Pouring Success: Unveiling the Most Effective Incentives
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â Iâm not really a NASCAR fan. I say not really because I can see how people like NASCAR and now as a father of two boys, we can easily fall into a 30-Lap Trap watching on a lazy Sunday. But in general as a sports fan it is nowhere near the top of my lists of sports to watch. So when the end of the month approached and an incentive opportunity to go to a Texas Motor Speedway was the Grand Prize. I wasnât that motivated to pursue it because NASCAR âainât my thingâ. In my early sales career many of my colleagues had a strategy about incentives: âFocus on winning the easy ones and the ones you really wantâ. It wasnât until my supervisor asked me a question that changed my outlook on this with a simple question: âWhy not win it JUST to win it?â It was something that sparked in me with that question. Sales is competitiveâŠBeverage Sales is UBER Competitive. So who cares if I donât like the prizeâŠwhy not just win the incentive? Why not take the NASCAR trip and wave it around in front of all the true NASCAR fans that want itâŠok I know thatâs petty but this what being a successful salesperson is. Competition is key, winning is key, celebrating your victories and reflecting are essential and then at the end of the month do it all over again. If that last sentence is a true statement then does that means the incentives you offer your sales team have to be quality also? Well itâs important to have a grasp of your teamâs mentality and an awareness of what motivates them. There are essentially 3 types of incentives: experiences, money, or merchandise. These three things is really what every incentive boils down to, so letâs take a look at the benefits of each one: 1. Money: The Universal Motivator Money stands as the undisputed champion in the realm of incentives for salespeople. It taps into a primal motivationâfinancial security and prosperity. Cash rewards provide tangible, immediate benefits that directly impact an individual's life. The allure of increased income is a powerful driving force, as it not only acknowledges hard work but also allows sales professionals the flexibility to fulfill personal aspirations and goals. In the cutthroat world of sales, where results matter most, money proves to be the most straightforward and universally appealing incentive. 2. Experiences: Fueling Motivation through Moments While money satisfies practical needs, vacations cater to the emotional and experiential desires of salespeople. Offering an opportunity to unwind, recharge, and create lasting memories, vacations go beyond the material realm. They serve as a powerful motivator by tapping into the intrinsic human desire for adventure and relaxation. A well-earned getaway not only recognizes hard work but also fosters a positive work-life balance, boosting overall job satisfaction and, consequently, productivity. 3. Merchandise: Turning Recognition into Tangible Rewards Tangible rewards, in the form of merchandise, provide a unique blend of recognition and practical value. Beyond the monetary aspect, receiving exclusive items or coveted products acknowledges an individual's achievements in a tangible, lasting way. Merchandise serves as a symbol of success, creating a sense of pride and accomplishment that extends beyond the workplace. This form of incentive taps into the psychology of ownership, turning professional success into a tangible, everyday reminder. In conclusion, the ideal incentive for salespeople depends on the nuanced balance of individual preferences, company culture, and the specific motivational triggers of the team. While money offers a straightforward and universally appealing reward, vacations and merchandise cater to the emotional and experiential aspects of motivation, providing a more holistic approach to recognizing and appreciating sales achievements. But an important note to my story about the NASCAR incentive, which I won and actually enjoyed my day at the track (Jimmie Johnson won the race): Providing the Incentive says something about your Sales Team also. What kind of competitive, results-driven organization do you have if you're not providing a variety of motivational incentives? And what kind of sales people do you have if they aren't competing for what's on the table? The key truly lies in understanding the unique dynamics of your sales team and crafting incentives that resonate with their diverse motivations and aspirations. Happy Selling! |