Create a compensation model that will push your sales team in the right ways. Once the bar is set, encourage your teams to not only reach it, but also raise it.
The ever-changing, hyper-competitive wireless landscape means customers are looking to wireless carriers to provide the latest and greatest options—like Bring Your Own Device (BYOD) for example. To stay on top, innovative strategies that drive customers to your network, keep them coming back, and ultimately boost subscriber revenue are the order of the day.
One such strategy is offering value-added services—a simple way to show customers you value their business, and a great way to amplify average revenue per user (ARPU) as well. While this tactic may seem small-scale, it can quickly put a charge into your ARPU.
But value-adds are only as good as the people selling them. To get you started, we’ve pulled together top tips for motivating your sales team, and a few innovative value-adds to consider that are guaranteed to boost your ARPU numbers in no time.
Motivating Your Sales Team
Create a compensation model that will push your sales team in the right ways. Once the bar is set, encourage your teams to not only reach it, but also raise it.
Choose a structure – The best sales compensation model incorporates both push and pull mechanisms. A three-tiered commission structure that rewards your top performers and nudges your lower performers to up their game will usually do the trick.
Set proper goals – Decide on a base compensation for the product being sold that considers any relevant historical customer retention figures. If a high percentage of your sales reps are consistently plateauing on the middle tier, it’s time to increase team goals across the board.
Remember: less is more – Focus on three-to-five results-oriented goals to start. Otherwise, you’ll be giving your salesforce too many metrics to concentrate on, which can result in inconsistent performance across the board.
Adjust as needed – Some companies build out three tiers in their sales compensation model, while some build out five. As long as you have a tiered structure in place and they are adjusted as company-wide performance improves, you can’t go wrong.
Turn it up a notch – Incentivize your sales team with a little fun through sales contests, gamification, a leaderboard, and so on. And don’t forget to tap into the creative resources already at your disposal—your team, your partners, and your vendors—to see what new ideas you can come up with for boosting sales and increasing customer loyalty. Find ways to challenge your team’s performance and it will lead to increased success.
Motivating Your Customers
With a strong, innovative sales team in place, you’re ready to bump your value-add game up a notch. Always be on the lookout for the next value-add you can offer customers to strengthen your relationship.
Offer the latest in IoT – The Internet of Things is a trend that’s here to stay, with Gartner pointing to 8.4 billion connected “things” used in 2017 alone. Keep an eye on the latest IoT-connected devices you could be offering your customers, and promote packages that support IoT connections.
OTT TV – Over-the-top television—or the delivery of video content over the Internet with a traditional cable or satellite TV service—is another growing consumer trend that many carriers have yet to take full advantage of. With OTT TV revenues projected to exceed $1 billion in 14 countries by 2022, partnering with a third-party OTT TV provider or launching your own service can provide your customers with an exciting new add-on.
Added protection – By offering your customers valuable warranty protection plans, you’ll have yet another opportunity to drive revenue. Partnering with a third-party warranty provider that caters to you and your customers’ specific needs is a great way to give customers peace of mind about their devices—while growing your bottom line at the same time.
A strong sales team that provides customers with the best value-added offerings on the market is a winning combination. With the right strategy in place to motivate your team and innovative products and services in your arsenal, you’ll be sure to surpass your ARPU goals.
About Jon Mikow
Jon Mikow is Vice President of Wireless at Fortegra Financial Corporation (a Tiptree Inc. company). Fortegra® and its subsidiaries comprise a single-source insurance services provider that offers a range of consumer protection options including warranty solutions, credit insurance, and specialty underwriting programs. Delivering multifaceted coverage with an unmatched service experience for domestic and international partners and their customers, Fortegra solves immediate, everyday needs, empowering consumers to worry less and Experience More..
