7 Sales contests for Retail Banks
6 minutes read
Retail banks are all-time busy places. Bank employees deal with a huge number of customers every day who seek various financial services from them like savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs). Banks need to maintain the quality of these services consistently in order to survive and grow. To do that, they need highly motivated and productive staff who can thrive and compete in a fiercely competitive environment and provide the best service to the customers.
So, as a manager, you can conduct some fun and interesting sales contests or sales incentive programs in your bank to spark the interest and enthusiasm of your team. This drives them to do a good job and serve your customers well. In order to have interesting contests, along with a creative contest theme, you also need to have creative contest names.
Here are 7 of our favorite sales contests that lighten up the mood in the retail banks and energize the staff to work harder and achieve higher.
1. SQL Sales Contest
Goal: The goal here is to encourage your bank staff to bring in more leads.
Duration: A week or a month
Winners: The sales rep who generates most SQLs at the end of the time frame wins.
Prize: Give a major monetary incentive for the winners of the contest.
Competition Theme: This contest lets you get creative with the metrics that you set for it. Revenue and calls made are great, but try working with critical metrics like SQLs (Sales Qualified Leads) or Opportunities created. This contest works primarily well for sales development teams for whom those metrics are as critical as direct revenue generation is to traditional sales teams.
How To Run: Choose a week or month to run this contest. Track SQLs created by each rep – most SQLs generated at the end of the time frame wins. Create a major monetary sales incentive for the winners of the contest.
2. Manager vs Team contest
Goal: The goal here is to motivate the entire staff including the managers to convert more leads into paying customers.
Duration: One day
Teams: Manager and his team
Winners: The manager or the team. Whoever succeeds in converting more customers.
Prize: Provide a team incentive if the reps win and a manager incentive if the manager wins. You could give a cash bonus incentive to the winner. Along with this, give a t-shirt that says “Team Super” if the team wins and a t-shirt that says “Super Manager” if the manager wins.
Competition Theme: This contest helps in really firing up your sales troops. Pit a manager versus the reps to see who hustles the hardest for converting customers. Reps respond well to this sales contest format, as it puts the manager in their shoes for a day and creates a sense of playing even in the field.
How To Run: Pick a day or afternoon where your manager is able to jump into the trenches with your reps. Choose a metric (for example, calls made or talk time). Announce the competition ahead of time. Set the stakes – provide team/manager incentive to whoever wins.
3. Biggest deal sales contest
Goal: To encourage reps to aim and win bigger deals.
Duration: One month
Winners: All the reps who win big deals.
Prize: Financial incentive (bonuses).
Competition Theme: Incentivize reps to shoot for the moon with a sales contest focused around winning the biggest deal in terms of revenue amount.
How To Run: Run this contest for one month and start it at the beginning of the month. Announce it ahead of time. Attach a major financial incentive for winners. Use a leaderboard to track the results.
4. Commission Spike
Goal: The goal here is to encourage your reps to move the leads in the pipeline.
Duration: One day
Winners: All the sales reps who succeed in moving the leads through the pipeline
Prize: Extra commission for the day
Competition Theme: Raise your commission-size for the day to spur closing motions from reps.
How To Run: This sales contest needs to be a surprise move. Announce it effective immediately and run the contest for a day. Track and see how many of your reps advance more leads through the pipeline and adjust your compensation for them accordingly for the day.
5. Team vs Team Sales Contest
Goal: The goal here is to raise the level of teamwork and peer-to-peer coaching on your sales floor overnight.
Duration: One day 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.
How To Run: Put two teams against one another on a given sales metric and offer a compelling team incentive to the winner. Pro-tip: we recommend creating an even distribution of talent across each team.
6. Green Jacket Contest
Goal: To raise the sales of credit cards.
Duration: Three days
Winners: The rep who substantially increases the sales of credit cards.
Prize: Green jacket and bragging rights.
Competition Theme: You just need a new sales contest and a tradition unlike any other in your organization. This contest motivates your reps to increase the sales of credit cards and win that prestigious Green Jacket which is the prize of the contest.
How To Run: Announce this Masters-themed sales contest and run it for three days. Gift a Green Jacket to the winner who can then present it with pride. Embroider it if possible with the title [Year] Champion and the winner’s name.
7. Branch vs Branch Contest
Goal: To encourage your sales reps to get more people to open their bank accounts in your bank. This contest can be extended to credit cards or any other metrics that can be tracked by branch.
Duration: 3 months
Teams: Team contest
Winners: The bank branch which beats the other bank branch in getting more people to open their bank accounts in your bank.
Prize: Reward the branch that wins with bragging rights plus a cool incentive that they can all enjoy like a victory party for the entire branch or gift cards to all the employees.
Competition Theme: This contest is perfectly suited when you have multiple branches of the bank. Conduct this contest with various branches and see which branch gets more people to open their bank accounts with you.
How To Run: Conduct this contest for 3 months. Pit the offices head-to-head and establish a digital leaderboard that’s easy to follow as the sales contest progresses.
Published on Thu Dec 26 2019