Sadly, many nutraceutical companies are stuck in the past, and aren’t trying to make their employees happy.
This leads to 51% of those workers actively seeking out other employment. And this is the reason why you may be bleeding out.
Let’s not rely solely on science. Let’s think.
Let’s take two different businesses as an example.
One business treats their employees with respect, protecting them and offering opportunities for growth. Employees feel that they belong somewhere and their work matters to change the lives of millions.
The other business treats employees like consumables. The company management believes that employees are sad little people that are happy to work with little pay, and since they are forced to work in order to make ends meet, they try to squeeze them as much as they can.
Sadly, this last business will stay in the market as it capitalizes on human need, but they will pay the price of employees leaving at the first chance, will have no loyalty and no culture.
Everyone who reads this has worked for a company which’s management didn’t care to meet their needs and be happy.
Quick question: How was your performance at that company? Did you work hard for them?
I bet you didn’t. I also think that you left each day precisely at 5:00 pm, and didn’t take calls after hours. You did the bare minimum work, and you were looking for a way out.
On the other hand, if you ever worked at a company with a senior management that cared for you, I’ll bet that not only you would be working harder for them, but also you would stay longer.
Surprisingly, this doesn’t just apply with everyday employees. It applies to salespeople and marketing people. Marketing and sales people who are satisfied and happy with the workplace produce nearly 40 percent more sales than those who doesn’t.
This statistic is enough to persuade you to make an effort to create a cultural environment that promotes a relationship-focused environment. If you want marketing and sales working together, your very first step is to encourage interactions between the people on each of those teams.
As stated previously, you can organise weekly or monthly meetings, intra-company activities, or external activities that bring people together. Do not exclude their families.
Whatever you do, make sure that both of these teams will be able to have a common ground to collaborate and interact, otherwise your strategy is doomed to fail.
The second step: provide incentives and bonuses to both teams
It happens everywhere. Sales people get a salary, and that’s it. No added sales commissions.
The same with the marketing people.
Why you, the company owner, are cutting bonuses or lowering commissions, where you should increase them to keep your people motivated?
It is sad, really.
Don’t you think that each and every sales and marketing employee in your company would perform a little better if they both have an incentive?
For sales people, that would mean commissions on each sale.
However, as not all salespeople are the same, you’ll want to offer different incentives for each group of sales you have.
The reality is that each person is different and each one of them will sell not only differently but variable amounts.
One salesperson will sell your ingredients or readymade nutraceuticals like there isn’t any other competitor out there. Others will struggle, and some may not able to do it at all.
When a salesperson is selling more than others, one way to motivate them is promoting them to be the team leader, assigning them other ego-boasting tasks like training the rest of the team, setting goals, and make them a representative of the team to the senior executive team.
What about marketing people? How can you provide incentives that increase their productivity and results?
Remember that marketing is at the forefront of your business. It’s the people that bring qualified leads to the sales teams to close. It’s when a buyer says “Yes, I have heard of you”.
The answer to the above are KPIs (Key Performance Indicators) for marketing.
However, KPIs are nearly endless. You can measure everything and anything.
So how can you define which KPIs are the best for your nutraceutical company?
Since we live in a digital world, customers search online first before they reach out to the sales teams. That means that they first go through the marketing, even though they can not see it.
So, the first KPI to work with is Traffic. Is the marketing team working towards increasing the traffic to your company’s website? And how much?
Your management team should set a goal for website traffic and set a bonus when this goal is exceeded.
The next KPI is brand awareness.
Remember that I mentioned previously, where the prospect says to the seller “Oh, I have heard of you”?
This is awareness. The KPI in awareness measures mentions on publications, number of inbound links, organic results and social media statistics, like followers.
The other KPI is engagement.
How many comments do you have on your company blog? How many shares, likes and comments do you have on social media? These are directly attributed to the marketing team. If the content that is shared is not worthy, then your marketing should work towards producing better content that drives engagement.
Finally, conversion is the last (and best) KPI you will need.
Why the best? Because it transforms a visitor of your website to an interested buyer. He may have filled out the form to contact them. He may have subscribed to your “Nutraceuticals Weekly” newsletter to learn more.
Or he may have downloaded a white paper or a guide titled “The 6 Factors You Should Consider When Selecting An Ingredient Manufacturer”.
Setting goals for lead generation and paying bonuses to your marketing team when these goals are exceeded is not only the way to go, but one of the things that will set your nutraceutical business apart of the completion.
Incentivising your teams will ensure that not only both marketing and sales will work harder, but also that they will cooperate to bring the same result.
How do you incentivise your people?
Interested in reading more about marketing nutraceuticals? Check out these links:
We offer digital marketing specifically for the nutraceuticals industry. Unlike any other generic agency, we are highly specialised and we know all the players, the market and how we can best help you achieve your goals.