Selling your products through agents or reps is a great way to multiply the strength of your sales team. But it also comes with a unique set of challenges.
How do you keep them focused on your
brand vs your competition? How do you develop deep product knowledge? How do you communicate priorities and selling strategies across the network?
Beyond standard compensation and commissions, sales incentives can be designed to drive desired actions and boost sales of specific products. Here are five areas to consider when implementing an agent reward program.
1) Get a Fast Start.
When a new agent signs on, you want to get them selling quickly. For example, insurance companies often looks at the first 30 days as critical for agents to start uploading policies. So offer a quick-start incentive to get them excited, such as a small bonus on every sale in the first month.
2) Make it Memorable.
Cash is the go-to reward for most sales contests. It’s easy, but it doesn’t build loyalty. Consider a travel reward (most effective at $500 and above) – the memories of that trip will last much longer than cash, and will always be associated with your brand.
3) Keep it Interesting.
Don’t roll out the same old program every quarter. Mix up the focus and the rules – from a “beat your best” threshold program, to a region vs. region contest, to a points-per-sale campaign. Or use gamification to generate excitement, with a Spin & Win
4) Learn & Earn.
A series of monthly quizzes to test their product knowledge can give the reps a reason to read up on your features and benefits. If you’re using a points platform, give them enough points for a small gift card when they get 100%, with a bonus after 6 months if they’ve completed every quiz.
5) Push your Priority.
A new product launch or a high margin category are great candidates for a focused campaign. Give extra credit for a specific product family, or a kicker for profitable sales.
While all of these can be managed ad-hoc, the use of a dedicated platform for sales incentives can reinforce the brand image, create an ongoing relationship between the sales rep and your products, and make administration of the programs much simpler.
Find out more about Agent Rewards
, a sales incentive platform specifically configured to motivate independent sales agents and reps.
Or for travel-only rewards, take a look at Great Escapes
, an alternative to travel vouchers which allows recipients to spend their credits on thousands of hotels, flights and vacation packages.