Sales incentives are among the most useful tools when it comes to increasing productivity. Agents are more likely to actively sell goods or services when they can earn rewards for meeting their quotas, rather than stagnant compensation. However, Selling Power Magazine points out that managers must keep their teams engaged with incentive programs.
Employees are responsible for dozens of tasks every day, so incentives can easily slip their minds. From a sales performance management (SPM) perspective, it could be beneficial to have agents focused on their assigned duties, but the staffers should be reminded that they can earn rewards for their efforts. Supervisors should implement new tactics to ensure that their staffs remember the incentives.
Explain the terms and conditions
According to Selling Power Magazine, the rules of a rewards program should be clear to avoid confusing any employees. Agents do not want to spend time deciphering complicated terms and conditions – there are more pressing matters at hand. Managers should explain how operating within the rules will help representatives earn their incentives.
The simpler the guidelines are, the better. Clear instructions prevent confusion and allow staff members to strive toward their goals without assistance. Additionally, managers that create easy-to-understand rules will not have to waste time clarifying key points.
Consider new rewards
Financial compensation is the most common reward because it is the easiest to calculate and use in multiple plans. Employees love receiving inflated paychecks – it is gratifying to earn a larger amount of money than usual. Stagnant payments can quickly become old hat, which results in disinterest in the incentive program.
Managers should also consider distributing non-monetary prizes to their representatives. Plaques and trophies are nice, but gifts that have significant value provide better motivation. Prizes like short vacations are pleasant deviations from the standard cash rewards to keep people engaged with their work.
Make updates easy
Sometimes salespeople forget about incentives because they do not receive regular updates on their progress. When employees are operating without clear guidance or objectives, they will likely grow disinterested and stop working toward their goals.
Selling Power Magazine recommends creating leaderboards to show employees how they are faring in comparison to their associates. Managers can use SPM software to automate rankings and provide agents with real-time updates. The programs can be integrated with other sales tools to ensure accurate reporting. Applications can be connected to smartphones and tablets so that remote workers can participate in the incentive programs.