In a competitive business environment, more business owners are looking at improvements in exceptional sales performance from their trade partners. Meanwhile, a strong competition has resulted in a tight trade partnership of which now businesses require more from their trade partners, while partners are also looking out for more outcome from them.
Trade partners reward and recognition programs are one method of motivating partners to change their sales habits and key behaviours to benefit business owners.
Although these terms are often used interchangeably, reward and recognition systems are different. A reward refers to programs set up by a company to reward performance and motivate employees on individual and/or groups. They are normally considered separate from salary but may be monetary in nature or otherwise have a cost to the company.
While previously considered the domain of large companies, small businesses have also begun employing them as a tool to lure top employees in a competitive job market as well as to increase employee performance.
While this may seem obvious, companies frequently make the mistake of rewarding behaviours or achievements that either fail to further business goals or actually sabotage them. Thus if teamwork is a business goal, a bonus system rewarding partners who improve their productivity does make sense.
Properly measuring performance ensures the program pays off in terms of business goals. Since rewards have a real cost in terms of time or money, business owners need to confirm that performance has actually improved before rewarding it. Often this requires measuring something other than financial returns: reduced defects, happier customers, more rapid deliveries, etc.
As noted, although trade partners recognition programs are often combined with reward programs. In order to reap benefits such as increased productivity, the company while designing a reward program identifies a company or group goals to be reached and the behaviours or performance that will contribute to this.
That was why in the 2014 distributor’s forum organised by Intercontinental Distillery Limited, IDL, to reward distributors for their exceptional performance, the company set aside N313 million and gift items for three zones as divided by the IDL, Lagos , Port Harcourt and Ibadan, with the gift items ranging from generating sets, washing machines, TV sets, home theaters etc to boost its distributors businesses across the country.
In Lagos for example, Mrs. Dorothy Anegbe of Ogbohu Enterprises won the platinum award worth N9.25 million and a 4.5 tonne truck. In Ibadan, Adebambutayo and Top Biz International, Illorin both won bronze with cash sums, home theatre and a year subscription and in Port Harcourt, the highest distributor Ogoamaka Ugwoegbu of Merdian Marketing went home with N11.4 million, a 4.5 tonne truck. The region also produced 1 gold winner, 10 silver winners and many bronze winners.
Like, the Managing Director of IDL, Engr. Patrick Anegbe said during the 2014 distributors forum and award ceremony tagged: Living-it-Up, in Lagos, that the ceremony has become an age long tradition of appreciating distributors who performed exceedingly well. Engr. Anegbe maintained that the essence of celebrating excellence and rewarding hardwork is to encourage the distributors to invest more in their businesses and also rekindle the drive to grow their businesses.
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