An incentive program is primarily about motivating your clients and a motivational quote suitable for this type of program would be “Focus on work and money will follow!”. “Yeah, right!” Most would answer, thinking of the proverbial carrot in front of the horse.
However, things are not so in a well-built incentive and trade program. More and more companies adopt the model of entrepreneurial behaviour and that is why sales team members treat their job as their own business. And if success comes with package and extra benefits, then we have the perfect recipe.
An incentive program is an indispensable sales tool to remain competitive on the market. Of course, your program will compete with the competition and then, to be successful, you must launch from the beginning a program that has some important attributes.
- Standardization. Most incentive programs start as the instigation of an internal brainstorming and end where the end of excel. Obviously, we are joking, but an incentive program should not be difficult to implement and maintain.
The program grows in complexity and volume with time and volume of sales, and the lack of standardized processes will leave room for errors that may disappoint your partners.
A web-based performance platform is the most handy solution, and can be accessed anytime and anywhere. In addition, it will be set to reward based on sales results and not on discretionary criteria.
- Transparency. Build a dice or value threshold program, simple and easy to access. Your partners need to have access to the program at any time, be able to check the level of points achieved by sales and to choose their own prizes. On the other hand, your access to the program and tracking some indicators such as percentages of enrolment in the program, sales level, sales distribution by geographic area, or sales force efficiency will be the basis for decisions on increasing program efficiency.
- Communication. The ability to keep your partners’ interest in your incentive program is good communication. Generally, your partners are professional clients and apathetic to marketing messages, so communication needs to be functional. For example, setting automatic email or SMS messages, depending on user preferences, when the partner approaches a certain threshold, reminding those who did not access the program or responding quickly to their questions.
- Attractiveness. We all like prizes and gifts, especially when they are offered as a bonus to increase performance. With an attractive program you have more to win.
In setting the prizes, remember that established brands, especially those in the field of technology, are the kind of prizes that are unlikely to give up. For example, smartphones, laptops and TVs are the kind of prizes most rewarded in loyalty programs built on www.Rewardiful.com
A “ready-made” catalogue from which customers can choose their prizes and receiving them within 48 hours is also a benefit for partners to consider your program as attractive.
Launching an incentive program should not be difficult, consume time, resources and escalate into a logistic nightmare. It must be flexible so that it allows to be adjusted according to the number of partners, their sales performance and the launch of countermeasures in the competition.
On the “time counts” model, you can build with the www.Rewardiful.com solution a stimulus or trade program in just two days without the need for technical abilities.
Start with a simple and attractive incentive scheme and especially communicate consistently and relevantly.