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Engagement & Performance

Five tips to incentivise your sales team to exceed their goals!

Looking for the best strategy to get the most out of your sales team? We've compiled five top tips on how to motivate and engage your sales reps, to ensure the most successful results are achieved for your business.

1. Offer more than just cash

Comparing the effectiveness of both cash and non-cash incentives has been a debateable conversation for many years within the industry. Did you know employees are more likely to perform better if they work towards a tangible reward as opposed to cash? We favour non-cash incentives as research shows that although employees say they want cash incentives, they are actually more motivated by non-cash incentives, boosting sales performance up to 300% higher than a pure cash reward.

Let’s face it, being able to show off a shiny new watch to friends and family is more rewarding than receiving cash, which will most likely end up being spent on bills. When asked to recall what a cash bonus went towards, less than 20% of people put it towards something for themselves.

Studies on Behavioural Economics suggest that incentives need to be memorable; we know that when asked to recall what a cash reward or bonus was used for, a surprising 65% put it towards household bills or they can’t recall the benefit, compared to a combined 13% putting it towards a memorable experience. To improve the non-cash incentive options even further, an all-encompassing reward scheme that offers travel will definitely mean there is something for all your employees.

 

2. Provide individual goals

When you let your sales reps choose their own sales goal, we guarantee you’ll see a 98% success rate, with 42% aiming for the highest goal set. Our research shows that when people set their own goals they are more likely to achieve them. If everyone works towards the same goal, some end up falling behind and become disheartened in the process.

Don’t be afraid to tailor sales targets to specific people. Consider the different motivation levels of your highest performing sales reps to those that require more effort to meet their targets. Set goals that will make each sales rep work hard, but also adjust the reward to something that is aspirational for that individual.

Remember each sales rep will have different aspirations, so providing a system with the capabilities to personalise each goal could maximise your sales results. Make your team feel like they’re part of the sales process and give them visibility on how their efforts contribute to the overall success. Having clear visibility on individual or team goals allows a sales rep to see how close they are to the finish line, and pushes them to meet or exceed their goal.

 

3. Moving the mighty middle

We recognise that it doesn’t always work to only incentivise and reward your top performers, as they are already exceeding their targets. Focus more on the other 80% of your sales team and make hitting sales targets more appealing to the middle and low performers. If 80% of your team start out performing previous targets, you’ll get better results than only incentivising your best performers and a much more motivated and hardworking team!

By focusing on moving the middle performers, you’ll see a bigger result and better overall success rate. Segment your team by performance, and consider the types of goals you are setting for each person. Keep your efforts transparent by providing regular communications on their performance; if the sales team feel they are being kept involved in the process they are likely to perform better.

"Offering experiences as an incentive has been proven to provide the best results."

4. Maximise your busiest time

Don’t be afraid of adding a sales incentive programme to run alongside your busiest months; it’s when your team will be most motivated to exceed targets so adding an incentive can only improve results further. By utilising certain Gamification techniques such as badges and percentage scores, this will allow sales reps to visually see their progress against their set goals or sales targets in real time.

Also think about how to support the quieter times. Having a fully integrated performance improvement programme can mean adjusting the goals and incentives based on peaks and troughs in your natural sales cycle. Even though targets may decrease at certain times in the year, motivation levels can still be kept high by offering an engaging scheme.

 

5. Understand what motivates your team

What motivates your sales people? Understand what your sales team wants and offer rewards aligned to their personalities. Offering a wide range of rewards will ensure there is something aspirational for everyone to choose from and work hard towards. It’s hard to get 100 different people engaged and motivated over a new smartphone if that’s not something that’s going to appeal to them all for different reasons. Have a scheme that has multiple aspirational and practical goods for sales reps to choose from, that suit their needs and interests.

Offering experiences as an incentive has been proven to provide the best results. Travel options would appeal to a large majority of people, and would be the most memorable for that employee. 

Rewards need to be tailored to the audience. Offering dream rewards gives individuals a target to work towards. Our sales incentive programmes have the capability to use personal information to focus and tailor specific rewards and experiences to participants, moving away from blanket reward solutions.

If you are interested in how BI WORLDWIDE’s services can help you get the most out of your sales reps, get in touch!

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