Sales incentive contests are a great way for managers to motivate every individual in their sales team by giving employees the incentive to increase sales and reach predetermined goals. If implemented correctly, a successful sales contest will improve individual performance and productivity, positively impact the morale of your entire sales team, increased sales revenue and allow you to achieve organizational goals in a short period of time. Below is a list of guidelines that should be followed when implementing a sales incentive contest.
“Win-Win” NOT “Win-Loose”
When contests are designed to reward based on each person exceeding their individual goals, EVERYONE has a chance to Win! This method will have positive effects on your sales team by providing motivation amongst the individuals to improve sales results, impacting morale and employee engagement and increase profitability. Win-Win sales contests will produce lasting benefits resulting in more engaged and effective employees who stay longer with your company.
Sales Contest Objectives:
When designing a successful sales incentive contest, creating a list of objectives and goals that should be accomplished is the first step. Are you looking to increase sales revenue or profitability over a defined period of time, whether it is quarterly goals or exceeding numbers reached by a previous fiscal year? Maybe you looking to encourage the individuals to generate more leads or move a specific product line. Whatever the objectives may be, building a solid list is the first step in running a successful sales contest.
The Winning Criteria:
Criteria for a sales contest will vary from company to company but there are still three basic criteria that need to be defined. 1) Coming up with a list to of prize criteria will help you determine which targets and thresholds should be met or exceeded for one to earn a reward. An example of prize criteria is the ability to increase new business by a certain percent or win back previously lost accounts. 2) Determining who is eligible for the sales contest is crucial in gaining acceptance. Decide if this contest is just for sales people or supervisor and support staff as well. Whatever the eligibility rules may be, just make sure they are well defined and fair for all. 3) The length of the contest is very important if you expect to achieve your pre-defined objectives and expectations. Do not cut yourself short where meeting those objectives is impossible. On the other hand do not create a lengthy contest that will require more resources to manage and decreased motivation and interest as time goes on.
Picking a Prize:
Some companies will choose to give cash prizes as sales contest rewards. Giving cash to a winner is a simple way to reward your employees but not always the most effective. Employees look at cash rewards as a way to satisfy their needs. Merchandise rewards satisfy your sales people’s wants as well as give them a sense of accomplishment every time they look at their prize. Using Select-Your-Gifts gift albums take it one step further by allowing the employee to pick a reward they can get the most use and enjoyment from while still giving the manage full control over price. Using gift albums for sales contest prizes are clearly the best solution for both the employee and the company. For more information read the following article “Cash or Merchandise.”
Now is the time to discover what an effective sales incentive contest can do for your company. If you’re ready to motivate your sales team to a higher performance, download this free Sales Contests eBook today. You’ll find a “turn-key” sales contest package that is easy to start and risk free. Contact our sales contest experts today to learn more about how a well-planned sales incentive contests can benefit your company.
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