February 3, 2010

Ideas to support and reward your broker.

When working with a food broker, you will want to reward success.  A manufacturer in Nebraska asked about providing an incentive for his hard-working broker and I offered counsel and thought you might benefit from the information.

Get the basics right first!  Make sure you are handling your existing business with proficiency and service.  New successful products rolling out will do as much for the relationship as any incentive.  On top of these area's find attached some positive ideas:

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When thinking about methods and techniques to reward success consider the following ideas:
Offer them an extended contract - you might currently have them on a 30 day agreement, bump the agreement up to 1 year for their effort.
Provide them an incentive trip - Reward them with a long weekend trip to a nice locale or offer a visit to your corporate facility with plenty of recreational time planned into the visit.
Financial Rewards - Percent of year's brokerage for exceeding quota, Percent of net dollars for exceeding quota, Quarterly or Semi-Annual Quota

You can also base incentive plans on specific brand or execution objectives.  For example, you can work to get broader distribution on a new item.  Also, have in-stock status in all accounts during review.  Distribution reports can provide number of store stocking.

What actions are you taking to grow your business? Send a note or comments to tim@timforrest.com also, follow me on Twitter I want to hear about your success!

© Tim Forrest 2010. All rights reserved
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