How to Fuel Explosive Revenue with Kick-ass Sales Incentives That Boost Growth
If you want to get a little more from your sales team, examining their incentives is a great place to start.
An effective sales incentive program is not just about money. It’s a powerful way to get your team engaged, increase their productivity and create more favorable outcomes.
A well-executed sales incentives that boost growth does more than just motivate your team. They also have a hugely positive impact on culture, engagement, and retention.
Last week, Kevin Yip of Blueboard had a discussion with Graham Miller from Qualtrics and two other people about diversity in the workplace.
They discussed how to make your own kick-ass sales incentive program (with bonus tips for keeping your employees motivated).
Here are some of the things we talked about sales incentives that boost growth. You can watch the full recording below.
Why Is It Critical to Invest in Sales Incentives that Boost Growth Now?
Incentives were a popular topic, and this was something that kept coming up throughout the roundtable discussion.
The panelists said that they felt an effective sales incentive program was important right now because of these three reasons.
Reps want to feel like the company cares about them as people. They also don’t want to work remotely because they are feeling disconnected from their teams.
People still need to feel invested in and acknowledged, but it’s not so easy for them when there are tools like slack and zoom that take care of celebrations.
If you want to create a strong sales culture, it’s important that your team has the right incentives and rewards. Celebrating success is also an easy way to show how much you value them.
In a remote environment, feeling heard and valued is something that everyone needs more of.
Attainment of Quota
Sales leaders are moving towards quota attainment because it’s what helps the company stay in business.
The problem with quota attainment is that the benefits are abstract and far off. It’s hard for reps to see how their quota will benefit them or the company as a whole.
This is why incentives can be such an important part of the hiring process.
When I first began hiring salespeople, it was critical for me to provide clear incentives so they were able to work towards something.
Sales reps are feeling more stressed than usual these days.
The external stresses from COVID-19 have put a lot of stress on our personal lives.
So, it’s not the time to skimp on recognizing your team for their success. Sales leaders don’t have enough time to find the perfect incentives.
Managers often give the most generic incentives, like cash or electronics. They don’t understand how to make their employees feel valued.
We want our employees to feel appreciated. That is why we go the extra mile with them, and it will help keep them around.
What Characterizes a “Kick-Ass” Sales Incentive Program that Boost Growth
COVID-19 is going to change incentive reward structures, but not in a way that we can predict yet.
Two major topics in sales incentives that boost growth discussion are:
- “How are you going to motivate your employees?”
- “How are you going to motivate your employees?” Nouns: Article, paraphrase
We polled our webinar attendees in order to answer the first question.
- 60% of companies are incentivizing quota attainment measures.
- One-third of respondents were focused on incentives that are time sensitive.
- They’re only eligible for a bonus if they successfully convert. Article: The most common way to incentivize customer acquisition is through incentives, such as discounts or cash rewards.
Behavior is important for sales leaders because it will help bring in money, even if the amount has changed.
But, this leaves me with the question: if I want to incentivize performance around quota goals, which carrot am I going to use?
Kevin said that any successful reward program needs to be marketable and memorable.
Sales incentives that boost growth should be marketable
If you want your incentives to be marketable, it needs to create excitement and enthusiasm from the group that they are intended for.
Rewards that empower personal choice and encourage organic buzz are a great way to create an incentive structure.
When we let people make their own choices, they will become more motivated and enthusiastic.
Maybe they’ve been wanting a Peloton bike, want to reconnect with family and would love the experience of building their own greenhouse in the backyard, or are craving some adventure so crave an RV trip.
Give your winners a few choices. Even if it’s just three, they will be much happier.
Companies need to give their employees more options when it comes to rewards, instead of just gift cards or cash. Some companies are giving them the option for an experience as a reward.
Incentives for Sales Should Be Memorable
I’ve found that the sales reps need to be able to keep track of their rewards and know exactly what they are getting. If it’s not something tangible, like a prize or cash bonus for achievement, then there is no point in giving them incentives.
Ask yourself, does the rep remember that they were given a reward?
At Blueboard, we only reward the top reps with experiences. We find that this creates a collision between organic buzz and memorable rewards.
Sharing your experiences is the most important thing you can do. You should invite loved ones to spend some quality time with them, or go alone and create awesome memories that will last for years.
People remember rewards better when they are able to share about them. And this is a vital part of any effective incentive program.
Give Your Reps a Good Experience with Sales Incentives That Boost Growth
So, what is the conclusion?
Sales incentives are shown to motivate your reps, and they also help you meet the quota.
Don’t give up.
Give your reps a choice of prizes, and reward them with an experience that will be memorable. If you do this, they’ll work hard for you.
Need Help Automating Your Sales Prospecting Process?
LeadFuze gives you all the data you need to find ideal leads, including full contact information.
Go through a variety of filters to zero in on the leads you want to reach. This is crazy specific, but you could find all the people that match the following:
- A company in the Financial Services or Banking industry
- Who have more than 10 employees
- That spend money on Adwords
- Who use Hubspot
- Who currently have job openings for marketing help
- With the role of HR Manager
- That has only been in this role for less than 1 year
Want to help contribute to future articles? Have data-backed and tactical advice to share? I’d love to hear from you!
We have over 60,000 monthly readers that would love to see it! Contact us and let's discuss your ideas!