Incentive programs have the power to motivate a sales team to reach higher and achieve more. They drive sales growth through the strategic use of rewards, communications and training, and deliver greater revenue for you. When you consider the positive impact of incentive programs on business outcomes, a program that recognizes and engages sales reps for the long term should be a priority. Maintaining long term participant engagement will also enable you to grow revenue at a lower cost, so it’s important to build your program for the long haul.
So, how do you build an incentive program that is both effective and lasting? A set it and forget it approach will doom any effort to failure. Launching and running a successful incentive program takes work. It requires proper planning, execution, promotion and monitoring throughout. We studied the results of an effective versus an ineffective program (below) and the outcomes differed dramatically because one failed to follow those steps to grow their program and build lasting participant engagement.
When two manufacturers in the same market and industry offered similar incentive programs to the same channel reseller audience, Manufacturer #1 was a momentum-fueled success, while manufacturer #2 was a complacent non-performer. Why? Manufacturer #1 continued to invest in driving engagement and therefore becoming best in class, while Manufacturer #2 assumed they would be successful simply by copying the same program structure, but never worked to fuel its success or gain market presence.
The following program comparisons and accompanying results prove how complacency guarantees failure.
Manufacturer #1 ensured the success and longevity of their incentive program by properly planning, executing, promoting and monitoring it throughout. Building a solid foundation with all the right elements and the right stakeholders on board, they planned their program with the needs of their entire rep base in mind, executed a strong launch plan, promoted and drove the desired activity and monitored and incented the right behaviour at the right time. Manufacturer #2, on the other hand, remained a complacent non-performer. They lacked dedicated support and continuous program building tactics. Their complacency doomed their program to failure.
You too can build a lasting, successful incentive program, achieve your desired business outcomes and drive sales growth. You don’t have to go it alone; by working with an incentive solution partner, with an industry leading platform and a dedicated success team, you can keep the momentum going on an incentive program that engages sales reps and drives revenue for the long term.
Read our white paper to see the full program comparison and results, and to learn the steps Manufacturer #1 took to keep them on the road to success.
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