Incentive Plan Improves Meeting Rates and Sales Close Ratio
A telecommunications company needed qualified, high-probability leads their sales team could farm. They sought an innovative incentive plan that would engage potential customers, excite the sales staff and meet their goals of:
- Achieving a 6-8% meeting rate
- Improving their current close rate
- Providing an efficient online redemption process
- Increasing sales personnel excitement and engagement
The company leadership, in partnership with Inspirus, developed a tiered reward program to help them achieve their desired goals. The company launched a new campaign that ran for eight weeks and targeted 2,283 business prospects in buildings that were already “wired” with their fiber optics.
The telecommunications firm’s Customer Acquisition Program encompassed an online awards solution that gave gifts to prospects for exhibiting identified key behaviors and actions:
- Thank You for Meeting With Us – Sales prospects received an award code via an email worth $100 in reward points if they met with a sales representative.
- Thank You for Your Business – Sales prospects received a $400 award code via an email for committing to do business with the company. After a contract was signed, the award codes were redeemable for an online gift.
The award codes could be redeemed separately ($100 and $400), combined and redeemed for a gift worth $500, including an Apple iPad, or redeemed for a charitable donation to the American Red Cross. The campaign was promoted with a direct-mail introduction, personalized follow-up emails and direct phone calls.
The incentive program exceeded its goals, with a 10% meeting rate, closing 22% of the time. It generated new monthly recurring revenue (MRR) of $120,787 and added $3.65 million to their top-line revenue. It was so successful, the sales team requested the campaign be repeated.