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BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
RECOGNIZE AND R...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
SALES RECOGNITI...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
SALES RECOGNITI...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
BEYOND SALES: O...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
FIVE ELEMENTS O...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
01 STRATEGIC PR...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
01 STRATEGIC PR...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
02 MEASUREMENT ...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
02 MEASUREMENT ...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
02 MEASUREMENT ...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
03 PROGRAM LAUN...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
03 PROGRAM LAUN...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
04 PROGRAM ENGA...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
BEHAVIORAL ECON...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
05
REWARD &
REC...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
05
REWARD &
REC...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
05
REWARD &
REC...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
05
REWARD &
REC...
BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States					
BEHAVIOR
CHANGE...
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How To Recognise, Reward & Retain Your Top Sales People or Dealers

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The 5 secrets to creating a High Achievers program for your sales people or dealers. How many of these are you doing?

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How To Recognise, Reward & Retain Your Top Sales People or Dealers

  1. 1. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States RECOGNIZE AND RETAIN YOUR TOP DEALERS AND SALES REPS
  2. 2. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States SALES RECOGNITION DRIVES ENGAGEMENT RECOGNITION CAN DRIVE SALESPEOPLE TO BE MORE ENGAGED Produce over 20% more revenue Are 43% more productive Are 87% less likely to leave SALES RECOGNITION TAKES A VARIETY OF FORMS Recognize optimal behaviors through frequent feedback Recognize accomplishments through creative programs and awards Recognize results with elite travel and events FREQUENCY REACH RECOGNIZE RESULTS RECOGNIZE BEHAVIORRECOGNIZE ACCOMPLISHMENTS Goal-Based Corporate to Employee Drives Goal Attainment Discretionary Manager to Employee Reinforces Accomplishments Motivational Peer-to-Peer 360° Recognition Reinforces Core Values Operational The more types of recognition you use, the more employees you will reach.
  3. 3. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States SALES RECOGNITION: TOP PERFORMER PROGRAMS Sales recognition programs can be a key driver of retention and loyalty when designed correctly. Unfortunately, most annual top performer programs haven’t changed in years. In an effort to maintain traditions, marketing and sales leaders have relied on existing rules structures and metrics to determine those who receive rewards and recognition. Well designed sales recognition programs often combine updated metrics and measures with a creative and compelling name and artwork. It’s important to create a consistent identity and use that with all program materials so your audience recognizes and pays attention to each communications piece. Here are some examples of overall program names and identities:
  4. 4. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States BEYOND SALES: OTHER TEAM MEMBERS TO RECOGNIZE Corporate/Support Staff • Nominations-based • Unique metrics • Different rewards such as: Merchandise packages, weekend get-aways, Warehouse Windfall, award points Inside Sales • Handled similar to sales reps, can win as a team or separate rules/metrics Distribution Partners • Usually have their own programs, but may be included in a support role
  5. 5. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States FIVE ELEMENTS OF EFFECTIVE PRESIDENT’S CLUB DESIGN Top Performer Recognition STRATEGY Current Performance Objectives Tracking of Actual IMPACT AND BUSINESS METRICS Registrations Launch Event Response Tracking LAUNCH Communications Results Tracking Spurts ENGAGEMENT Personal Impact Public Recognition Role Modeling REWARD AND RECOGNITION PROCESS 01 02 03 04 05
  6. 6. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 01 STRATEGIC PROGRAM DESIGN • Prior to planning a President’s Club, articulate your specific strategy • Different strategies drive different outcomes – and clearly defining a strategy at the beginning will focus your efforts, designs and executions RIGHT NUMBER TO RECOGNIZE? Differing markets and industries vary in the amount of sales reps recognized: Industry % of Achievers Telco 2%-5% Financial 10%-20% Beverage 5%-35% Retail 5%-10% Technology 2%-3% EXAMPLE RULES OPEN-ENDED • Net Sales: Achieve $7.0 million or more in qualifying net revenue • Hit 101% of quota • Add $1MM in sales over a period of time CLOSE-ENDED (STACK-RANK) • The Top-5 sales reps in each district based on total net revenue; or the top 50 overall • Appropriate when budget cap is needed IMPROVEMENT • Improvement, for example achieve 25% sales improvement over previous year
