Know Here How Sales Incentives Help To Motivate Your Sales Team!

Introduction  

Since time immemorial, all companies have been using sales incentive plans to motivate and reward sales teams. A successful sales plan caters to the strengths and weaknesses of each sale professional, develops team collaboration, and complements the deal’s characteristics.  

Study results from Deloitte show that 44 percent of employees are likely to remain in their current roles if they receive incentives. In addition, 41 percent said additional incentives would motivate them. Keep reading to learn more about incentives for sales, inventive structure for sales, sales motivation, and monetary incentives. 

Why Is There a Need to Motivate and Incentivize Your Sales Team? 

The answer is simple: motivated teams perform better, and well-compensated and engaged reps are less likely to leave their current roles. According to a recent Gallup Poll, top sales teams who focus on engagement outperform other teams by 20%. 

Poor sales goals can often be derailment by unmotivated, disengaged sales teams. A workplace motivation program aims to motivate sales reps to work harder and brighter on the sales floor, increasing their performance. It enables organizations to complete tasks efficiently, correctly, and on time – all of which positively impact the organization’s bottom line. 

Nine Proven Ways of Incentivizing Your Sales Team  

You can try the below nine effective options in your company to motivate the sales team. 

1. Ensure That the People on Your Team Trust You 

A manager’s responsibility is to build trust by engaging with their team consistently and nurturing. It is best to be completely transparent to build trust, and starting right can be as simple as discussing faith. 

2. Manage Your Direct Reports According to Their Preferences 

To understand your direct reports’ work style better, you can ask them the following questions: 

• What is your preferred pace of interaction? How often can we meet? Several times a week, every other week, or once a week? 
• How can I give you feedback? 
• Are you more comfortable receiving praise and feedback in public or private? 
• What kind of feedback do you prefer? 

3. Identify the Professional and Personal Goals of Your Direct Reports 

Motivation is impossible without knowing what drives someone. Take the time to understand what each of your direct reports wants to accomplish personally and professionally. Doing this will give you insight into their personality and what motivates them. 

4. Ensure That They Cover the Basics 

Without self-care, a salesperson’s motivation always suffers. A healthy diet, regular exercise, and a consistent sleep schedule may influence your team’s results. 

The founder and CEO of EpiFinder, Robert Yao, is so passionate about this idea that he created a “Robert Yao Hierarchy of Needs.” Whenever someone on his team appears disinterested or unmotivated, he gives them the pyramid and asks, “What do you need more of?” 

When they point to “food,” he will buy them lunch. When they point to “sleep,” he tells them to sleep. When they mean to “exercise,” he will say, “Go for a walk.” 

5. Establish Daily, Weekly, and Monthly Goals 

The motivation of salespeople varies from person to person. Sales contests can motivate some people. Quota achievement or Qualitative improvements motivate some people. The impact they have on the organization encourages some people. Money motivates some people. Consider each type of goal and sales performance incentive fund (SPIF). Try for daily, weekly, and monthly goals in your company. 

6. Determine the Cause of the Problem 

Every sales manager must deal with two aspects of motivation: individual and group. Do not rush into anything to boost motivation unless you ask yourself, “How many people seem to be flagging?” You are likely dealing with outliers if the answer is “just one or two.” When it is three or more, the whole team is at risk.

7. Let People Choose Their Incentive Rewards

As a salesperson, you always know what your customers want so that you can choose prizes accordingly! In addition, this simplifies your job. 

You can use a three-step process to get people to design their own sales contests. 

• The first step is to ask them if they need motivation. Continue if they say yes. 
• Then ask them, “Okay, what is the objective you think it should be?” Having decided on a target, ask them to select a timeframe. 
• Finally, ask, “What reward would you like?” 

Despite its simplicity, this strategy is highly effective. 

8. Reward Your Employees Well 

Your salespeople may need some inspiration from time to time. Here are some of the suggestions: 

• Try to provide them with prospects 
• Treat them (and maybe a few friends) to lunch or dinner 
• Prepare a meal for them 
• Hire someone to clean their house (or clean their home for them) 
• Provide babysitting services 
• Car wash 
• Allow them to take the entire day off 

These rewards motivate the sales team, unlike traditional cash prizes.  

Use these ideas when you offer a team-wide SPIF: 

• In the middle of the day, take everyone to the movies 
• Play bowling 
• Take part in a sporting event 
• Have a pool party or BBQ 
• Participate in a local philanthropic organization or a soup kitchen (great for bonding) 
• Dodgeball or paintball 
• Take a go-kart ride 

9. Communicate A Lot! 

As previously discussed, trust is essential for building and motivating relationships with your team. Communication, both on an individual and team level, is crucial to establishing trust with your team. 

Using your energy and enthusiasm, you can start the day off right by conducting a stand-up meeting at the start of the day to get your salesperson’s blood flowing. Alternatively, you can meet with each team member one-on-one to get to know them and coach them toward their goals. 

A motivational email or encouraging word during the day helps, as well as mini check-ins during the day. Having external validation such as these can be a powerful motivator. 

Conclusion 

The key to motivation is to find what motivates your reps to do more. A $1,000 cash offer will only make someone become a top performer if inspired. You’ll recognize the representatives who are self-disciplined and have the inner talent to work hard for a reward if you pinpoint the thing that makes them tick. 

UNext Jigsaw, in collaboration with IIM Indore, offers the Executive Program in Strategic Sales Management to aid interested aspiring learners to get equipped with the nuances of digital sales and new-age sales techniques. By enrolling in this program and acquiring the latest skills, learners also get the opportunity to receive the prestigious IIM Indore certification and become a part of the illustrious IIM Indore alumni network.