You already know that sales incentives are rewards designed to motivate the sales team to achieve specific goals or objectives. You also know that incentives can be applied individually or team wide. But did you know that your approach to sales incentives matters to the eventual results?
Sales incentives are more than just the incentives themselves. An organization’s motivation is another big part of the equation. What does the company want to achieve? Introducing sales incentives could be about:
- Increasing revenue.
- Spurring new company growth.
- Introducing a new product.
- Encouraging channel partners to choose your product over a competitor.
Being very intentional about your goals is the first step to creating a successful sales incentive rule structure. Making sure your management team is hyped about the program is another step. When you get both aligned your odds of success increase dramatically. Create a simple and achievable set of rules that benefits your bottom line and motivates your participants and you’re on the right track from the start.
Sales Incentives Can Be Personalized
A good way to frame an organization’s approach to sales incentives is to look at the incentives themselves. Of course, there are monetary incentives that organizations have been relying on for decades. These include things like cash bonuses, gift cards, and stock options. But monetary incentives are not the be all and end all. Often an extra check gets spent on groceries or gas and is forgotten at the end of the month.
Incentives can be highly personalized. They can go above and beyond monetary reward. Here are just a few examples:
- Individual travel packages
- Group travel with a significant other and company executives
- Personalized lifestyle upgrade packages
- Award points that can be redeemed for nearly anything
- Tickets to high-value events or once-in-a-lifetime experiences
Sales incentives can even be packaged as professional development opportunities. For instance, we have worked with organizations that rewarded their channel sales teams with customized training programs and career development courses.
Anything You Want It to Be
It’s time for organizations to get beyond static sales incentives that don’t push the boundaries. Your organization’s sales incentives do not have to be the same incentives as your predecessors were using 10-20 years ago. The incentives you choose for 2025 can be anything you want them to be.
So, how do you come up with sales incentives that actually work? You start with establishing your goals. Put yourself in the shoes of the people who mean the most to the success of your business. Think about what motivates them. Think about what you can offer them they can’t get on their own. Are competitors offering a sales incentive or loyalty program to your shared distribution channel? What do you know about it? How can you do something more appealing?
Working with an experienced team like Motivation Excellence makes all of these questions easier to figure out and answer. We’ve got 40 years’ experience creating successful programs for our clients and their target audience.
The ‘Whatever It Takes’ Approach
This all boils down to being willing to do whatever it takes to motivate your sales team. If your approach to sales incentives is to simply do what everyone else did before you have done, plan to achieve the same results. If you want different results, you will have to approach sales incentives differently.
Your approach to sales incentives really does matter. It dictates how your internal and external sales teams will respond. And in the end, their response determines whether sales goals are achieved. It is really no more complicated than that.