  7. 7. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 01 STRATEGIC PROGRAM DESIGN • Prior to planning a President’s Club, articulate your specific strategy • Different strategies drive different outcomes – and clearly defining a strategy at the beginning will focus your efforts, designs and executions QUALIFIERS & ALLOCATIONS PROFIT QUALIFIER Gross or Net Profit for example achieve 30% gross profit on sales TEAM OBJECTIVE Must achieve business group or team objective for individuals to qualify CUSTOMER SATISFACTION QUALIFIER Maintain 95% customer satisfaction based on customer surveys REGIONAL ALLOCATIONS Allocating winners by region or area, for example Midwest vs. South SALES ROLE ALLOCATIONS Allocating winners by role type, for example Inside Sales vs. Outside Sales ELIGIBILITY/EARNING AWARD REVENUE ACCOUNTABILITY • Eligibility reserved for individuals with ‘at risk’ compensation based on revenue generation objectives BY NOMINATION • Designated support roles (not revenue accountable). Includes a review & approval process • Examples: Marketing, R&D, corporate DISTRIBUTION PARTNERS • May include principals of 1st line dealer/distributor/rep firms based on achievement of volume growth objectives WILD CARD • Winners chosen based not on total sales, but on sales of strategic products or specific accomplishments. Winners chosen by sales leaders or CEO.
  8. 8. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 02 MEASUREMENT APPROACH • Impact Measures reflect the impact President’s Club has on your people. • Business Measures quantify the results of the impact measures… ”How much was it worth?” Current results should be analyzed and provide the baseline for planning and target setting. Targeted results should be articulated in the planning process to focus the design on specific and measurable desired Impact and business outcomes. Actual results should be tracked during the program to provide information for course correction and optimization, and analyzed afterwards for continuous improvement efforts. Visual scorecards engage participants and leaders and can help participants set goals and stay engaged for longer periods of time. DIMENSION OF INCENTIVE MEASUREMENT DATA VISUALIZATION Measurement Elements Impact Measures Current Targeted Actual Business Measures Current Targeted Actual
  9. 9. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 02 MEASUREMENT APPROACH • Impact Measures reflect the impact President’s Club has on your people. • Business Measures quantify the results of the impact measures… ”How much was it worth?” CASE STUDY Transportation This automotive manufacturer wanted to recognize and reward its highest achieving sales managers who met their stretch sales objectives in addition to meeting customer satisfaction and training qualifiers. Challenge Design a program that would engage dealerships of all sizes with a travel destination that would appeal and accommo- date over 550 couples while driving motivation and improvement for sales managers. Solution BI WORLDWIDE(BIW) designed a 3½ month wholesale competition that grouped dealers in like-size competitive groups. The program was supported with web-based reporting, including personalized standings and frequent electronic commu- nication. EngageNGo, a BIW communication portal, engaged the audience during the contest by using video and other media to promote the destination, an exclusive resort in Cancun, Mexico. Results Sales Managers were awarded the trip to Mexico by achieving an average. With 60% of dealers enrolled, winning dealers attained 140% of the pre-determined objective. Enrolled dealers also increased their sales 32% over the previous year.
  10. 10. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 02 MEASUREMENT APPROACH • Impact Measures reflect the impact President’s Club has on your people. • Business Measures quantify the results of the impact measures… ”How much was it worth?” CASE STUDY Transportation A major automotive manufacturer wanted to design an annual premier recognition program event for their “best of the best” dealers, as well as senior management. A message and recognition platform was needed within the body of this program to ensure maximum involvement. Challenge Develop an event to appeal to participants with unique experiences not available to the general public while integrating a platform for Senior Executives to communicate and recognize their top dealers. Solution BI WORLDWIDE decided to show participants a New York experience like nothing they had ever seen before. The event started with a cocktail hour where each guest received a personal invitation to join a senior executive at some of the fin- est restaurants New York has to offer. A morning recognition meeting was followed by key note speakers Toni Dungy and Sean Hannity. Cigars and Scotch, private lecturer guided tours, personal shopping experiences, private cars and drivers or spa session were afternoon options that participants could choose from. The final gala event included New York’s top caterer serving an amazing dinner with a private concert by Elton John. Results BIW met and exceeded all customer and participant expectations as indicated by the post event surveys with participants claiming the event was an “Absolute Home Run”.
  11. 11. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 03 PROGRAM LAUNCH • Statistically the highest engagement with any program happens at launch. • Using measurable elements – at launch – assure that programs gain commitment and buy-in. LIVE OR VIRTUAL LAUNCH EVENT Track participation for in-person launch meetings or via web-enabled virtual meetings
