Where to Find the Money

July 2, 2013 by Leave a Comment

Over the years, one of the biggest frustrations I’ve heard sales and marketing VPs talk about is motivating their salespeople to really drive hard to achieve their sales goals. They struggle to create an incentive reward program that will make their people stand up and take notice then work like the dickens to achieve it.

The other biggest frustration? Budgeting for this effective incentive reward program.

We hear it all the time:

“Salespeople like public recognition so giving them a cash bonus doesn’t really give them something to brag about.  Besides, giving cash is really expensive.”

“The marketing budget is so tight.  We didn’t even put an incentive program in it this year.  In this market, there’s no way to anticipate how many sales we’re going to get.”

“Upper management doesn’t believe that incentive programs actually gets us more sales so they don’t want to spend the money.”

In working with executives over the years, we heard all of these frustrations, and others. So we’ve developed funding alternatives that allow executives to offer the incentive program that they know is going to get them more sales.

It occurred to us that you or someone you know might find this experience useful. So we put together a short whitepaper, “How to Fund an Incentive Program,” that describes some ways to deal with this roadblock.

Click Here to receive this Free Whitepaper.

 I hope these ideas help you see that there are ways to develop an effective reward program that will  inspire your salespeople to higher performance without breaking the bank. If you’d like to talk further about these ideas, give me a call at 978-287-9500.

Filed Under: Colin, incentive, incentive program, reward

Getting Buy-In

April 14, 2013 by Leave a Comment

We were asked by Incentive Research Foundation to provide tips on running successful incentive programs.  While there are many ingredients that go into this process, one of the most important, in my opinion, is getting buy-in from the people you are trying to motivate.

For more information on why this is important and a few key ways to make sure you get it, CLICK HERE to listen and read about this topic.

Filed Under: Colin, employee engagement, incentive, incentive program, Recognition, reward

Reward ≠ Recognition.

March 19, 2013 by Leave a Comment

We recently worked with a new client who was confusing “reward” and “recognition”.

Sandra wanted to get even more results from a salesperson who was already hitting his quota.  Sandra knew that it would take less effort to get more out of Mark than two or three of her other talented salespeople and in the end, it would be more profitable.

First she tried a financial bonus for any sale over Mark’s original goals.  But Mark was already financially successful and was unmoved.  Next Sandra appealed to Mark’s ego by asking him to mentor some new people for which he would be compensated.  This helped the new salespeople but Mark didn’t secure any new business.

What was Sandra missing?  And how were we able to construct an incentive program that inspired Mark to sell 25% more than his target?   By understanding the difference between “reward” and “recognition.”  According to Merriam-Webster.com,

Reward:

1)      Something that is given in return for good or evil done or received or that is offered or given for some service or attainment;

2)      A stimulus administered… following a correct or desired response that increases the probability of occurrence of the response.

Recognition:

1)      Special notice or attention

We offered Mark something he couldn’t get on his own.  Something that would show his friends and family how successful he is.  Something that would affect his behavior for years to come.

Isn’t that what you want for all your salespeople?  Everyone – from beginners to veterans – needs reward AND recognition.  The challenge is what combination works for YOUR people?

We’re offering a free one-hour consultation to people like Sandra who want to motivate their top performers.  If that’s you, click the link below, tell us a little about your situation and we’ll be in touch.

I want to motivate my TOP performers.

 

Filed Under: Colin, incentive, incentive program, Recognition, reward, travel

I offered a $2,500 sales bonus. My salespeople were NOT impressed!

March 4, 2013 by Leave a Comment

“I thought salespeople were motivated by money!”

I was speaking with a sales manager a few weeks ago. Ted (his name was changed to protect the innocent) was telling me about his sales team and his challenges in motivating them. He told me his compensation structure is a basic commission against draw structure.

As all good managers do, Ted sets specific goals with each member of his sales team. If they achieve their goals, they should make a nice living. Like most sales teams, Ted has a variety of achievers – those who always hit their quota, those who are more challenged but managed to get pretty close and those who should find another line of work. Ted’s toughest job is figuring out how to get them all excited so they sell more.

