Incentives are Central to Sale Success | 360insights
Brands that offer incentive programmes to their sales force are more likely to have driven and dedicated sales teams and achieve sales success.
An independent survey we commissioned recently revealed that 85 percent of respondents said that they feel more motivated when there is a rewards programme in place. Furthermore, 75 percent said they feel a stronger association to the brand when incentives are offered. These are striking findings.
According to the Harvard Business Review the annual turnover among salespeople can run as high as 27 percent, twice the rate of the overall labour force.
Sink or swim?
Sales culture is different compared to pretty much every other business function in that a company expects most sales people to fail or succeed almost totally on their own.
This attitude has also informed an understanding in which many companies hire sales people on a ‘sink-or-swim’ basis, taking the view that between 25 and 50 percent of a sales team won’t achieve sales success.
But our survey findings strongly suggest that if a company puts the right rewards and incentives the sales team will perform better.
For instance, 80 percent of respondents also said they work harder when the right incentives are in place. As the survey shows, this also leads to greater motivation and brand loyalty.
It’s not too great a step to realise that in turn a compelling rewards and incentives programme leads to increased long term sales and reduced churn among the sales force.
Dig deeper in our latest eBook and find out what British sales people think about incentives: The Three Ways Incentives Fire Up Sales Teams