Proving rewards drive performance
Learn how BI WORLDWIDE Canada (BIW) helped a leading point-of-sale financing provider to drive lift in dollars financed by introducing tangible rewards instead of cash incentives.
Results
42% of participants chose the top goal, with 47% achieving it. Goal selectors saw a 49% sales lift, while non-selectors saw an 11% lift. The program achieved a $57.3MM sales lift with a 15:1 ROI.
Industry
Financial services
Problem space
Sales team motivation
Services
Incentives
Rewards
Technology
GoalQuest®
GoalQuest® is the world’s leading short-term sales incentive program that uses the impact of self-selected goals designed to drive productivity throughout the entire sales force.
Objective
Drive lift in dollars financed and better manage the cost of dealer incentives using tangible rewards.
Solution
BIW designed and operated a 90-day sales incentive for 200 channel partners using GoalQuest’s® sales incentive structure. The core components of this program included:
- Self-selected goals: Dealer participants set their own goals by selecting one of 3 goal levels. Awards for goal levels varied and were reflective of the goal.
- All-or-nothing achievement: The program mandated participants to select a target – one goal to focus on. This increased accountability and motivation, giving participants a sense of being in control of their own sales performance.
- Segmented audience: The audience was segmented into 6 groups based on individual run rates from the same period of the prior year – creating relevant personal goals that are both ambitious and attainable.
- Communications: Weekly progress emails were sent to participants to maintain awareness of their progress toward their goal.
Results
- Goal selection: 42% of participants selected the most aggressive goal, goal level 3, compared to GoalQuest’s® historical average of 41%*.
- Achievement: 47% of participants achieved goal level 3 – 5% above the enrollment estimate.
- Participants vs. control group: Participants who selected a goal delivered a sales lift of 49% over their baseline. Those who did not select a goal delivered a sales lift of 11% over their baseline.
- Incremental lift: 56% of the audience performed over their baseline.
- Return on investment: GoalQuest® delivered a sales lift of $57.3MM with a program ROI of 15:1.
*based on historical benchmark data from 1,200 completed GoalQuest® programs by 1,200,000+ participants as of January 2021
In the highly regulated financial industry, our world-renowned strategies are designed for to-the-letter compliance with extraordinary results for banks, insurance agencies, investment houses, financial advisors, analysts, investment managers, and brokers.
Download the full case study for more details.
See what GoalQuest® can do for you
Thought Leadership
Learn from the best. BIW thought leaders bring you a deeper look at the business of inspiration.
-
Article
How channel maturity shapes incentive and loyalty program design
An indirect channel or ecosystem of partners presents both opportunities and challenges for businesses looking to drive measurable results and go beyond a transactional relationship. The opportunities The opportunity for vendors with indirect channels of distribution today is to go beyond the transaction and identify and recognize the behaviours and points of influence that an […]
-
Article
How to measure channel partner relationships
When it comes to the relationship between a brand and its channel partners, the ultimate goal is often loyalty. Channel engagement programs are designed with this objective in mind. After all, when we achieve brand advocacy and loyalty, we see increased sales, enhanced customer experience, and many other benefits. But how do you measure success? Are all […]
-
Article
Tiered channel loyalty programs: Strategies and examples
In the world of channel partner incentives, the trend is to encourage specific behaviours and personalize rewards beyond just hitting performance targets for rebates. However, when it comes to building end-customer loyalty through a distribution channel, a well-designed tiering system remains one of the most effective and easy-to-understand structures. Let’s explore how we can leverage tiering to help […]