A sales incentive plan is any form of reward structured in the best interests of the sales representatives to help them realize their highest potential. It equips them to keep up with all the highs and lows that come with their job and boosts their morale to achieve targets.
Why Is a Sales Incentive Plan Necessary?
In sales, many times, despite the best efforts of the salesperson, the outcome may not be favorable. This uncertainty often leads to demotivation, disinterest in pursuing prospects, or low employee productivity.
Therefore, along with a great work culture and a positive work environment, an effective sales incentive plan goes a long way in bringing back enthusiasm.
According to an IRF (Incentive Research Foundation) study, around 50% of the employees considered recognition a whole experience rather than just a reward. This proves that employees are motivated by various non-monetary factors and the implications of the actual incentive itself.
A sales incentive plan provides ground to curate a holistic approach to incentivizing your sales team. It’s also an opportunity for sales managers and leaders to understand team dynamics and individual motivations.
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27 июн 2024
