Whether or not you celebrated Christmas in July, the real end-of-year holidays are coming up faster than you think. Even more importantly, you’re eating up your budget for incentive programs for sales teams every day. That’s why it’s important to start budgeting now for your Q4 plans.
Sales is never an easy job. And financial sales incentives are par for the course now. According to our Blackhawk Network (BHN) research, two-thirds of sales reps are motivated by financial rewards. You probably already have commission plans and a bonus structure, but at the end of the year, it’s worthwhile to add a little extra oomph to your incentive programs for sales teams.
Here are three reasons to consider carving out some budget now, so you can make sure that your teams are motivated and ready to take on Q4 with gusto.
READ MORE: Top Tips for Sending Holiday Rewards With BHN Rewards
Gartner research shows that nearly 90% of sales employees felt burned out in 2022. In BHN’s 2023 survey, a quarter of both reps and leaders cited the performance-driven nature of sales jobs — and the resulting high-pressure situations and burnout — as their biggest challenge.
That means it’s worth taking any opportunity to recognize your salespeople for the difficult job they have to do every day. Less burnout means better retention, and retaining employees costs a lot less than recruiting, hiring, and training new ones, especially when it comes to sales. The last thing you need is to go into the new year having to spend time to onboard new reps. Show your current employees that you value their hard work — and give them more reason to stay — by boosting your incentive programs for sales teams.
In many industries, sales is the busiest department as the holidays approach. Not only are many other teams winding down and looking forward to some time off, it’s prime time for family and holiday distractions outside of work. Meanwhile, the pressure only grows for sales reps trying to hit quotas and close deals before the end of the year.
Motivate sales reps to finish the year strong with seasonal contests or additional rewards during Q4. If you need some inspiration to make it more fun, check out these sales incentive contest ideas for that final push.
If December is your sales teams’ busy time, then January and February are probably where they try to take it easy. But in today’s competitive business world, it’s key to start the next year off strong to keep your revenue and growth on track. According to our BHN research, 71% of employees say end-of-year recognition helps motivate and energize them for the new year. (Which, by the way, is why you should complement incentive programs for sales teams with company-wide employee appreciation gifts at the holidays.)
Holiday rewards are an effective way to boost end-of-year revenue and retention, even beyond incentive programs for sales teams. Download our step-by-step guide on launching a holiday gifting campaign for prospects and customers.
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
