5 Credit Card Sales Contests
5 minutes read
Selling credit cards is a tough job. It involves a lot of cold calling and rejections. So, it is important to ensure that regardless of this tough process, your reps keep trying enthusiastically to win more sales.
Credit card sales contests can do that for you. By conducting sales contests/sales incentive program you will be able to motivate your reps to keep going during tough times and achieve higher. Check them out below:
1. Team vs Team Sales Contest
Goal: The goal here is to get your team to achieve a particular credit card sales metric while raising the level of teamwork and peer-to-peer coaching in the team. You could choose any team metric for this contest like generating leads, booking meetings, number of credit cards sold, etc.
Duration: 3 weeks contest
Teams: Team contest
Winners: The team that scores the highest on a given sales metric.
Prize: A team incentive that everyone in the team can enjoy like a team outing or a team lunch.
Competition Theme: Winning is more fun when you do it as a team. You’ll raise the level of teamwork and peer-to-peer coaching on your sales floor with this contest.
Put two teams against one another on a given sales metric and offer a compelling team incentive to the winning team. Pro-tip: we recommend creating an even distribution of talent across each team.
2. Manager vs Manager contest
Goal: The goal here is to increase the sales of credit cards
Duration: 3 weeks
Winners: Cash bonus to the winning team (entire team including the manager). Also, a team outing for the entire team.
Prize: Financial incentive
Competition Theme: Run this contest for 3 weeks where the teams of the two top-performing managers in your organization compete with each other to raise the credit card sales for the month. Track the progress of the two teams on a live leaderboard. Give the winning team cash bonus and take them for a team outing.
3. Championship Belt
Goal: The goal of this contest is to motivate all your sales reps to compete and win the championship of credit card sales.
Duration: 3 months
Winners: The sales rep who beats the other reps in the team in selling more credit cards by the end of the contest period
Prize: Cash bonus plus championship belt
Competition theme: Did you know you can purchase a boxing or pro-wrestling style championship belt and tailor it to your liking? Yes, this is a real thing and it makes for a very exciting contest for your sales reps.
Buy a customized Championship Belt. Parade it around the office before your contest begins. Award it to the rep who substantially increases the number of credit cards sold per month. Let him keep the belt until you have another winner in the next championship contest.
4. Presidents club sales contest
Goal: The goal here is to encourage your reps to fill the pipeline with new leads for selling credit cards
Duration: 3 days
Winners: The rep who generates more leads than others in the team
Prize: This is one of the most famous and attractive sales incentives for the sales reps in most of the organizations. Take the winners of this contest for a President’s Club trip (An annual trip where you take all the top performers in various sales contests for a trip to an exotic location). Treat the winners and their plus-ones to a few fun-filled days of luxury and relaxation.
Competition Theme: Run this contest for 3 days and encourage your reps to bring in as many leads as they can during these 3 days. The top 5 reps who bring in more leads by the end of the contest period, win the contest and get to go for president’s club trip.
5. Quota Crusher
Goal: The goal of this contest is to encourage your reps to achieve the credit card sales quota (in terms of revenue)
Duration: One quarter
Winners: The team that hits or achieves above quota (highest revenue generated selling credit cards)
Prizes: Give cash bonus to everyone in the team and take them all on a team lunch
Competition Theme: Run this competition for a quarter between various sales teams in your bank and see which team meets or achieves above the set quota. Track each team’s performance on a live leaderboard. Give a huge cash bonus to everyone in the winning team and take them for team lunch at the best restaurant in the city.
Learn how SmartWinnr helps the top private bank to achieve their business targets
Looking for sales contest ideas for your retail bank? Get ideas from this blog below:
7 Sales contests for Retail Banks
Looking for Credit Card sales contest names?
Read: Credit Card sales contest names
Looking for creative and funny sales team names? Get ideas from these articles below:
How will you communicate your contest to your participants?
Once you have a perfect contest idea and a suitable name for it, focus on communicating it effectively to your participants. Follow our sales contest communication template to announce your contest.
Want to give out some interesting awards and prizes to your contest winners? Get ideas from these articles below:
Creative Employee Recognition Award Names for Banking sector.
Creative employee recognition awards.
23 Sales incentive ideas to keep your sales team motivated.
Searching for free themes for your contest?
Select from ready-made themes like NFL, Olympics and more. Select KPIs, get engaging team names, team logos, and banners to drive a contest that your participants will remember - Contest Theme Generator
Looking for a sales contest software that will automate calculations and communications?
Explore Smartwinnr’s solutions and learn how your sales contests can be enhanced into increasing productivity, decreasing agent attrition and reducing supervisory cost.
Schedule a Free Demo today to see how easy it is to use SmartWinnr to run your sales contests.
Published on Mon Jan 6 2020