If your business has a sales team and has either recently implemented a sales incentive program or is considering one in the near future, then this is for you!
A Sales Incentive Program (as opposed to Sales Compensation) has many benefits, but we want to highlight the most valuable ones that are universally beneficial for any company.
Let’s take a look at what type of results your company can expect from the execution of an E2 managed Sales Incentive Program.
When you invest in a sales incentive program, the return is a guaranteed ROI. The guarateed ROI is possible because the incentives of our Sales Incentive Programs are rewarded whenever someone hits a goal, whether a monthly or quarterly goal (or even a milestone). Overall, when employees are more motivated to earn rewards, they’ll be more engaged in the company. When employees are engaged, they’re willing to go the extra mile and are passionate about their work.
Salespeople on your team may begin performing better than ever expected when they are incentivized to do so. In turn, a greater sense of personal satisfaction is created. When employees are happy with the work they do and the results being seen, productivity and innovation will rise.
Happy employees want to stick around a company where they are recognized for a job well done. Forbes informs us that companies with “recognition-rich” cultures experience 31% lower voluntary turnover numbers. With a sales incentive program, higher retention rates are sure to be one of the best outcomes.
When the sales team is performing well, the company’s income increases. Incentivizing aspects along the sales journey allows for “the sky is the limit,” yet reachable goals. Whether it's selling as a team, liquidating previous models of a product, or selling high margin product additions (like warranties). When employees are aware that they are the increasing the company’s revenue as well as getting rewarded for it, they will continue to do so.
Reflecting on the above ideas, when a sales team takes pride in its work, their morale is boosted. Cohesive work paired with a great company culture and working environment are prime ingredients to fostering company loyalty. Why do you want your employees to be loyal to your company? Retaining top employees cuts the cost of training and retraining new employees when the old ones get tired of not being incentivized for excellent work.
Is your company in need of making these changes? Give your sales team access to instant rewards through our online platform, where they have the ability to shop online, and spark change. Employees are motivated to reach goals and be rewarded, your bottom line is positively affected while your sales team experiences personal growth.