April 9, 2014

4 Essential Sales Incentive Program Best Practices

If you are looking for a powerful tool to increase your sales team’s motivation, productivity, and overall performance, then a sales incentive program has surely crossed your mind. A 2013 article from Incentive Magazine, highlighting a white paper written by Louise Anderson, president of the Incentive Marketing Association, and published by the Performance Improvement Council in collaboration with the IMA, discusses some of the reasons why sales incentive programs can boost these workplace characteristics. However, in order to see the success you are looking for, programs need to follow several best practices, including:

Track Performance and Participation

One of the best ways to determine if your sales incentive program is working, or if it needs improvements, is to track the performance and participation of your employees. With tracking, you have the ability to see what parts of your program are working, where improvements can be made, and if the program itself is a success. Track ROI for your program. Establish a baseline and determine your goals at the start of the program. Track results back to actual sales.

Don’t Make it too Complicated

Customized solutions specific to your company and multiple reward options can be essential to a successful sales incentive program. A high level of customization can often lead to a high level of complication that can impact usability and participation. It can also add administrative burden. But customization, which often includes personalization, has significant benefits. Be sure your provider has experience with both attributes and can design and execute a program that meets your needs, but is not overly complicated. If your program isn’t streamlined, digital, or easy to navigate, you could be missing out.

Stay Up-to-Date

In the today’s fast-paced world , everyone expects the newest and best of everything. This also applies to sales incentive programs. Offering the hottest trends in promotional products and rewards is essential to a successful program. If you do not have a provider who can offer these in-demand features, the task of discovering what your employees value and researching what’s trending or available in the industry can fall on you.  Once again, the right provider can ease administrative burden and ensure your sales incentive program hits the target.

Communicate and Promote it

Keep the sales incentive program top of mind for participants. Use multiple channels to communicate with consistent frequency. Send reminders via email; end a team meeting with a status or use your intranet to post updates. Additionally, communicating and offering public recognition for outstanding performance and front runners has a two-fold benefit. It will create friendly competition, and help motivate others while keeping the sales incentive program a priority.

For more best practices or to learn how a sales incentive program can benefit your company, contact our specialists today.

If you are interested in reading more about sales incentives, we recommend the following blogs, articles, and content:

5 Reasons Why Promotional Products Need to be in Your Marketing Mix

Getting the Most from Your Channel Incentives

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