How Sales Incentives Can help Your Business
Your sales team are probably the cornerstone of your business. Without them and their hard work, your products would not sell and you would not have much of a business. Consequently, many companies choose to reward their sales staff in order to keep them motivated to keep sales figures high. There are various ways in which you can do this – commission, bonuses, incentive schemes to name a few – but first, you have to identify which rewards will work best for your team.
The best sales incentive ideas incorporate more than just a financial reward. While cash may be a primary motivator, employee motivation doesn’t revolve around this alone. Employees need to feel that their hard work is being valued and employee recognition is consequently about more than just cold hard cash. You need to regularly praise your staff and thank them for their hard work as well as giving them physical rewards.
For a reward scheme to work it has to be attainable and targeted. If employees have to put in too much in order to get anything out of it, they will soon become disheartened and give up trying. At the same time, you don’t want rewards to be too easy to achieve, otherwise, you’ll find that it is costing you too much! Set realistic targets that give employees something to work towards and which will provide an extra boost to your sales figures if achieved.
Individual recognition is usually more successful than offering a team reward. Sales staff tend to be quite competitive and you may even find that the competition nature alone is enough to increase sales! Receiving individual acknowledgement for hard work is a big booster for staff members’ morale, plus it ensures that there are no weak links in the team who are benefiting regardless of how little they put in.
To really get the most out of your incentive scheme, be prepared to be a bit flexible. For example, if you find that not everyone is meeting the minimum standards you expect in order to be rewarded, ensure that you withdraw the scheme. You might also want to increase the incentives on offer at more difficult times of the year. For example, targets may be much easier to achieve before Christmas, depending on the product you have on offer, but much harder in January. Recognise when your difficult periods are and offer more enticing incentives to your sales team.
Make sure that whatever you choose to offer as a reward, that it is appealing to those who are going to receive it. Online reward schemes such as ours allow employees to log in and choose from a selection of online and high street vouchers. This ensures that there is something to please everyone’s tastes within the sales force and that your team can choose a different reward every time. Our platform can be custom designed and branded to your company, even allowing you to track its success, making it an integral part of your business.