There is something simply wonderful about meeting a goal. That feeling is a reward unto itself. But when you make a sales goal, it’s nice to have other rewards as well. Most of our employees heavily value acknowledgment and recognition of their hard work. Rewards and recognition are an important part of employee motivation for most of your teammates. There are many ways to provide sales rewards that motivate and are more memorable than simply money in the bank. Today Xoxoday is going to talk about sales rewards that will truly motivate your sales team toward more success.
The Power of Sales Rewards
Sales rewards are just a way to say thank you for a job well done. This is a method of positive employee recognition that leads to increased self-worth and company loyalty. And, let’s face it, positive incentives almost guarantee a boost in productivity which in turn leads to more sales goals met and more sales rewards received.
Sadly, in this day and age, employee recognition is scarce. We don’t say thank you nearly enough — except maybe in automatic email signatures! Companies also don’t put a lot into their rewards and recognition systems, as they assume everyone is motivated by the same things. Particularly sales reps can see how much they contribute to the success of an organization and want to be acknowledged for it.
Sales Rewards Need to Go Past Money
Financial incentives often limit employees. They either hit their sales goal and just stop or they feel demotivated by never hitting their goal and give up. If you want to improve performance, consider alternative sales rewards like gift vouchers that can be exchanged for an experience — whether it’s a pottery class, a canoeing trip, or a cultural cooking course, that’s way more memorable than adding to their savings.
You can also gamify your sales by leveraging employee rewards and recognition solution to create a burst of competition through a transparent points system. Save money on old-school trophies and certificates and notify them happily where they want to see it, right in their inbox!
And don’t forget that you can kill two birds with one stone and nurture employee loyalty and improve employee skills by offering special training as sales rewards. It motivates them, while also helping sales reps gain skills to help them sell even more, which in turn both helps the company and helps those sales reps earn more rewards!
Transparency and Expectations Are Key
One of the most important things to remember is that you are clear and transparent. You need to set company guidelines and be clear about the scope of goals and the sales rewards related to them. This doesn’t mean a cookie-cutter approach, but similar sales objectives should have similar sales reward sizes.
Rewards and recognition shouldn’t be a private matter (although it is at many companies.) A reward is immediately diminished if you can’t happily tell your friends and colleagues. It’s much more important to make them public and part of a celebration of success and to be specific about why that colleague is being rewarded.
Finally, if you are just giving a reward at the same time every year, it will simply come to be expected, making it more like a salary than something extra and positive. This means it no longer motivates because it’s assumed to be coming and strongly motivates if it doesn’t.
Don’t be afraid to throw an element of surprise in the mix. Some companies have sales rep weeks that offer training and fun. This is a moment to not only offer sales rewards for long-term goals but for short-term achievements, like mentoring a rep in training or teaching the whole team a new trick. Spontaneous rewards always garner more enthusiasm.
And remember, don’t be too giving or it’ll become expected as well. Keep sales rewards small and frequent for smaller accomplishments — like dinner or the cinema out for two for someone who has completed a year with the company — and then save the few, larger ones for bigger accomplishments — like a trip for sales rep of the year.
Just never assume what people will want to do. Offer parallel rewards for parallel accomplishments, but use a rewards management tool like Xoxoday to manage the offering of a choice of where to go, what to do, or what to eat.