While the nature of your sales channel and budget will be the biggest factors in your decision as to what rewards to offer, there are several things to remember when choosing your rewards:
o Know your audience – Age, gender and channel demographics will play a role in reward selection.
o Don’t cheap-out – Salespeople are smart. . .they know when a rewards budget is too low; rewards should be commensurate with the performance.
o Understand perceived value – Include items such as large plasma HDTVs, luxury individual travel and laptop computers which will give your program a positive glow.
o More isn’t always better – Sometimes a focused group of 15-20 high perceived value rewards is better than 200 lower value awards.
o Mix it up - To keep your salespeople’s interest, change the rewards offering every few years, though be sure to keep the budget consistent.
It is not a cliché to note that there are more reward choices available today then ever before. One of the reasons is that new web-based technologies have dramatically expanded the award categories available for incentive programs, adding new levels of personal travel and experiential rewards. Another is that new and different retail products manufacturers have jumped into the incentive products business to expand their sales. So more then ever, the range of electronics, optics, timepieces, jewelry, computers, and lifestyle merchandise is broadly expansive. Next time we'll take a look at major reward categories.
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