Define trade contest incentives â€“ Survey the retailers or salesperson to find out what they want. Find out which incentives are more attractive for them and why? For example, retailers may want to receive merchandise gifts or take trips and special privileges instead of a cash bonus. In the image, it can be seen that the incentives and motivation together deliver better results. They find out what kind of incentives retailers want, which is an important aspect of an effective trade contest.
Decide the trade contest value such as new product or service launch or increased profit. Use the sale promotion trade contest method to set standards for the company. For example, in addition to the get maximum sales, a company can include goals and strategies to improve company image, recognizing performer excellence.
Discuss the trading contest with relevant teams before introducing it to retailers; use every internal and external means to promote it well to be aware of the contest. Then review the entire trade contest before it is launched. Ensure that each retailer or salesperson benefits to motivate them to be involved because the above image showed the desired incentives, and the motivation to be involved brings result and productivity.
An example of a company using trade contests to increase their sales is Norwegian cruise lines; they use trade contests to increase their bookings.
These contests may involve cash payments directly sent to the retailer’s salesperson to encourage them to sell more and achieve a certain target. This cash payment is known as spiffs (Sales Performance Incentives Funds) or pm (push money). Therefore, spiff is a short-term incentive used for a set time to drive more sales. The manufacturer can use prizes, loyalty points, dollar rewards, but they all aimed at one thing, which is driving more sales. In todayâ€™s competitive environment, retailers have many options as to which manufacturer products to sell in a competitive situation. Therefore, to deal with that, many manufacturers use spiff to influence retailerâ€™s salesperson behavior so that they can promote their products over the competitor’s product. For example, a mobile manufacturer may pay a $10 spiff to retails sales personal for selling a certain model within a certain time. The above image shows the sales of that mobile company, so from the graph, one can notice that using spiff money the sales of the mobile company are increasing within a short period. In addition, in trade contest sales, people can win valuable merchandise or trips for meeting certain targets established by the manufacturer.
Problems with Trade Contest
The problem with sales promotion trade contests is that there is no guarantee of the efforts that a retailer or salesperson has put in to increase the product sales or achieving certain targets set by a person. Because of possible conflict of interest, some organizations do not allow trade contests. There are two possible scenarios. The first scenario is that after announcing this contest, retail sales personal gives 100 % effort and actively promote an individual’s product but cannot achieve the desired target to win the trading contest. Then, the retailer feels disappointed in selling their product; they might think the product does not sell.
The second scenario is that another retailer achieved the target se by an individual easily; the retailer might stop pushing the individual’s product further as soon as a set target is achieved. Therefore, setting a selling target under the sale promotion trade contest method requires research studies and expert advice, and tracking actual implementation on a ground level is hard.
Manufacturer holds trade contest to drive more sales by providing incentives to the retailer who successfully managed to get maximum numbers of sales. It is a technique used in a trade sales promotion.
Trade contest is built with the help of proper expert guidance such as deciding on incentive and trade contest value to get maximum result and ensuring the fairness of the contest.
Sale Performance Incentive Funds (SPIFFS) are short-term incentives used to increase sales for a short period.
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