Cash is King…Or Is It? An Independent Survey Sponsored by 360insights

  • February 12, 2018

There’s nothing like cold hard cash incentives. It’s fuel to the fire for sales teams. It’s real, it has value and all sorts of things can be done with it. Or is an incentive for sales people is it all that it’s cracked up to be?

There are reams of research, both business and academic, which claims that non-cash incentives such as trips, merchandise, event tickets and other exclusive privileges, can have a stronger appeal than cash.

The generally held view among academics, economists and business consultants is that non-cash rewards have a greater impact on performances due to the stronger emotional responses they elicit.

We decided to ask the sales peoples themselves what they thought. We commissioned an independent survey to canvass the opinions of various sales people.

Here’s what they said: an overwhelming 86 percent of respondents identified “cash loaded to a prepaid MasterCard” as their preferred type of incentive.

From the horse’s mouth

We’re not sure where this leaves previous research but these findings come straight from the horse’s mouth.

It’s a benefit that’s understandable. A pre-loaded card can be spent anywhere that a MasterCard is accepted. This means that the recipient is able to spend that money on something they want, often a luxury, which provides a very strong and positive brand association. It’s both cash in the hand and money in the bank. It can be used as money in the pocket or saved up for a rainy day.

Another interesting survey finding and one that chimes with this result is that 80 percent of sales people also said they work harder and feel more motivated when the right incentives and rewards are in place.

These are compelling discoveries for companies putting together reward and incentive programmes. Given that reward offerings can make or break incentive programme success, these results are also important.

They can help inform the development of tailored reward programmes that appeal to sales people, leading to strong motivation and greater endeavour in hitting and exceeding sales targets.

Discover more results from our survey to 100 British salespeople HERE.

Join the Discussion

Have something to add to this topic?

Wondering how you can sell in the COVID shortened sales cycle?

Learn tips on what you can do to secure your #sales with Taylor Macdonald, SVP of Channel Sales at @Sageintacct, in the new episode of #ChannelEdge.

Listen to the full episode here:

Do you know who is the most impactful person in the buyer's journey?

Unpack the #buyer’sjourney and its relation to #marketingenablement and #investments with @forrester's @MariaChien and our own @StevenKellam6 in a #interactivedialog.

Watch it here:

Join us on April 27th as our UK Marketing Director, @dgould1969, hosts a LinkedIn Live Event to discuss all things #PartnerEnablement.

You won't want to miss it. Sign up to join the discussion now:

#partnerengagement #partnerjourney

Do you know the impact a successful channel incentive program can have on your business? Learn about all the benefits of an incentive program in our newest blog.

Read all about it here:

#Salesincentives #ChannelIncentives #ChannelEngagement

Load More...

What do you believe is the channel’s biggest challenge today?

Upcoming Channel Events

Are we missing an event? Tell us about it.

Channel Partners
May 4-7, 2020
September 8-11, 2020
Channel Focus
Nov 17-19, 2020
360insights Relevance