By J. Fisher
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Additional resources for Sales Rewards and Incentives (Sales)
Example text
2 According to the finance department extra revenue from sales above budget earns profit at a 35% margin, so on $200,000 extra sales that would come to $70,000. 3 The marketing department says that it needs 33% of every incremental sale to pay for promotion, marketing and the incentives themselves. This equates to a cost of $23,100. 7%, in effect the break-even point. 7% increase, it will pay for itself. So the campaign target could be set at say 15% above budget to cover the costs and provide a contribution to the organization’s profits.
Every sales manager knows that if sellers are active, they will create sales. It’s a numbers game, as they say. The more calls you make, the more appointments you get. The more appointments you get, the more presentations you can do. The more presentations you do, the more confirmed sales you make. All aspects of the prospecting process can now be analyzed in minute detail that provides the ‘‘motivational interventionist’’ with the opportunity to reward desired behavior at every stage. Successful sales calls can now be rewarded instantly and online, providing the motivation to improve on hit rates as the working day progresses.
Clearly each situation is different and the past use of incentives will play a part in determining what mix of rewards to use, and how to promote the program creatively. STRUCTURAL IDEAS Often there are specific objectives for each incentive campaign that can be enhanced by a clever approach to setting up the competitive groups or how the achievement points are won. Here are a few examples: 1 Put dealers into leagues so that they compete with peers. Often a small number of large volume dealer leagues and a larger number of smaller dealer leagues helps to even up the distribution of rewards if you are offering one big award for the top performer in each league.