As the United States economy continues on a torrid path toward a full recovery from the Great Recession, companies have had to dream up unique ways to ensure they keep up with the competition form operational, efficiency and financial standpoints.
As the United States economy continues on a torrid path toward a full recovery from the Great Recession, companies have had to dream up unique ways to ensure they keep up with the competition form operational, efficiency and financial standpoints. Many have turned to sales incentive programs to get these departments moving in the right direction, while those that have been a bit more creative than others have likely seen stronger returns on investment.
The common salesperson will often be the employee most motivated by incentives, especially considering the responsibilities and values in their profession. Businesses that work to build off the core functions of these staff members with sales incentive programs that are well-managed and expertly crafted will be better positioned to grab some of the increased demand from consumers and other companies in the revitalized markets of today.
Case in point
IT Business Edge recently reported that HP, one of the premier technology companies in the world, instituted a sales incentive program that has already worked wonders for the enterprise's bottom line. According to the news provider, the first step was to recognize some of the pain points that hindered engagement and motivation among salespeople, which took a bit of research and a lot of collaboration with ground-level employees.
This is an important stage in any type of employee enablement strategy, including recognition and rewards programs, as any pursuit that is not guided by hard research and evidence will not be nearly as likely to succeed as those that are well-thought out. The source explained that HP saw its sales drop by as much as 20 percent on the global scale, but instituted its FantasySalesTeam initiative to revitalize its profit margins.
Since, IT Business Edge affirmed that the company saw its sales increase by 94 percent in the Americas in the second month following the launch of the strategy.
Capturing similar benefits
There is no denying that a certain skill set is necessary to craft and manage an effective sales incentive and employee engagement strategy, and decision-makers need to know when to look outside of their own workplaces to acquire this knowledge.
Firms that leverage professional sales incentive program service providers might be quicker to the punch when it comes to deployment and optimization.
Ever wonder what SOC 2 Compliance has to do with sales incentive program success? Click here to download our white paper.