The Power Of Sales Contests | Sales Compensation Series 5 | DTSM 54
Written by Dave Lorenzo on October 11, 2019 / Inside BS Podcast
Having a reward system for employees is a crucial part of any business because it motivates people to go above and beyond the agreed upon quotas. In this show, I go over different types of contests so that you can choose the staff incentives that work best for you.
Salespeople are driven by competitive forces. Your people need contests to keep them fired up.
Here are three kinds of contests that have proven to be effective:
The first is the annual growth contest. In this contest, people win the opportunity to go on a trip at the end of the year. You can award the top performers, or those who sell a certain amount. This can also be a reward system for employees who show measurable growth.
As for prizes, monetary staff incentives are great, but keep in mind that your sales people are really in it for the recognition. When choosing the prize, just make it enough to be meaningful.
Then there’s the slack time contest. If you have a slow period, then you should run a contest during that time. You can help incentivize certain products by doubling or tripling the commission on those items.
There’s also the king of the hill contest. If you want to really motivate your sales staff, publish their results on a regular basis and give out a king of the hill prize each month. This type of contest could include staff incentives such as parking spots, opportunities to work from home, or the ability to earn more commission for that month.
These three contest ideas are each an effective reward system for employees because they heighten the sense of competition and offer the chance to make more money. Use them and watch your sales grow.
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