Don’t Forget About The Little Guys
Let’s do a quick review of the things that are most important to keeping a business afloat:
- Selling your product or service
- Making the most money possible
That’s pretty simple right? So from a sales perspective, you’d think that focusing on big customers would be the easiest way to keep your business in the green, right? Most of the time, that is true. You’ve surely heard of the 80/20 rule – where 20% of your customers do 80% of your business? A lot of sales people tend to forget about that other 80% of your customers that do the other 20% of your business. I don’t know about your business specifically, but most businesses don’t operate on the largest profit margins around. Maybe somewhere around, I don’t know, 20%? That means that 80% of your customers are what keep you in the green every year. You could technically say that the larger paying 20% are there just to keep the lights on. Suddenly, that other 80% seems awfully important.
This fact is something you can’t stress enough when dealing with your sales people. They have to know that those smaller businesses and smaller sales have to be chased after and taken care of if they want the business to keep its doors open every year. It’s the same no matter where you go – every sale matters.
Most sales people naturally chase big sales so they can get the largest payout. But obviously they’ve got to chase that other 80% of businesses or nobody’s taking home any profit at the end of the year. To motivate them toward chasing the smaller sales, put an incentive program in place that rewards and recognizes them for accomplishing these smaller, yet just as important sales. They’ll go for it every time because sales people love recognition, and everybody in the world loves being rewarded more than traditional compensation for doing their job. Less does not equal more here; more does. Here at Loyaltyworks we provide reward and recognition incentive programs that inspire sales, loyalty and motivate your target audience to achieve your objectives. Our online reward catalog provides access to millions of different reward items, including merchandise, gift cards and debit cards, travel options, event tickets and more.
Call us at 1-800-844-5000 to find out more about how our online reward and recognition programs can help you motivate your sales people motivate both the 80 and the 20 per centers. Google+
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