An incentive plan can bring together the sales team to achieve a common goal while encouraging friendly competition and healthy competition. Incentives plans should encourage the desired behavior, or result. However, sometimes they fall short of this goal. Sometimes they don't work because they are too narrow, lack motivational elements, or simply not inspiring.
Here are some things to remember when creating the right incentive programs for your company:
A sales incentive program that supports everyone's success.
Do not reward only the top performers. Look for the parameters that will make your entire team a more productive sales force. An incentive plan that motivates both average and below-average performers will encourage them to go beyond their comfort zone. However, you can motivate your sales team with sales team incentives so as to get the best possible results for your organization.
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Strategically set up incentive timelines.
A sales incentive plan should be timed to align with the department's goals. Incentive plans can be timed to coincide with sales cycles, performance appraisals, and time-based goals in order to support corporate interests.
Transparency is key to the success of your plan.
Publicly tracking data, particularly metrics that sales reps control, will allow them to track their progress towards their goal at any time.
Recognize innovative ways to increase sales productivity.
Recognize sales reps who find a better way of completing a recurring or regular task such as filing expense claims. To show appreciation, reward them with recognition or both. This practice can be implemented across your organization to increase efficiency and appreciation.