Whether your company calls it a sales incentive program, reward program, motivational experience, or circle of excellence, there is one common denominator: participants can expect a “get for the give.” As much as we would love for our internal and external sales teams to do things out of the kindness of their heart and the love of our organization, they desire something in return for their hard work. Commission checks are expected. Additional rewards are the cherry on top—and a way for you to stand out as an organization. These programs matter a lot for sales reps to feel valued and engaged. A sales incentive program is an essential investment for any organization and the people within. They showcase a desire to take the organization farther than it’s ever been before by shattering business objectives. And, all of these programs have one thing in common: rewards. Without a reward component, your program is likely to fall flat on its face.
Let’s Talk Rewards
Rewarding your team is crucial to motivating your people and encouraging them to buy into your objectives. Motivation helps us feel satisfied at work, drives us to complete a quality job, and powers us to do more. Nevertheless, not all employees are motivated. According to a Gallup poll, 68-percent of the U.S. workforce reports feeling disengaged at work. Other studies show 80-percent of salespeople don’t meet or exceed their sales quotas. Not only does this create a negative work culture, but this negatively impacts your bottom line.
Finding the optimal rewards mix is not easy, but it makes all the difference in executing a successful sales incentive program.
Many people, many motivations
Ultimately, your sales incentive program should inspire, motivate, and drive behavior change within your teams. Accomplishing this is a great feat because no two employees are the same, and each is motivated differently. Rather than think about your team as a single entity, it would be best to look at the many individuals that make up your team.
Look around you. You’re part of a multigenerational workforce that includes a mix of employees at different stages in their lives. Some are excited to start their careers and hopeful for what lies ahead. Others are facing the end of their careers and optimistic about their upcoming retirement. Additionally, some people are savers, while others are spenders. An incentive reward strategy built on choice allows people to earn and spend on their schedule. Creating a sales incentive program requires a delicate balance of art and science to offer the appropriate mix of rewards that speaks to everyone on your team.
Flexible rewards mix
Everyone loves cash for a sales incentive program, right? Wrong! A cash offer may seem enticing, but it isn’t always the best solution for motivating your team. Multiple studies show that your team may place a higher value on non-cash gifts instead. Cash is transactional. Rewards are lasting and memorable. That’s why it’s important to offer options to give your team the power of choice. It’s this breadth of incentives that will ensure you appeal to a variety of audiences and motivating factors of your team. Our rewards catalog provides just that:
Within the One10 PerformX platform, your participants will earn points throughout the life of your sales incentive program and then redeem for an item they can reward for instantaneously or the one they have been saving to get. The catalog includes a wide array of rewards at different values, across categories such as:
- Merchandise – people want trendy and functional items that are relevant to their lives today. Electronics, athletic equipment, appliances, and TVs are historically popular items among participants.
- Retail gift cards – people always enjoy gift cards from traditional brands like Amazon and Home Depot.
- Event Tickets – concerts or sporting events are always a win.
- Individual Travel – people don’t always get the opportunity to take that dream vacation, but they can make it happen through your program.
Though we are big proponents of choice in rewards, we accommodate and encourage a variety of rewards for your participants. Both prepaid cards and group incentive travel experiences are also great ways to augment your points-based program. The more you can give by way of non-cash offerings, the better. We realize that not every company has an unlimited budget, so we encourage starting with a points-based program.
That said, the best-in-class companies we work with, who stand out above the rest, have both a points-based reward program and an incentive travel experience. While participants may earn points for certain incremental behaviors, more significant initiatives such as “top salesperson” or “top dealer” would be eligible for a travel program.
A little more on additional reward options:
Prepaid cards: Both single load and reloadable prepaid cards are great options for motivating your team after participants achieve a specific benchmark. Prepaid cards can also be direct or on-the-spot incentives based on meeting certain behaviors.
Group Incentive Travel: This is a particularly motivating option for participants who want a unique experience and can include incentive travel, experiential travel, and partnership events.
Re-engage your participants
Redemption shows engagement. Participants who redeem an award instantly become more engaged in your sales incentive program than those who never redeem. That’s why re-engagement—through a robust communication strategy that reaches all audiences effectively—is necessary throughout your program to increase participation, enhance program enjoyment, and ultimately motivate your team.
In a successful sales incentive program, the reward isn’t an afterthought. Instead, it begins with a thoughtful discussion throughout the strategic planning process that encourages you to think differently about what will drive your team to act. Don’t just offer cash. Instead, find an experienced partner that looks beyond the gift to design and execute a sales incentive program that builds relationships with your employees or channel partners and improves your bottom line.
About One10 Rewards
We deliver merchandise to 93 countries and almost anywhere in the world with virtual rewards such as digital media (music, movies, books, and games), event tickets, gift cards, mobile top-up, and online travel. 24/7 customer support will make sure you are covered no matter where you are in the world.
One10 Rewards includes a single reward catalog that features:
- Highlighted sales and discounted items.
- Reward offerings updated daily across all countries and categories.
- Full order tracking and reporting.
- Delivery for 98% of all items is within 2-3 business days.
- Automated global currency conversions to ensure financial integrity.
- Integrated with PayPal & Apple Pay to enable members to securely top-up their points.