how to modernise automotive sales incentives

HOW TO MODERNISE AUTOMOTIVE SALES INCENTIVES

SALES INCENTIVESMOVING BEYOND CARROT AND STICK

TRADITIONAL INCENTIVES ALONE ARE NO LONGER APPROPRIATE

The measurement of success in sales is now multifaceted, reflecting the overall outcome for the customer, not just whether an immediate sale was made or not.

Sourcing the right product/service for the customer is essential (moving away from a ‘hard sell’ to a ‘consultative sell’)

New generation performance incentives are needed.

SALES INCENTIVESMOVING BEYOND CARROT AND STICK

RE-FOCUS ON RECOGNITION, NOT JUST REWARD

Regular recognition of achievements is a more powerful a motivator than cash.

Recognition is a key driver of retention.

Low value recognition alongside achievable incentives promote engagement.

Combine manager and peer recognition.

SALES INCENTIVESEDUCATION

IMPROVE FINANCIAL AND PRODUCT KNOWLEDGE

Use online educational modules and quizzes to improve knowledge.

Offer incentives for completion of online learning.

Engage employees usinggamification.

SALES INCENTIVESCUSTOMER EXPERIENCE

LINK RECOGNITION TO CUSTOMER FEEDBACK

Ensure customers receive the right advice on finance and insurance options.

Move away from a ‘quick sale’ attitude by assigning a reward value to customer feedback.

Use recognition linked to values that promote customer experience.

GO BEYOND SALES BASED REWARDS

Ensure full and accurate completion of CRM database.

Follow correct procedures for the financial education of customers.

Improve call rates and appointment setting.

Cross sell complimentary productsand services (when appropriate).

SALES INCENTIVESLEAD MANAGEMENT

SALES INCENTIVESLEAGUE TABLES

HEALTHY COMPETITION OR UNHEALTHY DISTRACTION?

Band performance leagues.

Use tactical campaigns to make rewards achievable to all.

Offer national and local leagues.

Consider ‘most improved’ rewards.

SALES INCENTIVESLEAGUE TABLES

CONSIDER EMPLOYEE PROFILES

Front line sales staff, consisting of:

• Under-achievers – where a high value year end rewards may seem unobtainable• Middle-tier – who represent the greatest potential return• High flyers – who already give 100% but will require additional stimulus to ensure momentum is maintained throughout the year

Dealer principles and managers – provide the reporting they need to drive team performance

After sales staff – link customer service and ‘going beyond expectation's measures

SALES INCENTIVESSEGMENTATION

SEGMENT REWARDS

Band rewards to make them achievable for all.

Inject regular impetus with tactical campaigns.

Regularly ‘level the playing field’ – allowthose not in top annual league positions to achieve a reward based on performanceover a short timeframe.

Rewards need to inspire small step changes.

SALES INCENTIVESSEGMENTATION

SEGMENT COMMUNICATIONS

Good communications give purpose.

Promoting high end rewards to middle and lower tier performers will likely de-motivate.

Link communications to values.

Be creative with graphics and bring the information to life.

Give sales people more reason to visit the incentive portal, over and above checking their league position.

SALES INCENTIVESMANAGER BUY-IN

BUILD STRONG RELATIONSHIPS

Equip managers with data in an easy to understand format.

Provide visual reports for easy comparison.

Offer a range of incentive tools to help managers motivate under-achievers.

Try to avoid encouraging pressurised sales tactics – support managers with toolkits and training.

SALES INCENTIVESTOP TIPS

TOP 5 TIPS WHEN REVIEWING YOUR INCENTIVE ACTIVITY

Incorporate recognition as well as reward.

Involve managers from the start.

Link recognition to corporate values.

Better educate dealer and manufacturer employees.

Reward employees based on more than just a sale.

123

4

5

2

1

FIND OUT MORE www.staffmotivationmatters.co.uk/sales-incentives/