Developing a Sales Incentive Program: Ideas for Compensation
A company that possesses top sales talent and doesn’t reward the people that comprise the talent in a meaningful way is living on borrowed time. If top sellers feel that they are underappreciated and/or unrewarded, there is a good chance they will seek employment elsewhere, and target companies that have an excellent rewards structure, as they conduct their search.
The good news is that your company can prevent this from happening by deploying a sales incentive program that entails an escalating series of rewards over the course of the year to help keep top talent motivated.
Weekly
Professional sports organizations hand out “player of the week” awards to honor the exceptional performance of an athlete within a given week. Implementing the same type of award for your sales team is a good idea for the same reason: It pays tribute to commendable performance that should be recognized because it differs sharply from the norm.In most cases, there isn’t money attched to the reward, but notice of top performance is still quite rewarding. Honoring top performers weekly creates an incentive for these employees to keep up the good work.
Monthly
Salespeople who perform the best within a single month usually don’t do so by a stroke of luck. They possess elite sales talent and know how to transmute it into generating quality leads and closing sales for nurtured leads. Because sustained, monthly success is inherently more valuable to the bottom line than weekly success, consider offering monthly top performers a moderate financial reward, such as generous gift certificate to a five-star restaurant in the area.
Annually
Annual sales success should be rewarded the most generously because it demonstrates the most benefit to the bottom line. We recommend that you offer top sales associates a travel trip that is unique in terms of travel, destination, lodgings, and activities. Such trips give employees something to look forward to all year.
Contact Incentive Travel Solutions
If your company needs to develop a sales incentive program for top performers on the sales team, we can help you plan the ultimate, annual reward for sustained excellence in sales: A travel trip to an exotic destination that features unique entertainments after you arrive at the destination, and lodgings that make the trip feel like one that could not be easily accomplished on a personal travel budget.
To get started on planning the ultimate reward for your sales incentive program, call Incentive Travel Solutions at (704) 540-1482, or refer to our contact page. We look forward to helping you plan a trip that your top sales performers will remember forever – a trip that will motivate them to work hard and qualify for the next trip to receive an unforgettable reward. The more you motivate your sales team, the better results you can expect from the sales process.
