Motivating Sales Reps: Compensation, Encouragement and Advancement
Inside Sales can be difficult. Finding top good employees can sometimes be even harder which is why when you do find an excellent sales rep you want to hold on to them. But how do you do that? We have a few suggestions.
The majority of sales reps are paid a base salary with an added commission, but that’s not all we want to look at. We’ve identified three things here at XANT that contributes to motivating sales reps and we want to share three of them with you.
How you compensate these inside sales reps, especially if you are using a specialist model, can be done in different ways, but this is how we do it at XANT:
Lead Generations Reps:
1. Receive base salary
2. Receive an effort bonus (20% of base salary)
3. A lead bonus
4. A revenue share
For Closer Inside Sales Reps:
1. Receive base salary
2. Base commission
3. Depending on level above quota
Different companies do it their own way. Whatever you decide to do, you need to look to see if you are providing enough of an incentive to keep the sales reps from becoming uninterested or demotivated. One thing to keep in mind is that pay itself doesn’t solely drive sales reps to succeed. But on the flip side, a lack of pay can be a demotivator. Make sure to not underpay employees as this can lead to a decrease in production.
Money isn’t the only way to motivate inside sales reps. Promotions work, too! Promoting within your company allows ambitious sales reps to advance in the company. If your company is growing a lot, you can create new positions and fill them with the people who are qualified around you. Young, expanding companies can attract these ambitious individuals who will be less likely to leave you when the possibility of advancement is given to them.
Let your sales reps know what they are doing right and the successes they bring to the company. Words of encouragement go a long way with people and shouldn’t be underestimated. Feeling wanted and valued increases loyalty and happiness in employees. Practice rooting them on and acknowledge deals that they get and watch what happens. These techniques of encouragement and motivation are discussed in more detail in a sales motivation eBook written by Charles Coonradt and myself.
What is something that works at keeping your own sales reps motivated, happy and committed to their work and your company?
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- Xant Team