  12. 12. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 03 PROGRAM LAUNCH • Statistically the highest engagement with any program happens at launch. • Using measurable elements – at launch – assure that programs gain commitment and buy-in. WEBSITE USAGE TRACKING Communicate Presidents Club information online and track access to gauge awareness BEHAVIORAL ECONOMICS INSIGHT Vividness Effect Be visual. People tend to remember your message when you use memorable images, sounds or stories.
  13. 13. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 04 PROGRAM ENGAGEMENT • After launch, maintaining engagement and focus can be difficult. Simply sending out occasional email reminders is not enough. • Best-in-class programs frequently communicate progress, share ideas, reward behaviors, and celebrate success along the way. ONGOING CAMPAIGN BEHAVIORAL ECONOMICS INSIGHT Availability Bias Communicate frequently. People tend to remember and take action on the most recent information received.
  14. 14. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States BEHAVIORAL ECONOMICS INSIGHT Relativity Bias Share progress using leaderboards. People regularly compare themselves to others and want to “keep up with the Joneses.” 04 PROGRAM ENGAGEMENT • After launch, maintaining engagement and focus can be difficult. Simply sending out occasional email reminders is not enough. • Best-in-class programs frequently communicate progress, share ideas, reward behaviors, and celebrate success along the way. PROGRESS TRACKING Provide simple and personalized progress to goal meters Thanks to all who participated in our recent President’s Club Event. For those who were not able to attend, I strongly encourage you to connect with someone from your dealership who attended or your RSM to understand the information that was presented and the plans we have for the future. Michael David, Vice President Sales
  15. 15. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 05 REWARD & RECOGNITION PROCESS • The final step, and arguably the most critical, is the point at which awards are achieved or recognition is given. • If the award is not tied back to the overall goals and objectives of the program and the winner doesn’t make that connection – your efforts will have been wasted OPTIMIZING THE REWARD & RECOGNITION PROCESS INVOLVE THE MANAGER Ensure achievers’ managers are aware and involved in recognizing the achievement MARKET YOUR ACHIEVERS Publicizing your achievers acknowledges their contributions and creates role models in your organization
  16. 16. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 05 REWARD & RECOGNITION PROCESS • The final step, and arguably the most critical, is the point at which awards are achieved or recognition is given. • If the award is not tied back to the overall goals and objectives of the program and the winner doesn’t make that connection – your efforts will have been wasted OPTIMIZING THE REWARD & RECOGNITION PROCESS CREATE “BRAGGING RIGHTS” Recognition certificates, emblematic items, and tangible awards provide substantial non-monetary value MAKE IT AN EVENT Whether local, national, or virtual, look for opportunities to publicly recognize contributors
  17. 17. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 05 REWARD & RECOGNITION PROCESS • The final step, and arguably the most critical, is the point at which awards are achieved or recognition is given. • If the award is not tied back to the overall goals and objectives of the program and the winner doesn’t make that connection – your efforts will have been wasted RECOGNITION PURL Recognition PURL is a patented, social way to recognize top reps, dealers and team members for their milestones and achievements. REDEEM FOR AWARD SEND THANK YOU EMAIL SHARE ON SOCIAL MEDIA VIEW CONTRIBUTORS COMMENTS, PHOTOS, VIDEOS
  18. 18. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States 05 REWARD & RECOGNITION PROCESS • The final step, and arguably the most critical, is the point at which awards are achieved or recognition is given. • If the award is not tied back to the overall goals and objectives of the program and the winner doesn’t make that connection – your efforts will have been wasted REWARD IDEAS GROUP TRAVEL (Most Prevalent) • High profile destination • Frequently includes spouse or guest • Cash for Misc. expense RECOGNITION COMPONENT (TANGIBLE) • Publicly recognize top performers, including symbolic awards TEAM-BUILDING COMPONENT • Event within event VALUE TIERING AT EVENT • Based on business role (direct Vs. support) • Master agenda with sub-agendas based on role • Upgraded accommodations • Separate events (Example: Distribution Partners)
  19. 19. BIWORLDWIDE.COM | Australia | Canada | China | India | Latin America | United Kingdom | United States BEHAVIOR CHANGE CAMPAIGN DESIGN IDIOSYNCRATIC FIT DETERMINISTIC/ PROBABALISTIC CHOICE ARCHITECTURE RELATIVITY BIAS AVAILABILITY BIAS SPOTLIGHT EFFECT HEDONIC MOTIVATION VIVIDNESS SAY-DO GAP ILLUSIONARY GOAL PROGRESS & GOAL GRADIENT THEORY REWARDSENGAGEMENT STRATEGY NEXT STEP: APPLIED BEHAVIORAL ECONOMICS Research in the area of behavioral economics can add a dimension to your President’s Club program design, your engagement strategy, and making your reward stand out.
  • IrisMo2

    Sep. 19, 2016

The 5 secrets to creating a High Achievers program for your sales people or dealers. How many of these are you doing? www.biworldwide.com.au

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