V3 Electric - Sales Incentive Program of the Year

Company: V3 Electric
Company Description: V3 Electric is California’s largest local solar company, being included on the “Top Solar Contractors” list for 2 years running. V3 believes in choice. Without the driving force of competition, utility providers have become slow, overpriced monopolies. V3 Electric exists to help customers take back the power of choice. This is the future of energy.
Nomination Category: Sales Awards Achievement Categories
Nomination Sub Category: Sales Incentive Program of the Year

Nomination Title: V3 Battle For The Belt Tournament Incentive

We believe in a new age of energy, one that allows you the freedom to choose how you pay for power. When we provide choice, we provide freedom. This is the future of energy. This is our way of life.

Every organization is guided by core principles that lead to success. These are ours:

We grow together.
We prioritize the customer experience.
We demonstrate an entrepreneurial spirit.
We do whatever it takes.
We use direct communication.
We are professionals.

As a result of our emphasis on company culture, V3 has been certified as a “Great Place to Work.”

V3 Electric was founded in 2014 and has since grown to be the largest local residential solar provider in the greater Sacramento area, serving homeowners across California. V3 provides solar and battery backup installation, monitoring, and maintenance for its customers, all of which alleviate consumer dependency on utility companies. For three consecutive years, V3 has been ranked among the top 10 companies on the list of "Top Solar Contractors." Other achievements include making the Inc. 5000 list, Stevie Awards, Best of El Dorado Hills, Best of Solano County and an American Advertising Award for V3 original content.

As a door to door sales program first and foremost, V3 Electric initially could have struggled to adapt to COVID restrictions put into place statewide. Instead of allowing the sales program to fold, the organization wasted no time in making adjustments. Sales pitches were revised, new digital content was created, and training/leadership development programs were moved to digital platforms. During this time, several sales representatives left, but even with 50% fewer reps, V3 increased revenue in 2020 by 36% and has since seen a resurgence in sales program recruitment.

One method for keeping morale high has been the implementation of seasonal incentive programs, all of which are designed to improve the sales representatives on a personal and professional level. V3’s biggest incentive of the year is the Battle for the Belt tournament. To participate, all sales reps are entered into one of the following weight classes based on previous performance: Featherweight, Lightweight, Middleweight and Heavyweight. Reps go head-to-head for 6 weeks until one winner from each division emerges. The Heavyweight division is reserved for the heavy-hitters; this is where we usually see the most sales reps breaking their personal records. However, the 2021 tournament resulted in sales reps across all weight classes hitting their personal best, resulting in an astonishing 18 individual promotions. During the 6 weeks of the tournament there was also a 36% increase in sold deals company wide; total earnings during this period account for 27% of the company’s revenue for the entire year of 2021.

Even though our sales incentive program offers the chance to win weekly prizes, we learned reps are most excited about the bragging rights earned as a result of being named a Battle for the Belt champion. The Battle for the Belt incentive program continues to yield the company’s most profitable months by encouraging reps to improve on an individual level.

The first Battle for the Belt tournament held in 2019 resulted in a total of 488 pending deals and 287 sold deals, only to be beaten by another record breaking Battle for the Belt tournament in 2020, which yielded 623 pending deals (28% increase) and 340 sold deals (18% increase).

Company revenue earned during the 2021 Battle for the Belt incentive was 15.9 Million, which accounts for 27% of the entire year.

Sales rep promotions are awarded based on individual performance. The 2021 tournament resulted in 18 new promotions across various levels, including high-ranking leadership positions. This quickly became a new company record during any consecutive 6 week period.

Comparison set #1: 5/03/21 - 06/21/21 (typically a busy time for the sales team) resulted in 5 promotions

Comparison set #2: 01/04/21 - 01/12/21 (typically a slow time for the sales team) resulted in 6 promotions

Battle for the Belt 2021: 09/20/21 - 11/03/21 resulted in 18 Promotions

Earnings for Top 4 sales representatives during Battle For The Belt 2021 was roughly 25K.

We believe that a contributing factor to this tournament's success has been getting reps engaged and holding their interest throughout the entire 6 week duration. Because of this, generating consistent content has been a major part of the tournament strategy.

Attachments include:

Battle For The Belt Poster including an original logo and branding.

Trailer Video to hype up the tournament prior to the launch date.

Battle For The Belt rules video which was used to launch the tournament.

Screenshots of Weekly Recap videos highlighting top performers week to week.

Instagram Feed visuals during the tournament which included prizes and daily point updates to inform reps of where they stand against competition.

Closing ceremony and “press conference” highlight video where belts were awarded and winners interviewed about their strategies for success during the tournament.

Highlight video of weight class winners.

Quotes and graphics of the tournament winners.