Programs with rewards are intended to inspire salespeople to perform well. So, how can you keep your top performers motivated after they have already surpassed their quota and earned a sizable figure in incentive payments? Even the top salesmen require a little additional help to keep up their high level of performance. Sales recognition programs are a way to start.
Adding an annual recognition program to the sales incentive plan is one of the greatest ways to give a boost to your employees. There is no doubt that annual competitions that provide winners with highly desired rewards, visual recognition, and public acclaim are successful. Yet, putting in place a successful recognition program requires many different steps.
In this article we have listed 3 main steps on what to take into account when creating successful sales recognition programs.
1. Be strict, but not impossible
The findings of the IPR study demonstrate that the majority of best-in-class businesses design their annual recognition programs so that roughly 5–15% of salespeople take home the prize.
This ensures that the top sales performers are consistently driven to produce higher outcomes. Because 20–30% of salespeople compete for the award for the majority of the year. The top 3-5 percent of the sales force are the only ones eligible for recognition programs, in contrast.
Before the year even starts, the majority of salespeople give up on participating in these prestigious sales recognition programs. Therefore a good reminder to keep in mind is to be strict, definitely do not accept just anybody. But london’t also be totally unreasonable.
2. Make the prize very significant
The next tip on successful sales recognition programs is to take care of a wanted prize. For example, send winners on a travel trip they would never pursue on their own. Many businesses currently practice this way.
The winners of recognition programs are given trips that may cost up to $20,000. In addition to a “flashy” award like a luxurious vacation, offering souvenirs gives salesmen an ongoing reminder of the reward and appreciation. This makes sure the benefits and value of the prize continue long after the little vacation trip.
If you’re wondering what types of recognition you can partake in, see our article about Employee Recognition Titles – Types And Ideas.
3. Offer public recognition
To encourage competitiveness among the sales associates, companies must regularly communicate a “leaderboard” of performance. At the ending of the year, they ought to make the prizes known to the public.
As a result the winners’ self-esteem is raised as a result of the public acknowledgement of their success. And the rest of the sales force looks up to them as role models.
However not everybody is a fan of public recognition which is why you should know the difference between private vs public recognition.
In conclusion
Sales executives need to make sure their top performers are motivated. They need to keep on delivering results as businesses are compelled to do more with less. If resources are limited, managers must get innovative and find ways to reinforce their arsenal of incentives with reasonably inexpensive yet powerful rewards like public recognition and mementos.
Excellent annual sales recognition programs can boost top salespeople’s engagement. As well as loyalty today and benefit the business once the economy starts to improve. So start today with small steps and your employees will thank you!
