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5 sales contest mistakes to avoid

Aug 27, 2019

When it comes to sales incentives, it may be time to take another look at what reallyinspires better performance – and base your next contest on science, not speculation.

5 Sales Contest Mistakes to Avoid

 

Ever wonder why most sales contests with high expectations seem to fall short? It might be the fact that they’re based on faulty assumptions. Here are 5 sales contest mistakes you might be making right now...

 

Sales Contest Idea One - 200.png

Sales Contest Mistake #1: 
“My cash comp plan motivates my sales reps to perform at their highest level.”

Actually, when it comes to sales contests, cash isn’t king. The truth is, rewards like merchandise and travel can boost sales over cash rewards by up to 300%.

 

Sales Contest Idea Two.pngSales Contest Idea #2: 
“I get the best performance when all of my sales reps work toward the same contest goal.”

One-size-fits-all programs are a bit of a buzz kill. When you give sales reps the option to choose their own reward, 98% will do it, and nearly half will aim for the highest one. Choice equals empowerment, and empowerment fuels better results.

 

Sales Contest Idea Three.pngSales Contest Idea #3: 
“Most of my lift comes from the top 20% of my sales force.”

We all love top performers, but we often over-estimate their actual impact. The truth is, most sales contest lift comes from the lower 80% of your reps. Top performers are great, but if want to unlock your biggest sales potential, target your middle and low performers.

 

Sales Contest Idea Four.pngSales Contest Idea #4: 
“The best time to run sales contests is during slow periods.”

This might sound like common sense, but actually, the opposite is true. Overall sales lift runs 5 to 10 percent higher during busy periods than slow ones. Why? Because when it’s busy, salespeople have more opportunities than when it’s slow. Introduce an EXTRA incentive to close those opportunities, then they feel greater excitement and sell even more.

 

Sales Contest Idea Five.pngAnd finally, 
Sales Contest Idea #5: 
“I know what motivates my sales team to reach their goals.”

If that were true, then most sales contests would be highly successful. But they’re not. The reality is, 75% fail to reach their goals. Maybe, it’s time to take a fresh look at what really inspires better performance—and base your next contest on science, not speculation.

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