Have you ever experienced someone rushing you to do something for them but then they take their sweet time returning the favor? That behavior can discourage you from wanting to do anything for them again! Well, the same is true for your sales team – we want to push them to achieve maximum sales results, but then reward them months later. Does that sound fair? It is vital to deliver rewards quickly.
Immediacy is Key – Deliver Incentive Rewards Quickly
Sales reps are very excited when they hear of the latest incentive promotion and they put their all into pushing sales for those featured products. Reps are even more thrilled when a reward arrives in their mailbox. This helps build their motivation for the next promotion.
When a sales rep has to wait for a reward on something they sold months prior, they can get discouraged, excitement wanes and the promotion becomes a distant memory. Worse even, some begin to doubt the company’s loyalty for not rewarding them for their participation in the program. If we deliver rewards quickly, we can avoid this problem entirely. Thus, encouraging employees to continue selling as much as possible.
Incentive programs should be managed with immediacy in mind. The incentive program was created to boost sales of certain products quickly, so sales reps should also receive their rewards in a timely matter. Rewards should be fulfilled on a bi-weekly or monthly basis at a minimum.
Best Practices for Timely Rewards
Here are a few tips to keep your incentive program going strong by delivering rewards quickly to your participants:
- Utilize an online catalog of prizes that will allow participants to select their reward
- Incorporate a points-based approach, so participants receive points immediately, but can save to redeem a larger prize when ready
- Use a reloadable prepaid card so that funds can be added more frequently
- Be sure to have your reward funding readily available to avoid accounting issues
- Create a website that manages all logistics to consistently fulfill rewards
To keep your products flying off the shelves, be sure to keep your incentive program participants engaged – deliver rewards quickly! Rewarding participants is key to a mutually successful incentive promotion or sales spiff.
Have a look at our Incentive Program page for more info on how Brightspot delivers the best program possible.