Designing Incentive Plan for Sales People is the best way to get them motivated and get a good profit. However, the thing is most companies do not know how to make incentive plans. Designing Incentive Plan for Sales People is out of the mind thing for them because they have no idea how it is done.
It is either that or they think that their sales tem do not need incentives to work hard. This is the constant dilemma of executives and head of departments. Moreover, it is a very wrong concept that sales people do not need incentives.
People are working to earn money and benefits so that they could have a comfortable life. They need incentives to hard because these are the things that they need to have in their life.In this way you and the employees both, will be getting benefits. Any way getting rewards is a right of the sales staff because without them your company and other employees will not stand a chance in the market. It is their hard work that you and your company is making money, if they do not go out in the field and work hard to sell your products your company will go down the drain in a matter of days.
Designing Incentive Plan for Sales People is not a difficult task but at the same time, it is not easy. To make an incentive plan you have to follow a few instructions and pieces of advices. By following them, you can make the best incentive program that will bring you amazing profits.
The first thing you should do when designing Incentive Plan for Sales People is that you should offer the incentives that can be easily managed and approached by the people and the company.
You have to set the targets that can be achieved. Do not make hard targets, this will have the opposite effect, as opposed to motivating the sales staff, it will give them the feel that they can never achieve the goals and they will never get the reward. This leads to no enthusiasm and no sales and profit. And this is definitely not what you want. You want your team to work hard so make goals that are approachable not out of their reach.
Make sure that you make a clear plan. The clearer the plan is the better it will be executed. If your plan is not right or properly made then it cannot be executed the right way. Something either will go wrong in the beginning or in the middle and you would have to start all over again.
So make sure that your plan is good and clear before you present it to your seniors and executives. This is because your plan is going to be the ground basis of your incentives and if it is not right then your incentive will not be right.
When Designing Incentive Plan for Sales People, make sure that they are not too costly for the company to handle. Keep the accounts and bank balance of your company in mind. Make sure that you ask for the budget of the company by a senior so that you do not over shoot anything.
If necessary then make modifications before you present to the heads. Make sure that your plans are not too difficult to handle. Make these plans on the ground basis of your company’s rules and regulations so that your plans have a sense of responsibility and approachability in them.
Designing Incentive Plan for Sales People is easy when you design them on solid reasons and foundations. Make the point of making these plans clear. Make sure that you make people understand the reason behind your plans and your incentives. If your principles are right then your incentive plans will be right. The main objective of your incentives plans should be the increase in the profit and betterment of the company and the sales people. The goals set by these incentive plans should be working towards getting more efficiency out of the sales people.
Make cash bonuses your first priority because people want money more than anything does.Again make sure that these goals to get cash are not too hard to reach. However, at the same times these goals and incentive should not be too easy, this way they will not take it seriously and not work hard enough to get it. Make their efforts worth it and they should feel a need to prove themselves. You could even give them short-term incentives that they would be excited for.
These short-term incentives could be like tickets to the next game or a free lunch with the seniors, or if you want to give long term incentives then it can be like shareholding in the company’s shares, stock options and different types of bonuses like cars and other things like that.
But you have to keep one thing is mind: do not make favorites and give incentives just to them. You should be favoring all of the sales staff. They should feel like a part of the company and should not be mixed in any kind of politics. You should be fair to get the best results out of your incentive plans.
Other than this your biggest reward could be a free vacation. A relaxing vacation with the family would be the best reward you could give to your sales staff and they will be ready to workday and night for this reward. On the other hand, give the gift baskets if you can manage to get your hands on one of them. They could be anything, beauty products for the ladies and men’s products for the gents.
All in all a good incentive program will bring profits to the company and the employees alike so make them as carefully as possible. Just be focused and you will make the best incentive plan ever.