Ted recently instituted a bonus plan designed to get his salespeople to produce more sales. If they achieved these “stretch goals,” they would earn an additional $2,500. He was convinced that they would sit up and take notice of this generous bonus and run out to aggressively pursue more contracts. “Salespeople are only motivated by money,” he said. “Whenever we ask them what they want, they always say ‘money!'”  So he was shocked when the offer of the bonus did NOTHING to change their motivation.

Does Ted’s situation sound familiar to you? Have you cracked the code on inspiring focus and follow-through with your sales professionals? I’ve heard this scenario played out across industries, in public and private companies, and in large and small sales teams. Yes, it’s true that salespeople are motivated by money. But the form of that money matters.

Lucky for Ted, we were able to re-think the bonus offering, how it was earned and how it was delivered. The top achievers exceeded expectations, many of the middle made their numbers and even some of the struggling salespeople worked harder to get the mentoring and direction they needed to improve their skills.

Matching the right incentive to your sales team matters and it should be win-win situation for your company’s bottom line and your salesperson’s ego.

If you’re thinking about implementing a bonus program, don’t do it until you’ve taken advantage of our early 2013 free offer.

We have a limited number of FREE STRATEGY SESSIONS on “Designing Effective Incentives”.  If you’d like to apply for one of these, complete the information at the link below.

Do it now while you’re here reading this.

 

 Request your FREE
“Designing Effective Incentives”
Strategy Session HERE

Filed Under: Colin, employee engagement, incentive, incentive program, reward

A Holistic Approach to Employee Engagement

December 18, 2012 by Leave a Comment

According to Merriam-Webster’s dictionary, ‘holistic’ means “relating to or concerned with complete systems rather than with individual parts.” We understand that when we’re talking about medicine, a ‘holistic’ approach means to treat both the mind and the body. Have you ever thought about taking a ‘holistic’ approach to employee engagement when it comes to providing incentives?

Many companies see the benefit of implementing an incentive program to motivate their top performers. Incentive travel programs, specifically, are effective when targeting top salespeople or most loyal customers because they are in a position to generate sales or revenue to earn the reward. And the revenues they generate are substantial enough to fund the program.

But what impact does incentivizing the top echelon have on others in the organization who are either the middle performers who are unlikely to achieve the goals or in another department altogether and not even eligible?

A more ‘holistic’ approach to the engagement would mean implementing incentive programs that address the entire population or employees or customers, not just certain individual parts.

There are ways to offer incentives to every single person in your company. Even if a middle manager can’t quality for a trip to the Caribbean, they could secure enough points over time to go to a nearby city for a long weekend or choose a new I-Pad. Even at the entry level, performance can be enhanced by the promise of gift cards.

And these programs don’t have to bust your budget. You can allocate a certain percentage of any cost savings that is seen by improved performance to fund a reward program and your company will still see increased profits. (See our article Making Dollars and Sense in Incentive Magazine – Nov/Dec 2012 issue – about funding an incentive reward program.)

For more information on engaging all of your employees and customers in achieving better performance, contact Colin Higgins at colin@peincentives.com or call 978-287-9500.

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Filed Under: Colin, employee engagement, incentive, incentive program, reward

5 Ideas to Treat “Hockey Stick Syndrome”

December 11, 2012 by Leave a Comment

I’ve heard many sales or business leaders complain that the chart of their sales during the course of the qualifying period of an incentive program resembles a hockey stick.  And not a strong, upright stick that’s ready for play, but one that’s lying on the ground, flat, with only the blade of the stick pointing skyward.

How does this happen?  Oftentimes even the best salespeople take it easy or channel partners divert business elsewhere until the deadline to achieve an incentive sales award is looming.  Then they focus and the sales come in.  Wouldn’t you prefer a better effort all year long?

Here are 5 ideas to treat the “hockey stick syndrome.”

1)      Design a program that offers bonus points when certain levels of sales are realized by certain dates during the contest period.

2)      Provide an extra incentive if the total sales goal is achieved prior to the end of the contest.

3)      Assign extra incentives to certain products.  Work with a manufacturer to subsidize the cost of the additional reward that is associated with their product.

4)      Build in a “quick start contest” which rewards early successes.

5)      Reward consistency.  For instance, put some rules in place that would encourage a certain level of sales for consecutive months.

Remember, customers who buy early, have the opportunity to buy more during the contest period.  If you don’t encourage sales earlier in the game, you are leaving revenues on the table.

