ShivaniWe know that today’s market is highly competitive, and the sales team has a significant role in increasing the firm’s revenue. Therefore, it is good to design your sales incentive programs and reward the ones with the highest sales. Rewards would motivate the rep to achieve the goal more efficiently.
Hence, Sweepstakes and Sales contests can be a great way to engage your sales representatives. Apart from rewarding sales and revenue, it rewards many different types of actions which are in sync with your organization’s KPI, i.e. Key Performance Indicators.
It will not only build the confidence of your sales reps but also allow them to assess their impact on the game’s output. Also, an easy way to track these promotions is by using a referral platform.
In this blog, we shall bring you some of the best through which you can engage your sales representatives easily.
Best Referral Contest Ideas to Acquire More Customers
1. RAFFLE
An exciting way to provide incentives to your reps is by achieving short-term goals while being able to win a larger prize.
Raffle tickets are provided to sales representatives when they fulfil a specific target, and the prize is usually drawn once the long-term sales period has passed.
To hold a good raffle, every participant needs to have a measurable and achievable goal. It would allow them to get a raffle.
2. REFERRAL DRIVE SALES CONTEST
Referral Drive Contest is one of the best referral contest ideas for Customer Success and Account Management teams.
Referrals are considered to be the best among all the sales opportunities. The contest ensures your reps are nicely incentivized to take care of your current customers.
The referrals are set according to the metric of choice and hence offer a significant incentive to the winner.
You require robust referral tracking software for this contest.
3. QUALIFIED LEADS SALES CONTEST
A creative way to engage your reps and increase sales is by working on critical metrics like Sales Qualified Leads. This method is most effective for Sales Development Teams.
For this method to work, you must choose a week or month when you wish to run the contest. Create a special monetary incentive for the rep. Track the Leads created by every sales rep. The catch is that Sales Qualified Leads made at the end of the time frame win.
However, for this strategy to work, you require excellent Customer Relationship Management.
4. SALES PERSON OF THE MONTH
It is one of the oldest and most effective referral contest ideas to engage your sales rep and motivate them. The winner is usually one sales rep with the maximum number of sales. This one is a classic and is often run as one. The winner is generally the sales rep with the most revenue in sales.
However, you must get creative with this contest and plan something unique.
You may plan something like the salesperson with the most reviews, most helpful rep, most individual sales, etc. Whichever way you plan it, the winning sales rep will be rewarded and motivated to serve better.
You can have a wall that displays the winning employee/ salesperson for the entire month.
5. BIGGEST DEAL CONTEST
This sales contest is best for enterprise sales teams. Whenever you are looking for a Huge deal, it is the best way to incentivize your reps for the same with a sales contest like this. Your contest may focus on winning a vast sales deal in terms of revenue.
You can attach a significant financial incentive for the sales rep to motivate them to achieve the goal. You may use a leaderboard to track the results.
6. CUSTOMER REVIEW CONTEST
Another interesting referral contest idea is a customer review contest. This contest would require front-end work wherein the sales rep has to obtain a review from the customers- whether good or bad.
The best way to run this contest is by conducting a customer survey.
7. CUSTOMER v/s CUSTOMER SALES CONTEST
This contest is best for Segmented Sales Teams. It can be another way to boost teamwork and sales together. The best way to do a task is when you do it as a team.
All you have to do is to make two teams and put them against one another. Put them on a given sales metric and offer the winning team an exciting incentive.
It is always better to divide the teams with an even number of participants on both sides to have a fair contest.
8. WINNER’s CHOICE
As the name suggests, A winner’s choice contest is wherein the winner gets to decide the prize for either themselves or the next month’s winner. The management can set limits and boundations beforehand.
The best part about this contest is that reps will be less complacent regarding the prize or incentive they received because they got a chance to choose it.
9. OFFICE v/s OFFICE SALES CONTEST
This contest will be best suited when you have multiple sales offices and sales teams. The offices compete on a given metric, and the one with the maximum sales and revenue gets cool rewards.
You can create a digital leaderboard to check the progress of the sales contest.
It would help if you had an excellent metric and reliable tracking system.
10. TIME REWARD SALES CONTEST
Your sales reps often hold off on making specific deals, keeping them ready for the next month. Therefore you can start an exciting time reward sales contest and use it near the end of a sales cycle. It can be a fun and highly motivating sales contest wherein you can offer impressive rewards.
The rewards may include leaving early on a particular day, arriving late on a low volume day, or Paid Time off day.
CONCLUSION
The best way to get everyone excited about your sales contest is to ensure that no one is favoured or has the upper hand from the beginning. Consistently implement rules of chance and measurement of activity in each sales contest to have a fair competition.
For getting more help on referral sales contests, you can visit InviteReferrals.
Also, let us know about the best sales contest ideas and incentives you have seen in your workplace.
