What Is a Sales Incentive?
A sales incentive is money or some other type of reward offered to salespeople for selling a particular amount of goods or services.
Part of being an effective sales leader is understanding exactly what motivates your salespeople. Typically, salespeople go into the profession because they are motivated by money, and the ability to control their own income level.
But if you understand your team’s unique drivers, you can tailor your sales rewards to be even more effective than money alone.
Whether your team is in a slump and needs extra motivation, or you have an aggressive goal that needs to be hit, thinking outside the box with your sales incentives is a great way to boost motivation and performance.
The First Step: Get to Know Your Team
Before you can effectively motivate your team to perform, you as their sales leader should have a deep understanding of “what makes them tick.” Do your salespeople get fired up by competition? Are they motivated by giving back to the community? Is it recognition that really drives them to perform?
Every member of your sales team will be slightly different in their motivators, and knowing what appeals to them will help you individualize your sales incentives to some degree. It’s a great idea to offer options when you’re running a sales incentive program. That way, you can be sure that each sales employee is equally motivated.
Here are some creative sales incentives other than money to get you started.
This type of incentive can be really powerful because it comes with a prize and the memory that’s attached. Unlike cash or a gift card that is spent and forgotten, an experience will have more of a lasting effect on your reps. The key here is offering several options to your team so you can accommodate everyone’s tastes and preferences.
- Tickets to a local sporting event
- Tickets to the movies
- Tickets to an upcoming concert
- The chance to donate half of a work day to the local charity of their choice
- ½ day off to spend at a museum or art exhibit
Physical Prize Incentives
The key to offering a really effective tangible reward is understanding what will incentivize each individual salesperson. Think about the hobbies and pastimes of your team, and choose prizes that they might be coveting, but wouldn’t necessarily justify buying for themselves.
Remember to keep your offerings fresh; the same prizes (such as technology prizes) may start to lose appeal if they’re overused.
Bonus tip: having a reward that the winner will use in the office is a great way to motive the rest of your team even after the contest is over.
- The ever-popular technology prizes (iPads, smart watches, wireless speakers, etc)
- High-end coffee maker
- Noise cancelling headphones
- Standing desk
- Mini fridge
Personal/Professional Development Incentives
These types of long-term incentives are a great way to motivate those on your team who are driven to acquire knowledge and advance their careers. The obvious plus-side of providing professional development rewards is that they can improve the performance and output capacity of your team members in the long run.
- Language learning courses
- Advanced selling techniques seminars
- Tickets to Dreamforce
- Public speaking seminar
- Cooking classes
- One month of Crossfit or yoga studio membership
When it comes to motivating your sales team, money isn’t everything. Get creative with your sales incentives and the prizes will be more meaningful and engaging.
The best way to understand what motivates your team to perform is by getting to know them on a personal level. That includes their passions and interests, but also how they’re “wired” as a person.
TriMetrix® assessments allow you to see “what’s under the hood” of the people on your team, and those you’re looking to hire—to be sure they’re motivated by what the job rewards. By combining three assessments into one system, the results give you a clear picture of a person’s behavior style, communication preferences, and innate motivators.
With this information at hand, you’ll be able to match an individual to the right job role, coach them to perform to their fullest potential, and motivate them to succeed in the long-term with your organization.
Published on August 02, 2017