In the past few weeks, we’ve examined why potential clients should choose a group travel program and special promotions. This week, we wanted to look at the questions, “what are sales incentives” and why targeting your direct or indirect sales team with an incentive program could be the right choice for you.
There are many reasons why an organization might choose an incentive strategy that targets sales growth. Some of these include:
There are, of course, other reasons why an organization might want to stimulate sales growth directly, and for every organizational need, there’s going to be a unique sales incentive solution that can help address it.
That’s why it’s important to understand your sales data and sales personnel, to examine how they’ve performed in the past, and recognize where there might be opportunities to improve in the future.
This knowledge lays the groundwork for developing a blueprint to sales growth and will help you further down the line when you’re deciding which type of sales incentive is right for your organization.
Once you’ve recognized the performance gaps in your sales strategy, how do you decide on the right approach to fix them? Well, as complex as your organizational challenges might be, answering a few basic questions can get the ball rolling and help you select the appropriate sales incentive solution:
By coming up with concrete answers to these preliminary questions, you can get a better idea of which type of sales incentive will most effectively address your company’s challenges and lead to higher sales growth. This could mean incorporating some form of eLearning solution, enhancing with a special promotion, or adding on a grand prize group travel element.
Once you’ve decided how you want to stimulate sales growth, the next step is to actually implement the incentive solution. To do this, there are five basic steps to follow:
Finally, one of the best things about an incentive that targets sales growth is that it can be enhanced in any number of ways.
For example, say you want to inspire your best salespeople, and you know they’re ultra-competitive. One way to really bring out their competitive spirit is to introduce gamification elements like leaderboards that can showcase individual success.
Alternatively, a sales incentive can feature special promotions that generate targeted bursts of excitement within the greater concept of the incentive program.
So maybe you have specific quarterly goals you want your team to meet, in addition to the greater sales goals motiving your general incentive strategy. In this case, a turnkey special promotion can simply be added without any disruption to the existing program.
Ultimately, the real question regarding sales growth is “How?” not “Why?” Increasing sales is an obvious goal of any successful company. But finding effective ways to motivate your sales force—and grow sales in the process—is one of the key challenges to sustained business success.
Each industry presents its own unique challenges to sales growth, and every company in those industries is always seeking ways to “outgrow” their competitors. And while a sales incentive strategy may not be the solution to everything, when it comes to growing sales, it can become the solution for anything.