Money is by far the biggest motivating factor for talented sales representatives. It is one of the few fields where talented people have literally endless earning opportunities. But a great commission and bonus schedule aren’t necessarily enough to keep every talented sales rep engaged. If you’re looking for ways to incentivize and motivate your sales team, consider these factors.
“Identifying the right way to motivate and incentivize your sales team can be a struggle, especially if the answer isn’t always cash. Providing a variety of incentives can help to cover all your bases, but so will ensuring you’re hiring someone who matches up culturally with what you’re trying to build.” Says Stephanie Staiano, Sales Director, CSS ProSearch.
“Give your proven sales stars and chance to teach a new hunter how do it! This may just be a quarterly or monthly opportunity, but role playing is critical to getting a new rep up and running. Role playing is harder than the real meeting, and senior sales stars love to show off!” Says Abby Prince, Managing Director, CSS ProSearch.
Remove Commission Caps
Your rock-star reps are probably highly motivated by their compensation package. However, an earnings cap is one of the fastest ways to ensure your top performers disengage. Limiting their earnings means limiting their motivation. What reason would a rep have to press forward if they blow out their quota and reach their cap halfway through the quarter?
A recent study looked at the impact of commission caps. It was discovered that salespeople whose earnings were capped would hold sales once they reached their ceiling and then report them on the next cycle. By eliminating commission ceilings and caps, reps feel free to report sales in real time and keep moving forward. As they so, revenue can increase by as much as 9%. Capping commissions can control costs, but it can also cost sales because it causes top performers to simply stop selling when they hit their ceiling.
To further incentivize high performers, don’t just remove ceilings and caps. Instead, consider boosting commission once quotas are met. It doesn’t have to be much of a bump – even an extra percentage point on anything sold after hitting quota can be incentive for sales reps to keep pushing.
Add More Ways To Win
It’s easy to forget about your tried-and-true core performers when it comes to incentivizing a team. These reliable, quota-achieving, average players can be counted on for steady and predictable revenue, but how do you get them to stay energized and push a little harder? They might be motivated by removing commission caps and adding over achievement incentives, but they can also benefit from other incentives.
When was the last time one of your solid, core achievers won a contest? If your sales contests are winner-take-all programs, many of those middle-of-the-road sales reps won’t even try to beat out the people who likely win every single time.
Rather than crowning a single winner, develop contests and awards that speak to your core performers’ strengths. Add more prizes and more ways to win. You can even start incentivizing activities other than total sales – give out awards for most cold calls, most presentations, biggest upsell, closing the most unlikely deal, etc. When your core performers see they can be recognized – and even win prizes – they will push themselves harder to snatch another win from another rock star.
Hire Right, Right From The Start
The best way to ensure you’re building a team of top salespeople who keep pushing is to hire the right reps every time. CSS ProSearch can help you hire and keep fantastic salespeople. To learn more about the way our expert sales recruiters can help you build a team of all-stars, contact CSS ProSearch today.