Wednesday, June 27, 2018

Employee Incentive Programs Increase Sales in the Following 3 Ways

Your organization’s salespeople almost always have to attach an exact value to gauge the results of the projects or actions that they do. Other departments may show finished tasks and accomplishments through completed projects to demonstrate how productive they were.
But sales teams can’t avoid measuring employee actions and events through specific costs and value.
Sales teams are stuck with the daunting task of assigning numbers for their performance and incentives are based on these numbers alone. The worst part is that these numbers don’t show how successful these sales teams actually are.
This is where the potential of sales teams gets overlooked and the maximum performance potential is not achieved. Here’s how you can get maximum results from your sales team using proper employee incentive programs.

1.    Get Sales Incentives Plans Developed By Your Sales Department

You should have your sales department manage your sales team’s employee incentive programs so that you motivate your salespeople correctly.
While other departments like legal, finance, human resources and operations want to provide their input on these, the distribution method or even the rewards offered, but it is likely to decrease your sales teams’ effectiveness in the future.
Though these departments have the best interests of your team in their minds, they may be undermining the value of creating a long-lasting relationship with retained customers and closing sales with them effectively.
The sales managers should have control over the whole incentive plan, although the finance department gives the final budget and HR department approves the way the prizes are distributed.
Sales managers know best as to when the prizes are to be distributed for maximum motivation, and when it will help others motivate and get moving with their respective sales goals.
This will allow them to formulate a better employee recognition strategy which works for the organization’s sales employees.

2.    Teams and Individuals

You need to find a way to change your incentive strategies from time to time. While you can place an individual’s performance in high regard but you may want to shift the focus to team performance to boost employee morale and get overall productivity to increase. When all employees are excited to work together, as a part of a team, that’s when you’re driving your sales team to perform.

3.    Relevant Goals and Targets

Sales goals are not the same across the board. It can be a convention to associate bonuses with revenue, but that undermines market growth, customer retention and acquiring the right customers. Consider the goals of your company first when you are coming up with employee incentive programs. The Power2Motivate your employees, lies with you.
You may need to promote a new product, for example, and your current sales revenue incentives may drive the attention and focus away from promoting the product you recently launched.
Since it’s a new product, your sales employees may not fully understand the product yet, much less have success with it. The product may even have a different sales cycle and a more time-consuming process. They won’t consider promoting the product unl

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