Whether it's selling cars, software, consumer electronics or any other products/services there's one universal question all businesses are trying to solve: how do you best incent your sales reps to sign more deals?
The answer lies is in choosing the right sales reward. Research has shown non-cash incentives (such as merchandise, travel rewards and experiences) aren't as effective as cash-equivalents or prepaid cards.
Organizations using prepaid cards for channel incentive and SPIFF programs want to:
- Streamline their rewards system into one online platform that provides rich analytics on cards issued, value loads, spend data and more
- Eliminate the time and costs associated with purchasing non-cash incentives or issuing cheques
- Provide a practical reward that sales reps actually want. There's nothing better than a cash-equivalent reward that can be spent anytime at any online or retail store that accepts credit card payments
- Integrate branding into their channel incentive rewards. Include a company logo and custom design on the prepaid cards so sales reps are reminded of who's rewarding them every time they use their card
LG Electronics Uses Prepaid To Make Their Smartphone Sales Shine
LG was looking for a way to boost sales of their smartphones at Telus retail locations. They launched the "Born to Shine" program and used reloadable prepaid Visa cards to reward channel sales reps across Canada. LG branded the cards with their logo and custom design, ensuring sales reps were reminded who was rewarding them for their hard work.
Using Berkeley's online card ordering platform Conductor, sales reps' prepaid Visa cards were easily loaded with funds each time they met a sales target. Reps could compare their progress to their colleagues across Canada with an online internal incentive platform, which also included additional information on LG products they could use while selling product.
The "Born to Shine" program was so successful that inventory of other smartphone brands skyrocketed. LG is just one example of organizations recognizing the powerful value of prepaid cards to provide maximum motivation for channel incentives and SPIFF programs.