Bert Lui, Co-founder & CPO at SetSail, discusses the trade-offs between extrinsic and intrinsic motivations in sales, the impact of charisma on sales, and the pros and cons of quotas. They also explore how SetSail motivates sales reps with incentives and visibility, reduces the fear of rejection, experiments with compensation and tracking behaviors, and looks into the future of sales with real-time feedback and different incentives.
SetSail leverages both intrinsic and extrinsic motivation to effectively motivate sales reps.
SetSail provides visibility, motivation, and behavior tracking to help sales reps prioritize activities and improve performance.
Deep dives
Using Behavioral Science to Motivate Behavior Change
Behavior change is challenging, but many companies have successfully used behavioral science to motivate behavior change. By understanding that people don't always act rationally, these companies have increased the health, wealth, and happiness of their users. The Science of Change podcast, presented by Set Sale, explores the psychology of decision-making. Each week, Kristen Berman interviews leaders to uncover insights on user behavior and how it can be changed.
Motivating Sales Reps with Behavioral Economics
Bert Louie, co-founder and chief product officer of Set Sale, joins the podcast to discuss how their platform effectively motivates sales reps. Set Sale helps sales organizations prioritize deals and encourages reps to focus on key areas. The platform provides visibility into the sales process, allowing reps to see their progress and identify important steps. Through contests and incentives, Set Sale keeps reps motivated and engaged.
Intrinsic and Extrinsic Motivation in Sales
The discussion delves into the balance between intrinsic and extrinsic motivation in sales. Intrinsic motivation, the desire to do an activity for its inherent satisfaction, and extrinsic motivation, driven by external rewards, both play important roles in sales. Set Sale leverages both forms of motivation by providing incentives, such as cash prizes, which appeal to extrinsic motivation, while also helping reps improve and achieve goals, enhancing intrinsic motivation.
Designing Effective Sales Incentives and Training
The episode explores how Set Sale designs effective sales incentives and training. The platform focuses on visibility, motivation, and behavior tracking rather than traditional training methods. By identifying key behaviors and milestones, Set Sale helps reps prioritize their activities and improve sales performance. Weekly contests and leaderboards provide feedback and motivation, and customer-configurable prize structures allow for flexible and dynamic incentives.
Bert Lui is Co-founder & CPO at SetSail, an AI-powered sales tracking, motivation, and empowerment solution. Not only have they changed the classic incentive system within sales organizations, they figured out how to drive the right behaviors within that incentive system in sales. We deep dive on the trade-offs between extrinsic and intrinsic motivations, how being charismatic affects your sales, the thin line between compliments and gratitude and the pros and cons of quotas. So let's get ready to -wait for it- Set sail on this super fascinating episode of The Science Of Change!
Jump straight into:
(01:12) - Motivation to sell more and better: How SetSail makes it easier for sales reps to prioritize deals through goal visibility.
(06:01) - Intrinsic vs extrinsic motivation: On charisma and behavioral indicators that are essential to predict a closing deal.
(13:03) - The pros and cons of leaderboards: A practical example of what a weekly contest and prizes look like for sales reps inside SetSail.
(20:59) - Playing to win: How does the SetSail reward model motivate middle and low ranked (and recent winners) sales reps?
(25:16) - Don’t overthink it: Psychological tips to reduce the fear of rejection, sales quotas and the goal to experiment on compensation size.
(29:10) - Real-time feedback: What does Bert think the future of sales will look like?
Thank you for listening to The Science of Change. Reach out to Kristen through LinkedIn and visit The Irrational Labs website for more information on behavioral science.
This show is presented by SetSail (follow on LinkedIn) and produced by Kristen Berman and Studio Pod Media. The executive producer is Rachael Roberts. All episodes are written by Kristen Berman and Ying Lin with experts, script editing by Jack viewer. Special thanks to Lydia Trupe for fact checking and citations. Music and editing provided by nodalab.
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