If you’re in sales, it should help you to know that 20% of your sales people are the ones who rake in 80% of your sales. It happens too often that the reward and recognition incentives are spread to the whole of the sales force. This is probably in an attempt to be fair to all employees.
A program like this for reward and recognition is incredibly risky and needs to be changed. That’s because in the end, the purpose of the program is defeated because everyone is getting a reward.
The smart marketing strategy creators know that the 20% who bring in the sales are already motivated to bring in the volumes. So without altering their incentives, the strategists know that the real difference will be made when the next bunch of motivated people (the next 20%) is motivated in the right manner. That will make the real impact on bottom line revenues, without hurting costs too much.
There’s no telling when different companies will introduce their own incentive programs to partners. Marketing executives, no matter how good a judgement call they make, will not be able to accurately predict the time when the competing incentive programs will motivate their partners to pursue the products of competitors.
They can however take steps to make sure that they’re given priority. Preparation is key and experience of the marketing strategists can allow them to anticipate the moves of the competition. They can promote their incentives to partners with right frequency so that partners are more accepting and develop an interest in their products.
The value of the reward can diminish greatly if the time elapsed between doing the reward-worthy deed and getting the reward itself is great. Therefore, to have strategic employee reward and recognition program ideas that work, you need to have instant gratification when it comes to rewards. The faster your reward, the greater the incentive.
Many salespeople react to challenges and excitement more quickly than others and move to the next thing. In order to capitalise on this, the strategist providing the incentive needs to motivate them through quick gratification. They’ll be able to achieve their targets quicker and feel a greater motivation to work since the perceived reward is great.
As for recognition, the basic motivator remains the same. Getting recognised amongst their peers is still the bottom line for sales people. Who doesn’t love getting attention and appreciation for a job well done? It’s even more prominent in sales people. That doesn’t mean that they’re monolithic or shallow but want themselves to be known like other performers. So there shouldn’t be an opportunity for recognising a sales person’s efforts. As an additional plus, this recognition comes free at time so costly expenditures for the company are spared.
Keeping sales people motivated takes a great sales incentive program that is simple, focused and concise. It should also reward immediately while recognising their efforts. This will help the sales people perform better and bring in the revenues that the company desires.