 | Rewarding & Recognizing Top-Performing Sales People
Sales leaders and organizations that regularly meet and exceed revenue targets have mastered the art of motivating their sales representatives. Organizations that desire to recruit and retain top sales personnel can use the findings in this study to determine strategies and best practices for understanding and engaging top-performing sales personnel. This study was undertaken utilizing key benchmark metrics and executive insights to assess current trends and future directions of rewards and recognition programs targeting top-performing sales representatives.KEY TOPICS• Incentives for driving sales performance• Incentive program investment• Incentive program excellence• Planning successful communications• Measuring incentive program successKEY METRICS• Sales personnel turnover rates• Top-tier incentives provided• Top-tier incentive expenditures• Travel reward incentive values• Cash reward incentive values• Incentive values of points/vouchers and gifts/prizes• Second-tier incentive values• Second-tier incentive expenditures• Effectiveness of premium travel• Effectiveness of “other” travel incentives• Free time versus planned activities in incentive travel• Management interaction in incentive travel• Accompaniment for incentive travel• Alternatives to incentive travel• Effectiveness of case & voucher incentives• Duration to measure incentive program effectiveness• Frequency of incentive program communications• Modes of incentive program communications• Rewards and recognition program budgets• Rewards and recognition program staffingMETHODOLOGYThis research was based on benchmark survey data and executive interviews of more than fifty participants from pharmaceutical, biotechnology, financial services and other industries requiring high-performing sales personnel.INDUSTRIES PROFILEDHealth Care, Pharmaceutical, Diversified, Financial Services, Manufacturing, Telecommunications, Consumer Products, Insurance, Service, Professional Services, BiotechCOMPANIES PROFILEDAbbott, Wyeth Pharmaceuticals, W.L. Gore and Associates, Vanguard, UNISYS, Thomson Healthcare, Telus Corp., Telstra, Takeda Pharmaceuticals, Swift and Company, Smiths Medical, Schering-Plough, Ranbaxy, Pro-Pharma, PNC Financial Services, Oscient Pharmaceuticals, Orion Pharmaceuticals, Organon, Johnson & Johnson, Novartis, Nationwide Insurance, Merck, Marriott, Maritz, Lifetouch, Janssen Cilag Pharmaceutical, Roche, GlaxoSmithKline, Ethicon Endo-Surgery Inc., Eli Lilly and Company, Electrolux Kelvinator Limited, Eaton Corp, Dey, Crest Healthcare, Countrywide Financial, Cintas, Cargill, Boehringer Ingelheim, Biovail, AstraZeneca, American ExpressTable of ContentsRESEARCH OVERVIEW 3 Research Objective and Methodology 4 Study Background 5 Definitions and Segmentation 6 Benchmark Class 7 Participation Qualification 8 Sales Force Size 9 Sales Force Alignment 10 Unplanned Attrition (Turnover) 11KEY FINDINGS 12 Incentive Travel 13 Driving Sales Force Performance 14 Incentive Program Investment 15 Incentive Travel – Pharma Data 16 Planned Incentive Travel vs. Vouchers 17TOP TIER INCENTIVES 18 Top Tier Incentives – Overview 19 Top Tier Incentives – Total Value 20 Top Tier Incentives – Travel Rewards 21 Top Tier Incentives – Cash Rewards 22 Top Tier Incentives – Spend Points & Prizes 23SECOND TIER INCENTIVES 24 Second Tier Incentives – Overview 25 Second Tier Incentives – Total Value 26 Second Tier Incentives – Travel Rewards 27 Second Tier Incentives – Cash Rewards 28 Second Tier Incentives – Spend Points & Prizes 29INCENTIVE PROFILE: TRAVEL 30 Premium Travel Incentives 31 Other Travel Incentives 32 Incentive Travel Location 33 Allowing Reps to Choose Travel Destinations 34 Activity Breakdown 35 Planned Leisure Activities 36 Motivational Activities 37 Travel with Senior Leaders 38 Spotlight: Value of Interaction with Senior Leaders 39 Travel with Managers 40 Guests Invited to Travel Incentives 41 Alternatives to Travel 42 Spotlight: Premium Travel Tips 43INCENTIVE PROFILE: VOUCHERS AND CASH 44 Definition and Objective 45 Spotlight: Travel vs. Vouchers and Cash 46INCENTIVE EFFECTIVENESS 47 Incentive Types: Efficacy and Utilization 48 Rewards and Recognition Program Effectiveness 49 Spotlight: Avoid the Cash Trap 50 Incentive Measures 51 Spotlight: Reaping the Rewards of Successful Incentives 52INCENTIVE PROGRAM COMMUNICATION AND MESSAGING STRATEGIES 53 Communication Frequency 54 Communication Methods 55 Communication Budget Allocation 56 Communication Techniques 57 Communications Spotlight 58INVESTMENT IN INCENTIVE PROGRAMS 59 Incentive Investment Relative to Size 60 Staffing Levels for Incentive Programs 61LESSONS LEARNED 62 Incentive Programs Must Evolve 63 Program Transparency 64 One Size Does Not Fit All 65 Communicate, Communicate, Communicate 66ABOUT BEST PRACTICES, LLC 67Keywords: Rewarding, Recognizing, Sales People, Sales Leaders, Organizations, Revenue Targets, Motivating, Sales Representatives, Recruit, Retain, Sales Personnel, Strategies, Engaging, Recognition, Incentives, Driving Sales Performance, Incentive Program, Investment, Excellence, Communications, Success, Turnover Rates, Expenditures, Travel Reward, Cash Reward, Points, Vouchers, Gifts, Prizes, Top-Tier, Second-Tier, Premium Travel, Duration, Measure, Effectiveness, Frequency, Modes, Budgets, Staffing, Health Care, Pharmaceutical, Diversified, Financial Services, Manufacturing, Telecommunications, Consumer Products, Insurance, Service, Professional Services, Biotech, Abbott, Wyeth Pharmaceuticals, W.L. Gore and Associates, Vanguard, UNISYS, Thomson Healthcare, Telus Corp, Telstra, Takeda Pharmaceuticals, Swift and Company, Smiths Medical, Schering-Plough, Ranbaxy, Pro-Pharma, PNC Financial Services, Oscient Pharmaceuticals, Orion Pharmaceuticals, Organon, Johnson & Johnson, Novartis, Nationwide Insurance, Merck, Marriott, Maritz, Lifetouch, Janssen Cilag Pharmaceuticals, Roche, GlaxoSmithKline, Ethicon Endo-Surgery Inc, Eli Lilly and Company, Electrolux Kelvinator Limited, Eaton Corp, Dey, Crest Healthcare, Countrywide Financial, Cintas, Cargill, Boehringer Ingelheim, Biovail, AstraZeneca, American ExpressOctober 2008 Pages 66
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