Sales incentive programs bring the sales team together to work toward a common goal. They also come in all many different shapes and sizes: from quota-based monetary bonuses to top performer gift card giveaways, vouchers and everything in-between. However, while cash might be king, straightforward, as they are designed to reward certain behavior, a purely monetary incentive program may not always be the best at driving the results you are looking for.
“I usually try to avoid purely monetary prizes. To understand why, let’s suppose you give the winner of your first sales contest a $500 check. They deposit the check, maybe buys a nice dinner or a new shirt — but the glow of winning fades relatively quickly.” ~ Dan Tyre, HubSpot
Cash Rewards is the tradition of all commissions and compensations, on the other hand, the non-monetary incentive approaches allow for more creativity in the incentive process, such as event tickets, karaoke night, weekend getaway, a spa day or free learning courses of choice. This might be more effective and worth more than its cost than the traditional cash incentives.
The non-monetary incentive approaches tend to increase motivation, team bonding, employee retention, make a long-lasting impression. Take all of the feelings associated with winning a sales competition and the “where did you get that” intrigue and turning it into something you can wear.
Enter the Corporate Championship Ring
Every sports fan will tell you that owning a championship ring is the ultimate bragging right. All eyes are on the ultimate prize: the championship ring. It’s a symbol of victory, pride, and the physical manifestation of the ultimate achievement.
Vladimir Putin even had to keep one for himself (allegedly) when Robert Kraft, the owner of the New England Patriots, visited the Kremlin for business in 2005.
Corporate vs Sports
The sales world and the sports world share a lot of similarities: both being highly competitive with high stakes involved. It is no mystery that the same psychological drivers that keep professional athletes going would work to incentivize salespeople. So why don’t we use the same rewards to recognize them?
However, with advancements in 3D modeling software and 3D printing, rings can be designed and produced (using non-precious stones and metals) for only a fraction of the cost.
Companies such as Aflac, DELL, Spirit Halloween, Sprint, and CAPCOM have already implemented ring incentive programs within their organizations and have reported seeing successful outcomes as a result.
Looking for more information on how to design a successful Ring Incentive Program? Continue reading here or fill out the ring design questionnaire and describe what you’re looking for.
Has your organization ever used rings as incentives to drive better results? How did it turn out? Have you found particular success with another incentive strategy? Leave your comments below to keep the conversation going.