Salary and benefits are the most basic of rewards, and when it comes to attracting top sales reps, you must offer juicy packages. However, while top salespeople are almost always motivated by the chance to earn more, they are also motivated by rewards and recognition programs. Sales is not an easy profession. It is a hustle and a grind. A sales rep’s ego takes a beating on a daily basis. The hours are long. Customer and prospect demands are relentless. It is any wonder they want their employer to recognize their efforts?
The Problem With Traditional Sales Rewards Programs
The trouble with traditional rewards programs is, often, the same people win over and over again. There is nothing inherently wrong with this model. A top seller is an incredibly important member of the team, and should be rewarded accordingly. However, performers who find themselves on the cusp of winning will lose motivation if prizes and rewards constantly slip through their fingers.
Performance Beyond The President’s Club
That’s not to say you should reward mediocre performance. The rep that brings in the most sales each year is, of course, your MVP. However, reps that consistently keep margins high, who maintain strong relationships with existing customers, or those who are able to land customers and grow them consistently over time are also valuable. You don’t want to lose talented people because they never receive any recognition for their unique skills.
To keep these talented reps engaged, come up with different categories of prizes and rewards. Reserve top prizes like the President’s Club and vacations for your high-volume sellers, but include prizes and recognition for other valuable categories such as:
- Largest average contract size
- Longest average contract term
- Best closing ratio
- Least customer attrition
- Best average margin
- Highest average customer order size
- Highest/most upsells or add-ons
The additional rewards you choose will depend upon the values and goals of your company, as well as the structure of your contracts. No matter what types of rewards you offer, these additional chances for recognition show that the company values the very different talents that salespeople bring to the table.
Remember that no two sales teams are the same, and therefore, no two rewards and recognitions programs will be the same. Sales leaders have to know what motivates their group and they must align their programs with overarching goals of the company.
Rewards and recognition are important, but they are not the only factor that sales talent consider when weighing employment options. If you are looking for new ways to attract and retain top salespeople, the expert recruiters at CSS can help. Contact us today to learn more about the ways in which we can help grow, build and expand your team – and your bottom line.