The modern sales rep is very different to traditional sales professionals. Here's how you cater for this in your Sales Incentive Program.
Sales is a profession that's constantly changing, and so too are the employees who work in it. A sales rep in 2019 is very different to a sales rep 20 or even just 10 years ago, and it's important that any Sales Incentive Program you might have in place reflects this.
So what characteristics make up the modern day sales rep, and how can you cater your incentive program accordingly?
1) Monetary bonuses are no longer enough... but an experience is
One of the most significant changes from more traditional sales professionals is what form bonuses take. In the past, a purely monetary bonus used to be enough for sales reps, however this is no longer the case. In fact, 65 per cent of people in a small-reward scenario and over 80 per cent in a large-award scenario choose a non-cash reward, according to a study by the Incentive Marketing Association.
One thing that really stands out to sales reps is experiences.
Anyone creating a Sales Incentive Program needs to take this into account, and make sure they're offering a range of different non-cash rewards.
One thing that really stands out to sales reps is experiences. A Disco survey found that experiential rewards increase employee appreciation and engagement rates. Think about it - money going into an employee's bank account is going to get spent on groceries, and when that employee buys them they're not going to immediately connect it with your Sales Incentive Program. But offer them an experience like a holiday or tickets to their favourite artist and this will stick in their memory for much longer. They'll also link it directly to your rewards program.
Power2Motivate's global rewards gallery can help with this - we offer thousands of different prizes to choose from, including event tickets, travel, electronics and household appliances.
2) Teamwork matters
In modern selling there is much less emphasis on the individual. Instead, sales are a team effort. This is partly because customers now want to know as much as possible about the products and services they're about to buy, especially if it's a B2B sale where the cycle is much longer. The potential buyer may want to speak to several sales reps, and you may also require the help of experts who can give professional advice on industry trends and buyer challenges.
To reflect this you need to ensure you're rewarding the whole sales team, not just the person who finally closes the deal.
3) Social recognition needs to go alongside reward
Sales representatives have always been competitive and ones that do well want to get recognised. The difference now is that you can recognise them in a lot of different ways. Sales reps who've been going above and beyond now want you to acknowledge this not just with a reward but on social media as well. So it's a good idea to include a shout out section in your regular program updates that highlights the great work sales reps have been doing.
This shouldn't just be about hitting high sales targets either - in the spirit of teamwork, recognising people for helping others out with a sale or taking more training than is required is a great way to ensure as many people as possible are being rewarded for their efforts.
Sales Incentive Programs with Power2Motivate
As you can see, the way sales employees work and what they want from a rewards program has changed significantly over time. At Power2Motivate, we understand this, which is why our Sales Incentive Programs are uniquely tailored to the changing needs of the people who'll be using them.
Contact us today for more information or request a demo.