Running a Relevant, Engaging, and Productive Agent Contest (3-part series)
“I love the idea of holding a sales contest with the agents, but how do I begin?” I get this question a lot when working with brokerage owners and managers. During this three-part blog series, I’ll share insights on how to create relevant, engaging, and productive agent contests. I will cover strategies for choosing the right type of contest, best practices for increasing agent engagement, and, most importantly, methods for assessing your contest afterward to see if your desired results were achieved. Check out Spark & Logic’s Contest Best Practices for additional inspiration.
Part 3: Assessing the Results
Whew, it’s over! The agents had a great time during the contest, everyone was getting into the spirit of the theme, and you felt good about the entire experience. Now back to business as usual. But is it? The last step is to evaluate the results of the contest. What did you see happen?
- Did sales meeting attendance go up during the contest?
- Did agents tell you how much fun they had?
- Did the contest help enhance your company’s culture?
- Did some of the agents bond during the contest?
These would all be excellent outcomes, but there’s one more important outcome to review: did you achieve the goal which prompted you to hold the contest in the first place? Consider your contest’s primary objective and determine what data you need to collect to evaluate its success. Keep in mind that it may take weeks or months to see results. Here are some examples of data you may wish to collect.
- If your contest focused on creating more production through prospecting, consider looking at your monthly production summary reports for the next six months and comparing them YOY (year over year). Numbers to evaluate include: listings taken, listings expired, closed units, and closed sales volume.
- If your contest was designed to increase brand awareness, you might see the results in your recruiting efforts. Outside agents may have noticed an uptick in your agents’ production.
- If your contest’s objective was to enhance company culture, compare your retention rate and net agent count for the next six months and compare it to the previous six months.
Be patient! Studies show that it takes approximately 120 days after a skill is learned to see results in production. If you feel that you did not attain your goals, ask yourself what you can do differently next time. The critical takeaway is that achieving goals through contests is a process, not a one-and-done activity.
Spark & Logic helps take your company contests to the next level. Subscribers receive a new ready-to-use contest template every quarter that complements our sales meetings and workshops. Learn more about subscriber benefits here or email us at email@example.com.