Do not lightly undertake any Sales Incentive Programs. Talk to experts first. Once you start a cash or gift card program, it’s very hard to take it away – and nearly all companies who are giving cash awards – sooner or later – wish they hadn’t gone down that road.
Many companies find out the hard way, once they’ve begun a cash-based Sales Incentive Program and realize it was a mistake, and employees perceive the change as a negative, take-away move, even if they’re moving to a more exciting program with great award selections. It takes time… and we can help.
If you choose to go it alone, our advice is to work to slowly wean off a cash program over a period of 3 years. Structuring the change carefully makes it easier to swallow for your employees. Replace it with a meaningful merchandise and/or travel award programs, including group or individual travel options. One of the key points is, whatever you do, you need to communicate your appreciation.
Factors to Consider When Determining What Sales Incentives to Give
AGE – People’s likes and dislikes as well as their goals tend to differ as they age, and thus, it’s important to give sales incentives that will suit your sales team’s age range. If, however, they’re composed of different generations, then you need to choose something that will be ubiquitously desirable.
GENDER – Gender-specific sales incentives are tricky because you could be sued for discrimination, but they’re arguably more effective as well since you’re giving your sales team – man or woman – what they really desire. One way of solving the discrimination problem is by giving them the option to choose.
BUDGET – Naturally, giving away sales incentives shouldn’t bankrupt you. Evaluate your finances then determine just how much you’re able to spend. Having a budget will also challenge your mind and imagination to think out of the box and be resourceful.
Loyalty Rewards & Acquisition Program Strategies 