Written by: William Johnson
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The key to getting the most out of your sales team is using the right sales incentive tool at the right time. Here are 6 key sales incentive programs (and 3 bonus tools) that will drive engagement and deliver results the next time you pull them out of your toolbox.Scroll Down
Any craftsman will tell you that to do a job right, you need the right tools. Sure, Hollywood likes to glamorize using a paperclip, a mango, and a small woodland creature to disarm a bomb but in the real world, the right tools for the right problems are the best way to overcome a challenge.
Using the right sales incentive structure is also key to solving your business or sales performance issues. The following are some of the best ones to have in your incentive toolbox to help remedy any challenge.
Just like everyone needs a good hammer, a do this, get that structure is one of the most useful sales incentive tools for driving engagement and delivering results.
A simple structure where participants are rewarded each time they meet specific criteria. Sell X, earn Y.
If you’re looking for instant sales engagement and fast results that are easy on the budget, break the bank is a great incentive structure to utilize.
Participants earn a portion of a prize pool on a first-come, first-earned basis, based upon defined sales/activities. When the pool of rewards runs out, the promotion is over.
A highly promotable incentive structure for those on a limited budget.
By completing tasks, participants earn entries for a larger prize. In addition to being a type of standalone rules structure, sweepstakes can be used as an overlay or supplement to another structure.
If you need to teach a new behaviour and make it stick, adding some learning to your sales incentive program is a perfect way to do it.
Requiring reps to complete part of a sales training program can be used in a couple of ways: They either need to pass the training to participate in an upcoming incentive or if they complete the required training, they earn more in the incentive than if they didn’t.
A little is good but MORE is better! That’s the basic premise behind the accelerator structure.
A do this, get that structure where payouts increase as key milestone levels are met.
Leveraging gamification and the competitive nature of people help make this incentive tool a powerful one as well.
Missions are a core structure used in gamification to drive increased and focused activities. They are short-term building blocks supporting a long-term initiative and can be segmented or changed throughout a program to maximize sales engagement in a meaningful way.
Having a core set of rules structures in your sales incentive toolbox will help drive the results you are looking for. Here are a few extra add-ons that will amplify the power of your incentives:
Involves using one or more key rules structures for a limited time, thus maximizing near-term activity.
Helps ensure that a new program gets off to a great start or a program finishes strong as it nears its end.
In addition to being a type of standalone rules structure, top performers can be recognized and rewarded as part of an overlay, where they earn
bonus rewards for exemplary sales performance.
Motivates historically strong performers, while minimizing budget exposure because it relies on a fixed budget.
This highly promotable tactic involves doubling or tripling base program earnings if certain performance metrics are met. It can apply to individual or team performance, depending on the sales goals you’re focused on achieving.
It has a high promotion value and is a strong way to incorporate a team-based component into an otherwise individually focused initiative, thus encouraging reps to work together.
These are just some of the sales incentive tools you can use to drive engagement, change behaviour, and deliver results. And don’t forget, sometimes the best incentive programs combine two or more rules structures to challenge your team in a new way.