A Little Motivation Goes a Long Way

 Incentive programs yield measurable sales results

Have you ever noticed that children are more likely to remember to put the clean laundry away or cut the grass when such chores are tied to an allowance? It’s human nature: even the hardest working person will step it up a bit if there is an additional reward to be had. And if people have to compete for that something extra, the results can be downright inspiring.

That is why sales incentive programs* have a long and lucrative history with credit unions. If it’s been awhile since your organization challenged staff with a little friendly competition—or if you’ve never tried this fun, team-building approach to increasing fee income product sales—here are some tips for implementing a sales incentive program that yields measureable dividends.

• Make it relevant. Many successful sales incentive programs reflect familiar touchstones borrowed from pop culture. The reason? Such programs are relatively easy to design because they employ iconic images and themes—easily relatable ideas that will strike a chord with lending professionals from a variety of backgrounds. For example, financial institutions have based successful contests on long-running blockbuster television shows like American Idol and Survivor. Others have tied in contests with happenings like the 2012 Summer Olympic Games to capitalize on the built-in excitement of a global event in real time.

• Involve employees from the start. Staff members will be more receptive if they feel invested in the process. Why not have a pre-contest to let participants choose the theme of the sales incentive program, or, if your program is structured in teams (a highly effective tactic, by the way) their team names?

• Gear prizes to your financial institution’s culture. Put some thought into the kinds of rewards that will inspire your employees. Are activities like NASCAR a big deal in your area, or are your lending professionals more likely to want to spend an elegant evening at the swankiest restaurant in town? Of course, one size rarely fits all, so consider an array of enticing prizes. (And never overlook the power of cash or gift cards to popular retailers or eateries.)

• Keep it on the front burner. From the time you announce your incentive contest (with a kick-off meeting, colorful posters and the like) until after you name the winners, there should be an air of excitement in the branches. Track and announce results on a regular basis to keep motivation high, and plan a party for the last day.

• Seek support. Why reinvent the wheel? It is likely that your fee income product provider has already provided support for incentive programs in terms of coming up with themes, posters, training and more. Find out what’s available and don’t feel that you have to do all the work to customize a program to the unique culture of your organization. Your provider may even lend an employee to act as an emcee or help you with the initial kick-off.