Energize your sales force with a new Sales Incentive Plan

November 18, 2010

The well-known “dangling carrot” is at the center of human behaviour, motivation, psychology, and ultimately, business success.
An increase in employee retention rates, a boost in motivation related performances and sales; the prospective payback of sales incentive programs (SIP) are easy to get excited about. If you’re ready to energize and inspire your people to greater levels of achievement by having them associate success with meaningful sales awards, then you are likely ready to set up sales employee incentives programs at your company.
Employee incentives, whether informal, a pizza-lunch to motivate employees at the end of a project, or specific sales incentive plans have been around forever and have stood the test of time because they work!

Purpose of the Sales employee incentive plans

Sales incentive programs are mainly put in place to drive sales, reduce sales costs, develop new territory and increase profitability. Sales incentive programs are business tools. Their purpose is to motivate sales professionals to meet the goals that have been established for a specific period of time. SIPs often incorporate sales metrics, as opposed to commission plans, which only take into account the number and the value of the sold goods.

Sales incentive plans specifics
Since everyone is different, you cannot expect every one of your salespeople to be motivated by the same awards. It is a fact that in most businesses, twenty percent of the sales force is responsible for eighty percent of the total sales and profits. If your employee incentive plan is geared to the entire sales force, then chances are you are only awarding the top sales people that are already extremely motivated. An incentive program that is geared to motivating the next twenty percent will boost business in a cost effective manner.

Benefits of a good sales incentive program
- In order to motivate, sales award incentive programs must be simple and attainable.
- Public recognition, in a timely manner, is a critical component of the sales recognition plan. The desire for recognition, in and of itself, is a source of motivation. The appropriate and public recognition of your sales force instils excitement within the entire team.
- An increase in performance and recognition correlates with an enhanced commitment. Commitment is directly related to employee retention.
- Customer satisfaction is another potential benefit of a good sales incentive plan. Enthused and engaged employees work harder and do more to delight customers.

In the end, sales incentive programs enable your salespeople to feel good about themselves and their jobs. Sales incentive programs and employee recognition programs enhance success in tangible ways.
Williams specializes in the implementation and administration of custom employee recognition programs and awards. Sales Recognition Programs reward sales achievements. Contact Williams Recognition, we would be happy to create Custom Employee Recognition Programs tailored to your company’s needs.

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http://sbinfocanada.about.com/cs/marketing/a/incentiveprogps.htm

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