Every Business Executives nightmare is not seeing the investments staked into business yield returns, but worse still is reporting a loss at the end of a financial year. All monies allocated into businesses are with an expectation of profit-making. A chunk of change is especially put in Sales and Marketing because of the role these business units have in increasing productivity for companies. They are charged with the task of meeting production targets.
To achieve these targets, having the right sales team is key. The Sales Team is responsible for delivering the services or products of the company to the Consumer Market as well as the Distribution and Retail Channel. Their role is vital in the achievement of Sales targets. Innovative and creative ways are constantly being explored to keep the team happy & productive, and utilising Incentives has become one of the methods successful companies have undertaken in this regard.
How are these methods working for your Organisation? Is your organisation getting the best of your budget that is set out to boost productive efforts from your Salesforce? These are key points to consider when driving sales this new year.
What to do?
Have the right Incentive programme design
Most companies use a one size fits all approach when deploying Incentive plans for their sales team. When doing so, companies end up failing to address the problems that hinder reaching sales targets. A poorly designed Incentive plan is a waste of time and money for any organisation and makes for a cynical workforce. Diagnosis and prescription for an incentive solution is key to achieving success from a Sales team. For performance to be driven, it must have the right mix of incentives and rewards suited for its target audience.
Every Good Sales Incentive design element Includes:
Identifying Multiple Behaviours in Objectives: Sales objectives should have multiple behaviours measured within programme objectives, sales volumes should not be the only focus.
Rules Structure which centres on Quota: Top performing companies derive better results using performance quotas. IRF (Incentives Research Foundation) found that 80% of top performing organisations use Sales quotas (Individualised targets where participants earn rewards when they hit those targets).
Focus On Reach: Reaching the right people in the Sales team is key, not just the top performers.
Reflect Organisations Culture: The most successful Incentive programmes are a distinct reflection of a company’s culture. It must include values which identify the company, creating a unique customer experience.
Utilise Multiple Metrics: Leveraging analytics in programmes is key as it provides measures for the effectiveness of an incentive programme. The top three measures are usually in; Sales figures, New Customers acquired and Product unit sales.
Combining Reward Types: A combination of rewards, where anywhere from two to seven reward types are utilised, has proven effective for many organisations. This is used on a case-by-case basis to drive results directed at achieving set goals over a specific time. Examples are Gift cards, Award points, Merchandise and Travel trips.
At Uwin Iwin Incentives Pty, we guide our clients on the path to finding the right Incentive plan that will facilitate them in achieving overall company goals. Incentive Programme | Uwin Iwin Performance Incentives.
The 6 Steps Uwin Iwin Methodology
Idea Development: Here we research and strategise on a Programme Concept, explore the look & feel and have first communication with the client.
Collaboration session: The marketing, Sales & Incentive Programme teams, client and Uwiniwinners collaborate on the best-suited plan to achieve the set the goal/s.
Client Feedback: We further collaborate with clients & refine finalised programme elements.
Need Analysis: We identify programme objectives, the target audience & key message.
Concept Presentation: At this stage, the concept for a unique programme which includes, programme strategy and execution has been developed and a presentation is made to the client.
Winning Result: Initiation of timelines are agreed on alongside the budget finalisation & execution of the Plan.
Our interest lies in making Incentive plans for our clients in businesses. By unlocking the full potential of their workforce, sales force, and channel distribution staff using bespoke performance incentive programmes to motivate and reward employees for a job well done.
The first step towards achieving that sales goal is to reach out to us, you can contact us for a consultation and more details on our services by sending an e-mail to: firstname.lastname@example.org or checking any of our contacts on Contact Us | Uwin Iwin Performance Incentives. We look forward to winning with you.
“First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality. The beginning, as you will observe, is in your imagination”. – Napoleon Hill