You have two options:
1. Inform your team that anyone not meeting quota will be under review (Punishing them may not be the best answer).
2. Establish a 90 day incentive plan to reward those for performing above and beyond - followed by the implementation of a year round Sales Incentive Program to avoid being in the same situation next year.
Do Incentives Work?
When looking at an employee incentive, motivation or engagement program, the question on everyone's mind is, "Is this really going to work?"
Studies have shown that sales incentive programs correlate with an increase in productivity and an impact on organizations' bottom lines. Not to mention "side effects" such as lowered absenteeism, improved customer satisfaction, lower turnover - and more.
We like the sound of those side effects.
How To Implement a Sales Incentive Program?
Building a program that will reward specific behaviors (such as an increase in converted sales, selling off old inventory, or challenges to set meetings) will serve to reinforce the goal of fulfilling sales quotas or reaching milestones. Additionally, sales programs that use elements of gamification will ensure that members of your sales team are excited to participate in the program.
First, determine the specific behavior or outcome you want to achieve and communicate them clearly and often to the group - there should never be misaligned expectations.
Then, set the path to success in a way that everyone can achieve the goal with dedication and tenacity. Publish the leaderboards along the way, congratulate the employees as they reach milestones along the journey, and appreciate them in the way that best resonates with them.
Finally, make the rewards personal. Trinkets and prank gifts are a thing of the past. To get the best results possible, the rewards have to be something they actually want. E2 recommends a reloadable Digital Debit Card on a company branded rewards platform as an easy solution to this – participants are able to redeem for anything they want, any time - the power of choice!
Also, don’t forget that the best sales incentive programs are run in tandem with a great employee engagement plan. This creates a working environment across all departments that focuses on communication, participation, fairness, goals and unique rewards and recognition.