For more inspired ideas on designing the right incentive reward program for your team, contact Colin Higgins at colin@peincentives.com or (978) 287-9500.

For more tips on motivating your employees, sign up for our newsletter below…

Filed Under: Colin, employee engagement, incentive, incentive program

How Do You Motivate the Middle?

October 25, 2012 by Leave a Comment

Your top performers always perform. They earn the rewards and recognition you offer because it is their nature to consistently achieve results.

But what about the rest of your team?  How do you “motivate the middle” or biggest proportion of your target market?  This is one of the biggest challenges facing executives in a time when employee and customer loyalty as well as engagement cannot be assumed.

We are pleased to announce that Performance Enhancement Incentives has broadened the scope of its services to become a full Engagement Agency.  We can now provide you with the tools you need to help integrate all aspects of employee motivation – performance assessment, communication and learning, collaboration and innovation, rewards and recognition and the ability to measure the return on your investment.  The goal of the Engagement Agency is to help executives improve motivation and engagement in all your team members, not just the top performers, and achieve improved financial results through comprehensive and effective programs designed for your specific needs and business goals.

For example, we’ve worked with several national homebuilders who use incentive travel programs to motivate their sales teams.  Sales professionals eagerly await the announcement of the program and their individual goals.  Then throughout the year they work to earn the reward not only because they enjoy the travel experience but because they delight in the recognition that comes with being a top performer.  In every circumstance, the executives struggle with explaining why incentive opportunities are offered to salespeople and not to construction, customer service and administrative personnel.  Everyone agrees that it requires the effort of the entire team to deliver a quality home buying experience which contributes to increased sales but it is impossible to expand these particular programs to include every department.

The Engagement Agency will provide solutions to this dilemma.  Any individual in any department within a company can earn an incentive reward if they achieve their stated goals.   And this will all be managed in one place making it easy, cost effective and measurable for business leaders.

We will be soon be sharing more information about the Engagement Agency – the program opportunities, client management portal and the results you can expect to achieve in implementing an effective reward and recognition system for all the members of your business team. In the meantime, if you would like more information, don’t hesitate to contact me at 978-287-9500.

 

Filed Under: Colin, employee engagement, incentive, incentive program, reward, travel

Beat the Heat

August 17, 2012 by Leave a Comment

Lake of the Incas

The extreme summer heat inspired my son and me to do something extreme last month.  We went skiing!  That’s right, skiing in the summer.  And there may be no more beautiful location than the magnificent Andes Mountains of Chile.

Lake of the Incas

We flew into Santiago, a wonderful city reminiscent of the most cosmopolitan cities of Europe thirty years ago.  The hotels, restaurants and scenery are all world class.  I have enjoyed wines from all around the world and I wasn’t disappointed at the outstanding quality of the reds and whites that come from the vineyards surrounding the city.

We traveled northeast out of Santiago for about 2 ½ hours to a mile or so from the Argentinean border.  The Portillo Resort sits at 9,200 feet on the Lake of the Incas.  For eight days, we skied the Roca Jack Run (a favorite because it’s steep,) as well as cruiser runs like Plateau or Juncalillo that ends down in the valley below the resort.  The Andes are a “young” range with jagged peaks that haven’t been blunted by erosion as much as the Alps or Rockies and they rise another 5-6,000 feet above where we were.  The majesty and power of those mountains just takes your breath away, even if you aren’t tuckin’ it to the bottom of the run.

It goes without saying that my son is one of my favorite travel companions.  Sharing these eight days with him in one of the most beautiful places in the world doing something we both love was a thrill. Next: the Dolomites in January!

Jared and Colin in the Andes
Filed Under: Colin, travel

How Far Would Your Incentive Partner Go For You?

June 28, 2012 by Leave a Comment

I love to travel.  I also love being able to help clients plan the most outstanding incentive program possible.  And after being in this business for over 25 years, I know how important it is to get all the details right.  So when a recent site inspection didn’t measure up to our standards, we knew what had to be done.

Our 4-day PEI Executive Summit in Cabo was followed by an 8-day program.  In between, we scheduled a site visit in anticipation of bringing our clients to the location later in the year for the “official” site visit.  We were stunned when we found major issues in food and beverage and the overall level of service at the hotel we had intended to use.  We had high expectations for first class accommodations, butler service in the rooms and concierge level support throughout the facility.

