How to incentivise your Sales Team on a budget

It goes without saying that individuals are the most valuable resource of any organisation. With an economy that can feel like a roller coaster ride, it is more critical than ever to have a motivated workforce. When an employee is more productive, they become more profitable. A less productive employee becomes less profitable, read our research paper that outlines the financial impact of productivity, ‘The Productivity Puzzle’. With a tight budget, motivating employees can feel daunting. A company-wide raise might not be a viable option. Managers need to find other options for motivating the team. The good news is, employees are motivated by more than just cash. Continue reading to discover some great sales incentives for companies on a tight budget.

Hold special events at the office

Create an employee committee for the sole purpose of setting up fun workplace events a few times a year--with a set budget of course. We've all heard of Casual Friday, that day is not as exciting as it used to be. So, why not have special events such as Mardi Gras Day, Bring Your Pet to Work Day or Fiesta Day? If it is a themed food day, you might cut costs by making it a potluck. So, if you hold a "Fiesta Day," your committee might ask people to bring a dish resonant of cooking styles present in Central or South America. These days should be held on a Friday, since they tend to be the slowest working day. As a result, employees are more excited and motivated to get work done in order to enjoy the festivities.

Have a quota achievement party

When a sales team meets a goal, they will be happy to receive some type of recognition. A party does not have to be expensive to be enjoyable. Pizza is always an inexpensive option, so are catered sandwiches and cookies from your favorite sandwich shop. The fact is, your team gets free food, recognition and some opportunity for socialisation.

Use social media

One of your sales reps worked tirelessly, getting the most out of their CRM system and overachieving their sales quota. Or, perhaps they closed a large deal your company desperately wanted. What's a free way to recognise that employee for a job well done? Through a social media mention. With their permission, you might even include their photo and details of their accomplishment. Your social media followers see this recognition and might be more apt to contact this stellar employee. Other employees will notice the recognition and may work harder to receive the same praise.

Offer paid days off

Technically, this doesn't involve spending any additional funds. Make sure your employees understand this is an option for specific types of behaviors. Also make sure that the recipient schedules the days off so that deadlines and meetings aren't missed. Coworkers won't mind sharing the work if it means they can win a paid day off in the future, as well.

Provide exposure

When an employee performs exceptionally well, you might offer them exposure to C-level executives at your company. You might give a top performer a mentor. On the other hand, you can let that employee lead a sales meeting or plan the day for the team. You might not be able to afford a significant salary increase, but this type of reward will be appreciated because it can help boost their career.

Keep it individualised

Remember that a team is composed of unique parts. While each employee is a member of the same team, they are all individuals with different needs and wants. Sometimes, it just helps to ask what each team member really values. One might prefer a day off, while another would like to receive career mentoring, and another would enjoy a plaque to hang. Understanding what each of your team wants, goes a long way in terms of sales incentives on a tight budget. Your employees will also feel more valued, leading to increased motivation and productivity.

As you can see, sales incentives don't have to cost an arm and a leg. With some planning and creativity, you can go a long way towards offering great sales incentives on a tight budget.