When your sales team’s performance dips, your revenue dips along with it. And if your sales team isn’t motivated, they won’t perform to the extent of their potential.
This is why your sales incentive program is so crucial. A well-run sales incentive program is not just about handing out rewards; it's about crafting a culture of excitement and healthy competition that elevates the entire team. Imagine your sales floor buzzing with energy, where every member is driven not just by quotas but by the thrill of achievement. This isn't just wishful thinking—it's the tangible benefit of a thoughtful incentive program.
So how do you transform this vision into reality? It starts with asking the right questions. We’ve compiled 14 key questions that you need to answer to create a successful and effective sales incentive program.
Not all sales teams are the same, yet many sales incentive programs have a one-size-fits-all approach. Some of your team may be motivated by cash rewards or higher commission. Some may like the opportunity to earn more tangible things like a trip to the Super Bowl or a set of Apple Airpods. The point is, knowing your team members’ interests and tastes can help you tailor contests, sweepstakes and promotions to have the most impactful effect.
While we are firm believers in their ability to create mind share, motivating a sales team can prove difficult if you put all your eggs in one basket.
The best practice for your program is to include a wide enough range, while not bogging your team down with too many options. This process of overloading is called the Paradox of Choice, and it kills our engagement levels.
Instead, we want to balance our options between cash, merchandise, travel, and experiences. Many times, these awards can be items that participants may not necessarily purchase of their own accord. This will motivate the sales team by giving them access to thousands of great benefits without having them freeze up when it’s time to spend their points.
So, your first step is identifying the core tenants of your program. Some questions to help you navigate this:
Setting up a sales incentive program can be approached in a DIY fashion, but using a specialized tool like 360insights offers distinct advantages. These platforms provide expert guidance and advanced features that enhance program effectiveness and ensure smooth integration with existing systems. They also offer ongoing support and analytics, allowing for continuous performance tracking and optimization. This makes them a more efficient and scalable option compared to the challenges of a DIY approach, which may lack the same level of expertise and resources.
If you go the platform route, it’s critical to pick the right provider. Consider these factors:
In conclusion, performance incentive programs are vital tools that can significantly enhance sales team motivation and performance. By utilizing the provided checklist, organizations can tailor their programs to align closely with their specific goals and team dynamics. Whether you opt for a DIY approach or seek professional guidance, these questions serve as a valuable roadmap to crafting an effective and comprehensive program. They ensure that you consider all aspects of motivation and engagement, from integration and strategy to support and analytics. Ultimately, a well-structured incentive program not only drives sales but also fosters a culture of achievement and enthusiasm within your team.