We endured three meals, each with its own issues.  Bacon and sausage swimming in its own fat at the breakfast buffet; poorly presented bread/olive oil at dinner; frozen fish that was still cold and ultimately tasteless;  chocolate soufflé that was actually a chocolate lava cake, which would have been nice if that’s what had been ordered.

We met with onsite management, our salesperson and the Director of Food and Beverage.  We conveyed all of our concerns and informed them that we were prepared to move the program to another property.  We requested a conference call with the General Manager the following week, after he returned from a business trip.

During that following week, we were once again hosting a program with another group but during our free time, followed up with the General Manager on a Friday.  He assured us that the situation was caused by a confluence of issues and promised that steps would be taken to ensure that by the time we returned with our client, scheduled for the Fall, all would be well.

We said, “Great!  See you on Tuesday.”  So rather than head home after nearly 3 weeks on the road, we made one more visit to the property.  We also took the opportunity to spend an extra 2 days on the island and check out a different property just in case it was needed.

We’re happy to report that the General Manager’s promise was kept.  Almost overnight, the staff “got their act together.”  The food and beverage experiences matched or exceeded our expectations.  We sampled almost every food offered in every restaurant (small samples, thank you!) to ensure top quality.  And at every level, the service was transformed.

Our goal was not to fix their problems but to ensure that they are capable of delivering the level of service and quality of experience that we expect for our clients.  And this they accomplished.  When the time comes to take our client for their own site inspection, we will again satisfy ourselves that the property is perfect by arriving 2-3 days early and reviewing every detail as we have already done.

It would have been nice to be home for those four days but that’s the price of delivering excellence.  A price we’re willing to pay.

Filed Under: Colin, incentive, incentive program, travel

Short, Sweet and Memorable

May 30, 2012 by Leave a Comment

Our recent program to the stunning island of Bermuda left a very favorable impression on the members of two different companies who had recently become one.  The cross functional group consisted of salespeople, engineering support personnel and management.  This was one of the first opportunities for high performers from the individual companies to come together and meet each other.  The goals of the program included recognizing high achievers from both companies, making new connections, building camaraderie and demonstrating a culture of high quality.

The opening day did not disappoint. The company’s welcome gift upon arrival was a pair of Maui Jim sunglasses which became a fun event as each guest was encouraged to try on different styles in order to choose their perfect pair.  That evening, the Fairmount Southampton outdid itself with an elaborate barbeque buffet on the beach.  Picture the soft pink sand; bright , aqua-marine water; brightly decorated tables; exquisite, melt-in-your-mouth food; premium open bar and music that made you want to kick off your shoes and move.  It was a surreal setting and the perfect kick-off for the 4-day get-a-way.

The next morning the guests participated in a sailing regatta.  The 10-25 people in each boat could choose whether to take part in the work of sailing or relax onboard.  The teams immediately got into competitive mode after receiving team hats and being instructed on the basics of sailing.  They quickly learned the meaning of sailing lingo such as “come about” which basically means “duck!”  This was an effective, experiential and fun team building exercise abetted by cool, refreshing beverages.

While sailing through Hamilton Harbor, each team participated in a destination quiz based on what they heard during the briefing, terminology aboard the boat, some historical notes about Bermuda and what they saw along the way.  Prizes were awarded to guests with the highest scores but everyone on board who enjoyed the beautiful day and the picture perfect scenery came away a winner.

After a leisurely afternoon, the company hosted an awards dinner recognizing all the higher achievers.  It was an opportunity for company executives to share their vision of the future and recognize excellence among their employees.

The following day the guests chose their own company-sponsored event.  Some played golf on the world-class Port Royal course, others took a “boat, bike and beach” tour around Hamilton Sound.  Another group enjoyed a grilling/cooking lesson hosted by Goslings Rum.  They tasted their way through a 3-course lunch sampling various rums and learning how to use the delicious liquid in marinades and sauces.

The final evening was free time for guests to sample the joys of Bermuda on their own.  Our concierge service helped them select a restaurant and their evening entertainment.

While the trip was short, the company achieved its goals of recognizing high achievers, bringing strangers together and using shared experiences to start new relationships.

 

 

Filed Under: Colin, employee engagement, incentive, incentive program, travel
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