As effective as an incentive for sales teams can be, there is never a true stopping point for improvements. You might find that some employees respond differently to the same incentives. You may also discover that certain rewards just don’t seem to create the same levels of interest from one salesperson to the next. Just as no two people are ever exactly alike, the same incentives typically won’t work for every employee on your team.
You should implement different combinations of rewards and motivators. Even if this seems like a lot of extra work, the result could make it well worth the effort. Productivity can reach new levels if you discover and utilize whatever it is that drives your employees.
Of course, it is also important that your team knows they bring value to the table, and that you understand what they’re doing for you. The regions in which they operate can impact their performance, with some presenting much more difficulty than others. This creates unique parameters for success. As such, their regions should reflect the incentives they can receive.
Different Sellers Respond to Different Incentives, Which Can Include Recognition
Money is always a very powerful motivator. In most cases, you can’t go wrong with monetary incentives that reward the salespeople who close more deals. However, not all incentives should be financial. For example, some employees place more importance on career advancement. These salespeople will value incentives that can help prepare them for the promotion they want.
For others, an important incentive is recognition. This can be valuable to them whether it comes from an upper-level manager or from one of their peers. In fact, many workers place more value on the recognition that comes from the other employees that work directly with them. As opposed to the praise coming from higher up, peers will usually be more knowledgeable about day to day tasks. Predictably, this lends more weight to the recognition coming from them.
Understanding the attributes and goals of your sales team will allow you to come up with a comprehensive incentive for sales team program that brings out their absolute best. Differences in productivity, personality and motivations are all considerations. As stated before, recognition is also important, which is why it is crucial that the incentives take the sellers’ regions into account.
To Effectively Motivate with Incentives, You Need to Understand Your Team’s Challenges
Rewarding employees who bring in the most money is a common practice. Unfortunately, this often leaves the majority of a sales team on the outside looking in. Top performers are already motivated — that’s how they got where they are! Nonetheless, this kind of system leaves them as the only people getting rewards. By incentivizing the others using factors besides just volume of sales, you can raise morale across the board.
Past performance is only one aspect of your sellers’ situations that you should assess. When putting together an incentives plan, you should also take the situations of your salespeople into account. Different regions come with different challenges, and some areas can be much more difficult than others. Offering the same incentives for everyone, with the same milestones and requirements, wouldn’t be a very fair practice. Just as different salespeople respond to different goals, unique measurements of success are also needed. The incentive for sales teams, as well as the path to gaining them, should vary based on the region a salesperson operates within.
This might seem like a great deal of extra work, but your team needs to know you’re aware of the challenges they face. When they’re getting things done for you, it helps when they know you’re not oblivious to the work they put in. Most people don’t enjoy feeling like nameless, anonymous cogs in the machine. The same way recognition can be a powerful driving force for improved production, recognizing the unique challenges faced in certain regions will go a long way towards keeping your team motivated — and loyal.
Implementing an effective incentive for sales teams plan comes with a number of challenges. However, creating one that takes specific situations into consideration is even more difficult. At the same time, the benefits you stand to gain make this venture well worth the effort required. You could see positive changes, not only in productivity and sales, but also in workplace morale and loyalty.
To learn more about how you can utilize a different incentive for sales teams based on their regions, or for information that can help you get started, visit Loyaltyworks online or give us a call at (800) 844-5000 today! We’ll assist you with developing a plan that is both flexible and effective.