Rev up to drive sales
A medical technology company faced many challenges ranging from lagging sales revenue and frustrated sales reps due to supply chain shortages. Using our proprietary GoalQuest® rules structure, the company incentivized their sales reps to increase performance prior to a new product launch.
Impact
The data revealed a positive impact on commitment, achievement, and results.
Industry
Life sciences
Problem space
Sales team motivation
Technology
GoalQuest®
Rev up to drive sales
A medical technology company faced many challenges stemming from product supply chain shortages. They were launching an important product in the coming year, so they asked us to help find a way to get the sales reps to pay attention to this new release and make it top of mind.
They wanted to challenge their independent sales reps to increase their performance above historical baselines across all rep categories with specific attention on moving the middle performers.
Turn on the jets
We designed and implemented a three-month incentive structure using our proprietary GoalQuest® rules structure. The audience was segmented into five groups based on prior sales performance, creating relevant personal goals that were both ambitious and attainable. Each sales rep was then provided with three different levels of growth goals to choose from. If the rep achieved the goal they selected, they earned. If they did not, they were not rewarded.
Each goal level provided more incremental lift as well as a higher level of rewards. Participants needed to weigh their risk versus reward and how high they wanted to try to push their achievement and overall growth.
Mission accomplished
- 76% of reps selected goals above the baseline
- 44% of reps committed to the top growth goal
- 72% of reps achieve their goal
- 22% incremental lift in revenue (7.2:1 ROI)
Thought Leadership
Learn from the best. BIW thought leaders bring you a deeper look at the business of inspiration.
-
Article
The problem with money
The research is clear. If you inspire people, they are more likely to rise to the challenge. Cash compensates. Inspiration motivates. If you want people to stretch, don’t just ask what they want. Design a reward they can anticipate, experience, remember, and retell.
-
Article
Winning channel partner mindshare
Channel programs often assume the surest way to get more attention from partners is to put more money at the end of the sale. That logic made sense when vendors were competing primarily on payout. It’s much less useful now that partners are juggling nearly nine vendor programs on average, each asking for training, pipeline development, customer conversations, and other demands.
-
Webinar
IBM beyond appreciation
Join Fernanda Portella Prieto, Director of Corporate Compensation and Recognition at IBM, and Amy Stern, Vice President of Employee Performance Group at BI WORLDWIDE, on November 4 at 12:00pm ET / 11:00am CT / 9:00am PT as they explore how IBM is evolving its global recognition strategy.
