Performance Improvement

Why You Should Run a Sales Incentive Within Your Organisation

Why You Should Run a Sales Incentive Within Your Organisation

At Neon, we always strive to get to the core of a businesses’ challenges before we suggest a solution to combat them. The first question we always ask our clients (or potential clients) is why? Once we are able to uncover the challenges and business objectives of running a sales incentive, we can then move onto the how.

There are many different reasons why we are approached by organisations looking for a sales incentive. If any of the below resonate with you and your business, consider getting in touch to find out how we can help!

Sales of a specific product are particularly poor and my organisation needs a revenue boost

Every business has its own personal sales and revenue targets and we know that these can sometimes be very hard to achieve - especially when it’s for a specific product!

At Neon, we can create targeted sales incentives to help you sell a particular product or model - this can be focused down to the smallest detail e.g. the trim of a car. These incentives can be run for any amount of time (whether it be a weekend, quarter or year) and can be customised to suit your budget. We will ensure you get the biggest impact and ROI out of your sales incentive irrespective of budget and will team it with a comprehensive communications plan to maximise impact.

In a sales incentive for one of our clients we saw over a 45% sales uplift in an incentivised month and a 48% uplift in volume YTD on promoted products. We can get these results for you.

There is a general sense my employees are not feeling communicated with, rewarded or recognised

If your employees feel valued, recognised and communicated with, it will reflect positively in their performance in the workplace. However, we understand that this is easier said than done! It’s difficult to have a direct communication channel with your employees (especially in big organisations) and to keep on top of reward and recognition is hard work - we’re here to help take this stress off of your shoulders!

A sales incentive is a fantastic way to not only boost sales and revenue (as noted above) but also encourage a sense of community and recognition amongst your employees through rewards and communication. When employees feel recognised, they have a heightened sense of loyalty to your business, which will result in better performance...

One of our programmes has 87% of individuals actively engaging with our solution on a daily basis. These high engagement levels create increased communications to the network, which we can use to continually reinforce brand engagement and monitor correct selling behaviours.

My employees do not feel confident selling certain products

Confidence to sell comes from in-depth training of your products. If your employees know your products inside out, they will have the tools and the confidence to sell them, it’s as simple as that. Training can easily be encapsulated into a sales incentive programme - from fun quizzes and games to formal documents and tests, we can be reactive to the market by adding training documents and learning modules at the tap of a few buttons.

For one of our clients, the qualifying criteria for their programme is that employees must complete their monthly training to be in with a chance to win prizes. For the same client we found that there was an 81% increase in sales by trained individuals who completed their learning modules. With increased product knowledge from our training solutions, individuals sell 3x more than those who do not engage with learning - reiterating that learning is imperative to sales performance.

Customer service scores and selling skills are looking below par

Customer service is integral to repeat business so it’s extremely important to ensure NPS scores are kept high. We can build a customer service element into any incentive programme - whether it stands alone or compliments another business initiative.

For one of our clients we built a customer service element to their programme to reward users when they hit a predetermined criteria. Through this initiative we’ve seen a 31% increase in NPS scores YOY. Constant monitoring and incentivisation of customer satisfaction within sales teams is key.

I have no oversight if my existing incentive is working or not against output and results

You may have a sales incentive running, but without insight into what this data is actually telling you, how can you know it’s working? Analysing the data you have from your incentive is imperative to its success and the best way to do this is by collating and organising it into tidy dashboards.

We can help you put all of your useful data into simple, easy to understand dashboards. Having all of this information at your fingertips allows you to act quickly, spot trends and track engagement to see where more time and focus needs to be given.

If you can relate to any of the above challenges, a sales incentive might be the answer to your problems! Contact Neon today to discuss how we can build a successful sales incentive that works for you and your business.