Creating an effective sales incentive program requires strategic timing and good management support.
Creating an effective sales incentive program requires strategic timing and good management support. Here's how.
Timing is everything
Incentives are great, but they won't have much motivational power if they slip from employees' minds. According to Entrepreneur, sales incentive programs are more effective if they run on a shorter schedule. With annual programs, salespeople could lose sight of the reward or lose interest. Creating short-term goals and rewarding promptly can help teams consistently meet milestones.
Motivate and reward during meetings, too
To keep sales meetings engaging and inspiring, Business Insider recommended incorporating motivation and recognition into every meeting. This can include your incentive program or supplement it – simple verbal recognition goes a long way in validating workers for their efforts. The source also recommended diversifying types of rewards by having separate categories for team-based and customer-nominated rewards.
Incentives work best in a targeted context
According to Forbes magazine, sales incentives are most effective for specific targets or deadlines. For example, companies can use incentives to motivate employees to promote a specific product. Additionally, managers need to be aware of the types of rewards that motivate their employees. Discovering whether employees have an interest in hi-tech gadgets or travel can help supervisors get the most out of their reward program.