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Sales organizations of all shapes and sizes run sales contests, incentives, or SPIFFs, also known as a Sales Performance Incentive Fund (sometimes written as SPIF or SPIV), on a regular basis. They may seem like a simple way to motivate your team to sell more of a new, underperforming, or lagging product, but designing one […]
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Although it’s fair to say that recognition and appreciation are generally considered interchangeable when talking about motivating employees, not only are they not, but the lack of understanding around the distinction between the two could be reducing the impact of your employee engagement program. The importance of employee recognition and employee appreciation Motivation People love […]
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As a result of rapid digitalization and changing demographics in the workforce, companies are increasingly finding it hard to adapt and struggling to introduce the level of learning needed to close the growing skills gap and embrace the new opportunities. Whether it’s rolling out new software or process across the business or familiarizing your employees, distributors or channel reps […]
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What is a behaviour and how does it happen? According to the Fogg Behaviour Model, a behaviour happens when motivation, ability and prompt come together at the same moment. Motivators and prompts are well-documented tools that BI WORLDWIDE Canada helps clients to deploy, but what about ability? Behaviour = Motivation + Ability + Prompt The Fogg […]
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Looking to build a high-performing sales team? For most sales organizations, this is a common goal. Strong salespeople close more deals and generate bigger profits. Motivated salespeople are always driven to do better and sell more. Happy salespeople are likely to stay loyal to you as an employer and continue to bring in great results. Yet, […]
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Whether your channel incentive objective is stretching the top 20% of performers or driving incremental performance of the middle ground, the engagement of your target audience is the first challenge that any channel incentive designer must overcome. A common assumption is that this is simply achieved by curating the right reward selection. After all, the […]
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As a tool in a vendor’s toolkit, channel incentive programs are pivotal tools in transforming channel relationships, influencing positive behaviour change and driving performance. The Incentive Research Foundation (IRF) found that non-cash channel incentive programs could increase total revenues by 32%, increase market share by 30%, and increase net operating income to 19% of revenue. Engaged, motivated channel […]
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According to research by Frederick Reichheld of Bain & Company, a 5% increase in customer retention can lead to an increase in profits of between 25 and 95%. If your objective is genuine customer loyalty, read on for our recommendations on why recognizing the crucial steps toward a sale is the key to enhancing your bottom line. The […]
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The key to a successful sales incentive lies in the planning. According to research, 90% of the top-performing organizations use sales incentives to motivate, recognize, and reward their salespeople. However, while organizations may mean well, the sheer existence of a sales incentive doesn’t automatically yield the desired results. For sales incentive plans to be effective, organizations need […]
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In the competitive world of sales, incentives play a crucial role in motivating teams and driving performance. However, one common pitfall is rewarding “business as usual” activities instead of delivering added value to your business, leading to complacency and stagnation. Sales incentives should be strategically designed to inspire exceptional performance, innovation, and value. Read on […]