Word: cashing
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Dates: during 1950-1959
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...contests, gimmicks and giveaways, convinced that the only way to boost sales is to get the salesman to work harder. Last week Strauss & Co. broke tradition and decided to give its salesmen one big reason to work harder: a sales-incentive program for its staff that pays them a cash bonus for new accounts or sales over quotas. In so doing, it joined the growing number of U.S. firms that are putting new stress on sales-incentive programs to combat the recession...
...most U.S. salesmen, the greatest incentive of all is still cash on the paycheck in the form of extra bonuses and commissions. But cash incentives are gradually being supplemented-or replaced-by rewards that have a greater "remembrance value," such as trips for both the salesman and his wife and family. One reason for the switch: cash bonuses often never get home, are blown in a poker game or spree on the town...
Many companies shy away from big rewards alone because they can be given to only a few, are won again and again by the same crack salesmen. Instead, they hand out smaller prizes that give everyone a chance. National Cash Register has a series of trips based on points in sales quotas. Last year 1,200 of its 3,500-man force got a free trip (with their wives), plus $25 for each point over the quota. Rich's department store in Atlanta offers monthly bonuses to all its salespeople for topping their set quotas, once or twice...
...newest gimmick in incentive selling: getting the entire company, from the president to the janitor, to take part in sales promotions. Denver's Ringsby Truck Lines brought all of its employees in on a campaign to win new customers, got 3,121 new accounts by offering cash prizes and a trip to Las Vegas. Total cost...
...Command of the slipping company (sales slid from $176 million in 1952 to $159 million last year) will be shared by Troast, recently named President George L. Cobb and Executive Committee Chairman Frank M. Folsom. Their plan: sell off some of the chain's stores to raise cash for expansion, then lease them back...