or they can get bored with a commission-only package.
- Goals trigger interest – A goal influences the salesperson to give their best. Healthy competition is vital in a workforce, which helps to build a successful business. An average employee is interested in earning a living, but the best are always looking for opportunities to develop their career. With set goals, the employee feels motivated to outdo those expectations.
Incentive program needs to cover every employee
You need to create a sales incentive program to make things challenging and motivated. The program you choose needs to be exciting to stir the sales staff influencing them in a positive direction. It has to be aimed at every employee. If the top-employee gains all the benefits then it will hardly inspire others. They will feel why to go beyond and above if the same employee gets rewarded all the time.
Power2Motivate offers business owners a valid system to design employee recognition & reward program. A business can enjoy benefits from peer-to-peer recognition in different ways. You can visit website https://www.power2motivate.co.uk to learn more.
An incentive program has to be exciting and fit your company’s budget. Below are some effective flavors of incentives a company can benefit from. It includes job-related incentives benefits like
- New mobile phone
- Upgraded laptop
- New iPad
Such items can excite the salesperson as well as have a potentially optimistic impact on his productivity. It is a 50-50 win situation. The salesperson gets rewarded with a gadget that enhances their productivity. The employer wins as the incentive motivated the sales rep to work hard and it will help to generate more sales in the future.
If you consider tangible benefits, then first consider the salesperson’s profile. Offering a Cadillac car with a two-year lease is not an exciting incentive to Gen Y-team. So, find out what is more important to them or their definition of a good incentive.