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