Sales Incentive Program
A leading pharmaceutical company was challenged with creating a sales incentive program that would drive sales of new products while continuing to increase sales of existing products. With a diverse demographic mix of employees located in various regions throughout the country, the program needed broad appeal that would improve overall performance and create a consistent approach to educating and rewarding sales representatives. Various divisions had their own incentive programs, with different platforms, rules and business goals, while others did not have any formal rewards program. The company wanted to offer a unified platform to motivate employees and show formal appreciation across the company.
The Rymax Solution
Rymax developed a cohesive sales program, integrating representatives company-wide, using a customized platform to mirror the company’s branding. Points for training were received based on test scores, and tests were completed through the online platform. Each sales representative received an e-certificate and a predetermined number of points after successfully completing the product training and test. Points were also awarded when sales representatives reached specific sales goals, with awarded points increasing with each incremental level reached. Tracking of orders was seamless, as sales representatives could upload their orders through the online rewards platform’s Enter Your Sales function. This feature allowed managers to easily track the status of each of their team members and keep the order submission process easy for sales representatives. Another feature in the program was the Sales Leader Board, visible to all participants and administrators, to keep competition up between sales representatives while in turn helping the company to sell more products.
Representatives were able to view, in-demand, brand name merchandise they had qualified to redeem based on reaching targeted goals through the platform. The reward selection featured high-end customized product bundles utilizing merchandise across several brands and categories. Sales representatives could redeem points immediately or save up for a reward of a higher value upon reaching their next sales milestone. The website’s rewards selection was refreshed daily, in real-time, with the latest products to keep representatives engaged in the program. Additionally, a Buy Up feature allowed program participants to match their points with dollars up to 100% of their existing balance to purchase a higher point-value reward during the redemption process.
At the end of the first year of the program, sales targets exceeded expectations. Overall, sales of new products increased by 38% while sales of existing products increased by 25%, a marked improvement over the previous year. The sales incentive program generated a 99% participation rate, which created a well-informed and more engaged sales team.
At the conclusion of each redemption experience, a poll was conducted among the participants. 92% of those polled agreed the new program had a positive impact on motivating them to reach their sales goals while 87% rated the overall program as excellent. Both the client and their employees were extremely satisfied with the new program, and Rymax continues to be the company’s incentive provider of choice.