There are many different types of insurance agents all of whom need different types of sales incentive plans. Far from being an expendable luxury, sales incentives, when implemented effectively, can play a big role in building your customer base and retaining top-notch sales professionals.
Perhaps you have already offered some form of sales incentive to your team, maybe in the form of bonuses, time off, gift cards, or just plain money. It’s possible that even when offering those rewards you saw little improvement or increased motivation from your team.
One strategy than may help improve results is to break down rewards from time to time and changeup the rewards. Individual cash goals may be great for motivating some of your sales-oriented individuals. However, to fire up the team and bring everyone together, try offering a team goal once certain milestones have been reached. Going back and forth between these two types of goal can help to keep your team motivated and build cohesiveness while rewarding individual performance efforts.
Lastly, offering sales incentives with higher rewards that are tied to your employees’ yearly performance reviews is a great idea. This will give people who more plan-oriented a way to set themselves up for the full year. The chances are good that they’ll end up creating their own monthly goals to ensure that they reach the annual review goal. The rewards for this type of goal should be a bit higher than the other rewards in your plan. If possible, it can be effective to tie a new job title or raise to this goal.
