Guess What? They’re Here.

There’s has been volumes written about what was going to happen when millennials hit the workplace. Well…they’ve arrived. And they’re taking on more and more senior roles in leadership, management and sales. In fact, the Pew Research Center estimates that by 2020 millennials will be the largest percentage of the workforce.  So what does this mean for incentivizing your sales force?  Will it have an impact on how you motivate and reward your sales teams?

The Time to Plan Is Now

Okay, so your sales operation has gone digital. You’ve embraced multi-channel sales and Internet sourcing. Your sales team is social media savvy and armed with mobile devices. Now it’s time to bring your sales incentive plan into the 21^st century. You might have already started the planning process. But before you jump in, you may want to consider some fundamental principles that will be key to your success in today’s digital marketplace.

Taking the Plunge

So you’ve read everything you can about the digital economy, multi-channel sales, and social media sourcing. You’re ready to take the deep dive into redesigning your sales force reward strategy. But where should you start? Having a digitally enabled workforce and an Internet savvy customer base will inevitably change your entire sales culture.  So, how will this affect your sales incentive planning?

What Happened to My Sales Incentive Plan?

So your sales incentive plan is just not producing the great results you used to get. Tweaking and updating it is just not getting the job done. Unfortunately, it’s not the time for a simple upgrade. It’s time for a whole new approach; an entirely new strategy that can transform your sales culture into one that can win in today’s multichannel sales environment.

A Changing Environment

Many Sales Managers dread the thought that each year they need to create a new sales incentive plan.  This task can be even more daunting in the light of current dramatic changes in sales roles and processes.  As we discussed in a recent blog, subject matter experts are swiftly becoming key contributors to successful sales efforts.  Changing buying patterns and more informed customers are truly impacting sales processes and the ways we compensate sales performance.  So how does a manager begin to plan?  Where do you start?

What Can We Expect?

Recently, Forbes published an article entitled “Leading Sales Trends Expected to Drive Success In 2017”.  In it, the author states that these developments will have a direct impact on a company’s bottom line.  If sales managers are not planning for these trends, there is a good chance they could be falling behind their competitors. So what do you need to know about these trends and how they will affect your sales incentive plan?

How Do You Know if You Have Them?

Channel marketing and reseller programs are becoming more competitive than ever.  If you don’t have a world class program, you may find your sales performance is in deep trouble.  A recent Channel Marketer Report could help you determine if you’re not using Best Practices.  In the report, the author claims that if a channel sales incentive program is structured incorrectly and with little control or direction, it most likely won’t be successful. The author goes on to describe several factors that contribute to an incentive program missing the mark and not achieving the desired outcome.

Gift Cards and Incentives in the Experience Economy

In our last blog post we discussed the rapid growth of merchandise and gift cards as valuable experiences for sales incentives.  We also talked about the advantage of these kinds of awards over cash only in driving sales. In this post, I’d like to take a deeper dive into what’s propelling the emerging experience economy and what that means for sales incentives.

The Growth of Incentive Gift Cards

What’s Driving This Growth?

Those Were the Days