3 Business Leaders on Cost Savings Through Technology
What Should Buyers Do When a Product Isn’t Selling?
What do you do when a product just isn’t selling? This is a vital problem for many brands and retailers of different sizes and types. Many companies have found the answer to lie in digital technology, for instance elements such as training and sales incentives, which speaks to the benefits of gamification in the workplace.
Retail can be extremely complex, and dealing with a sell-through issue can often affect retailers’ relationships with vendors. This can in turn drag down staff morale, particularly at a time when 82% of workers report being overwhelmed.
Who’s responsible here? Has the retailer not recognized the benefits of gamification in the workplace and implemented solutions? Has the merchandiser or buyer over-allocated? Has the brand not received enough VM and in-store marketing, or brand training? No one wants the red pen to be taken out, discounts given, margins depleted and relationships hurt.
The SKU Issue, Training, and the Benefits of Gamification in the Workplace
Elverys is Intersports’s principal member in Ireland, with 70+ stores for sportswear. When Elverys noticed a significant sell-through issue with one of their major footwear brand’s SKUs, they decided to rethink the power of technology and, again, the benefits of gamification in the workplace. From gamified learning elements to training videos about this specific SKUs, they sought to drive sell-through for this brand’s SKU.
Chris Rowland, Elverys Senior Buyer, noticed this issue, which “raised some alarm bells,” he said, “as it was across both the female and male styles. It seemed that there was maybe some disconnect between that product and the consumer, or between that product and our sales associates who were struggling to drive sales.”
Chris reached out to a close contact at the brand and asked for a short training video on the SKU. In a few days, this video was ready and distributed on the Rallyware platform for staff to view and absorb. Staff were encouraged to view the video in part through an active training culture that encouraged associates to get up to speed.
As a result, the SKU’s sales rose 40% in a four-week period. Meanwhile, other comparable SKUs increased only 8% in sales. With the use of Rallyware’s Incentives & Recognition solution and larger sales gamification suite, it’s possible for companies to drive up sales even further than this, combining training with leaderboards, badges, progress trackers, and other key elements that show the benefits of gamification in the workplace.
How Can You Increase Sell-Through with Sales Gamification?
In addition to training elements like videos, sales gamification is a huge sales booster for specific SKUs. Here are some ways to use sales gamification to increase sell-through:
- Set Clear Objectives: Define specific goals and objectives for your sales team, such as increasing sell-through by a certain percentage or selling a particular product. Make sure these objectives are measurable and achievable.
- Create a Rewards System: Develop a rewards system that provides incentives for achieving sales targets. Rewards can include cash bonuses, gift cards, merchandise, or even recognition and praise. The rewards should be meaningful and appealing to motivate the sales team.
- Competition: Foster healthy competition among sales team members. Create leaderboards or scorecards that display individual and team performance metrics. Encourage friendly competition to drive better results.
- Real-Time Feedback: Provide real-time feedback to sales representatives about their performance. Gamification platforms often offer features like badges, trophies, or notifications to acknowledge achievements and milestones.
- Challenges and Missions: Create challenges or missions that align with your sell-through goals. For example, you can challenge sales reps to upsell or cross-sell related products to customers. These challenges should be engaging and designed to improve product knowledge and sales skills.
- Training and Skill Development: Gamification can be used to incentivize sales team members to complete training modules or acquire new skills. This can lead to improved product knowledge and better sales techniques, which can boost sell-through.
- Customer Engagement: Encourage sales representatives to engage with customers actively. This might involve initiating conversations, answering questions, or offering personalized product recommendations based on customer preferences.
- Regular Updates and Communication: Keep the sales team informed about their progress and the overall performance of the gamification program. Regular updates and communication help maintain motivation and excitement.
- Flexibility and Adaptability: Monitor the effectiveness of your gamification program and be willing to adjust it based on feedback and results. What works for one team or set of goals may need modification for another.
- Recognition and Celebration: Celebrate the achievements of your sales team when they reach milestones or exceed targets. Publicly recognize and reward their efforts to boost morale and motivation.
While the benefits of gamification in the workplace are clear, these work best when synthesized in one platform with other solutions, like learning, training, onboarding, communications, CRM, and more tools. Consolidating these solutions in a single platform helps cut costs, maximize the utility of each data point, and make the user’s experience as personalized and relevant as possible.
Rallyware’s AI-guided, all-in-one platform empowers associates for higher sell-through at scale. Click here to request your demo and start targeting SKUs the smart way.
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