Aug 14, 2019
When it comes to sales incentives, it may be time to take another look at what really inspires better performance – and base your next contest on science, not speculation.
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...
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%.
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.
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.
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.
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.
Contact BI WORLDWIDE to begin developing a sales incentive program that fits your unique needs and motivates your sales team.