Vested Interest
The incentive business is booming. One would think the promise of cash is generally incentive enough for competitive salespeople to cross quota finish lines each year. However, businesses invest approximately $1 trillion per year in sales teams, reported the Forum for People Performance Management and Measurement’s white paper: “Making the Case for Sales Incentives to the Tune of 10% ROI.” Incredibly, sales incentive industry research indicates motivational programs such as gifts and trips are more effective than monetary rewards when it comes to companies seeing returns on their collective trillion-dollar investment. In fact, a 2005 study by the Incentive Federation titled “A Study Among Current Users of Merchandise and Travel Items for Motivation / Incentive Applications” found four out of five participants named “travel awards and merchandise” as more memorable than cold, hard cash. Seventy-four percent of those surveyed noted the relative ease with which they were able to generate excitement around a program offering travel versus trying to hustle sales teams with dollars.
- Companies:
- American Solutions for Business
- Proforma