The key to any good incentive isn’t what it costs, but how it impacts performance. With that in mind, here are three incentives that boost motivation without breaking the budget:

1. Hold success story meetings: Once a month, hold a meeting where you go around the room and have each person share a “war story” with the rest of the team. Not only do reps earn positive recognition from their peers, they’re also bound to explain how they overcame some of the biggest obstacles in sales — an exercise everyone can benefit from.
2. Send a weekly recognition e-mail: Some managers make it a point to start each Monday by sending a group e-mail that acknowledges little things each rep did that contributed to the team’s success during the previous week. It gets everyone in a positive frame of mind, reinforces positive behavior and encourages people to do the little things that help everyone succeed.
3. Crown a King or Queen: Dub the person who closes the most new business each week the King or Queen of Sales. Have a faux crown and a scepter that’s passed from one “King” to the next during a weekly ceremony. It encourages competition, and you can even take pics of past winners wearing the crown. Then post the photos on your “castle wall” along with past “royalty.”

What low-cost/no-cost incentives have worked at your company? Share them in the Comments Box below.

Info: “Low-Cost Ways to Motivate Employees,” by Suzanne Bates, Sales and Marketing Management Magazine

Tags: incentives, motivation, rewards, sales