It’s that time: Companies are bringing their teams together for sales kickoffs, or SKOs, to set goals, share selling themes, offer training, recognize top performers, and get reps excited for the new year. They’ll likely be waiting to hear about the sales incentives they can earn by hitting quotas and goals, but it’s also a great time to introduce a different use for sales incentives — for prospects and customers.
Giving sales reps the power (and a monthly budget!) to use digital rewards in certain circumstances can help them schedule more demos, close more deals, and keep customers happy. At your SKO, establish some guidelines for how and when rewards should be used, because you don’t want reps to be relying on them for every single call and every single deal. Train them to recognize these great opportunities to incorporate rewards.
READ MORE: 3 Sales Challenges You Can Solve With B2B Corporate Gifting
You obviously can’t offer sales incentives to all qualified prospects to schedule (and attend!) a demo call. Used sparingly, though, rewards help when there’s been an issue getting the contact to commit to or show up for a meeting. It also works well for a cold lead, someone who seemed to be interested but then went dark.
When a customer offers a referral, it’s a hot lead for any business. Research has shown the many benefits of referrals, starting with a higher conversion rate. That’s why reps should be prepared to offer sales incentives to customers who submit referrals, whether they refer a friend at a different company or a colleague in a different department who also has a need for your product or service. The latter may not lead to a new contract, but it could result in a much bigger spend from an existing customer.
On the account management side of the house, sales incentives can be a great way to delight your customers and strengthen the relationship. Your team members should have discretion over when to use these rewards, whether it’s appeasing a customer who had a bad experience, marking a milestone in their loyalty as a customer, requesting a case study, or simply showing how much you value their business.
Even when a rep has done everything right, sometimes a prospect just drags their feet on signing the contract. Maybe they need internal approval or legal review, or maybe they’re just not in a hurry. When that situation arises at the end of the month or quarter, it can be even more frustrating. Give them a little nudge with a deadline-based incentive to create a sense of urgency.
It’s typical for reps to send customer appreciation gifts to their most valued accounts during the end-of-year holidays, but why wait till December? Personalize the experience more by sending a digital gift for a holiday that’s relevant to each customer. For instance, if your client is a veterinarian’s office, send a gift for National Pet Day on April 11 or National Dog Day on Aug. 26. Work with an accounting firm? Help them celebrate the end of tax season in April with a fun gift card. Show your customers in education you care with a digital reward during Teacher Appreciation Week in May.
Now that your team knows how to use sales incentives in their deals, make sure they’re doing it in the most effective way possible! Read our blog on why it matters what email address the reward comes from.