In the world of retail — sales are the most crucial element of the operation. When sales are low, the company as a whole will suffer. For this reason, you need to have a motivated team of professionals who will work hard to maintain and drive sales up. A sales incentive program is a great way to foster this motivation. Learn some development tips you could apply to implement a sales incentive program for your retail business.
Every sales-based business has a financial goal that they must meet to keep their business in operation. Before starting any action towards implementing an incentive program, you need first to determine what this bottom line is and establish quotas based on the information.
The quotas will serve as the hardline expectation that each person on your retail sales team needs to achieve. You can use the figure as a starting point from which you develop your program. Keep in mind, you may need to adjust the goals as your sales figures also change.
Think of All the Options
Employees want to be rewarded for their hard work. However, there is no particular way in which the reward must be passed down. If you operate a small company, you might want to look inward for your incentives. For example, you could offer comp time or a gift card for a preset amount of merchandise from your retail space.
If you operate a larger company, a paid trip is another excellent option. For example, any team member who meets the top tier sales goal for the year wins an all-expense paid cruise. To ensure you don't dip into the profits you've made from the sales boost, choose incentives based on your budget.
Learn Your Team
Make sure you have a clear understanding of your team. Knowledge of your employees is essential because what motivates one person might have the opposite effect for the next person. Take the time to learn the areas in which your employees struggle to make sales. For example, does the team struggle to make closing time sales at the register?
If so, it would make more sense to tailor the incentive program around these sales. The goal of an incentive program is to drive sales up, so you want to start your focus on the areas where there are struggles.
Sales incentive programs are excellent ways to motivate your team members into action. Keep in mind that there is no right or wrong plan; do what's best for your business.