Everyone in sales enjoys a good sales contest and IACFB professional members, factoring brokers, and commercial finance consultants are no exception. Each year, IACFB sponsors two (2) exciting sales contests for it’s members which include…
- Summer Membership Drive (June 21st-September 22nd): prizes and awards based upon new IACFB membership referrals
- Career Builder Challenge (September 22nd-September 21st): prizes and awards based upon new client submissions and receivables funded through IACFB Wholesale Operations
Both contests offer valuable awards and prizes and are designed so virtually any IACFB member can “cash in” and earn exceptional prizes. But to do so, you’ll need to learn a little bit about how IACFB’s organized sales contests are designed and more specifically, about the unique Trophy Point Awards System at IACFB.
IACFB members accumulate two (2) types of Trophy Points:
- Core Trophy Points
- Award Trophy Points
What are “Core” Trophy Points and How Are They Earned?
At IACFB, Trophy Points are awarded to members when they join or as they complete specific tasks. Every IACFB Members has a “core” trophy balance. For example, members earn “Core” Trophy Points for…
- Factoring 101 Guide Purchase = 10 Trophies
- Becoming a Broker (IACFB Factoring 101 Freelance) = 40 Trophies
- Posting comments and starting new threads on the Factoring Broker Forums = 5 – 50 Trophies
- Passing the Factoring Proficiency Exam = 70 – 100 Trophies
- Subscribing to the Pipedrive CRM System through IACFB = 15 Trophies
Core Trophy Points provide the “base” trophy count when a member begins or enters any contest such as the Annual Career Builder Challenge. Award Trophies are then added to a members “core” count as they are earned during the contest period.
Paul is an IACFB Sponsored Agent who is relatively active on the Factoring Broker Forums. His Core Trophy Count is 148 and is calculated as follows…
- 50 Trophies as a Factoring 101 Guide Buyer and Freelance Broker
- 37 Trophies for current posts level on the Factoring Broker Forums
- 86 Trophies for scoring an 86% on the Factoring Proficiency Exam
Paul will start every IACFB contest with 173 Trophies. He can increase his Core Trophy Count by posting additional content on the Factoring Broker Forums and by subscribing to Pipedrive through IACFB’s 30 Day FREE Trial link.
What Are “Award” Trophy Points and How Are They Earned?
Award Trophies are added to a member’s “Core” Trophy base count as they bring in new factoring clients financed through IACFB Wholesale. Freelance Brokers can also increase their Award Trophy Count by expanding their business by adding Sponsored Agents or by referring a friend as a new Factoring 101 Broker.
- Generating NEW CLIENTS during any contest period through IACFB Wholesale = 100 Trophies per NEW client
- Adding new SPONSORED AGENTS at anytime = 10 Trophies per new Agent added
- Referring a New MEMBER Factoring 101 Business-in-a-Box broker = 25 Trophies per each new Member or new member referred during the contest.
With IACFB’s unique Trophy Point Award System, it is very easy to earn exciting prizes and awards during any contest period or virtually any time.
Build Your Core Trophy Points Early
It’s never too early to begin building your “Core” Trophy Points and it is relatively easy.
- Study your Factoring 101 Broker’s Guide and take the Proficiency Exam: You have two attempts and your highest score adds to your “Core” Trophy count.
- Post content on the Factoring Broker Forums: One of the easiest ways to boost “Core” Trophies is to start threads and post comments on the forums. Read an article on the Commercial Finance Consultant magazine and then post comments about it on the forums. You can earn up to 50 “Core” Trophy Points simply by getting active on the forums.
- Watch for Trophy Specials: Watch for Trophy Specials during any contest and build your “Core” Trophy as soon as possible. All IACFB Contests or Promotions are exciting and easy to win if you have built a solid balance of Trophy Points with which to enter.
Adding Sponsored Agents (The BIG Kahuna of Trophies for Factoring 101 Brokers)
For those in the IACFB’s Factoring 101 Program, one of the most productive methods of marketing is to build networks. Standard networks naturally include bank loan officers, accounting professionals, and other groups that can send business your way. One of the most powerful networks for business development, and truly the “Elephant in the Room”, is to build networks of sub-agents using the IACFB agency concept and program. This is an exceptionally low cost yet highly productive method of marketing and should be on the “high-priority list” for all new Factoring 101 brokers. Additionally, Factoring 101 Brokers earn 10 Contest Trophy Points for each new active agent they add to their network during any 12 month contest period.
Example 1: Gina
Gina is an IACFB Factoring 101 Freelance Broker that has built a successful business utilizing direct mail and telephone followup. She additionally receives occasional leads from network of accountants and bank lending officers. Her “Core Trophy Point” balance is calculated as follows:
- 50 Trophies as a Factoring 101 Program Member with Guide
- 50 Trophies for her post and thread activity on the forums
- 85 Trophies for her score of 85% on the IACFB Certification / Proficiency exam
- 15 Trophies for her Pipedrive subscription
Gina has earned 200 Core Trophy Points. To win an award, she only needs to submit a single qualified new client through IACFB Wholesale (which generates 100 additional Award Trophies) to earn a Level Three (300 Trophy Point) Prize.
Example 2: Waldo
Waldo is also a Factoring 101 Program Broker that has build a business primarily based upon networking with bank lending officers and accountants. Waldo, however, has built a strong network of 32 Sponsored Agents during the contest period utilizing IACFB’s Agent’s Program. His Core Trophy Balance is calculated as follows:
- 50 Trophies as a Factoring 101 Program member with Guide
- 40 Trophies for his post and thread activity on the forums
- 87 Trophies for his 87% score on the IACFB Certification / Proficiency Exam
- 15 Trophies for his Pipedrive subscription
Waldo has a balance 192 Core Trophy Points. Waldo, however, has also added a total of 32 Sponsored Agents (about 3 per month) during the contest period for an additional 320 Trophies and a grand total of 512 Contest Trophies. Waldo only needs to now submit one accepted new factoring client through IACFB Wholesale (100 Trophies minimum) for an elevated Level 6 (over 600 point) Contest Prize.
Viewing the Award Catalog
Samples of incentives are posted on the IACFB public website at http://www.iacfb.org. The entire prize catalog for the current Career Builder Contest is available in the Learning Lab for IACFB Members.
Checking Your Current Trophy Balance During Any Contest Period
For IACFB Professional Members, Agents, and Freelance Brokers, checking your current Trophy Point balance is easy. To do so, simply…
- Log in to the Factoring Broker Forums www.factoringbrokerforums.com
- Mouse over your USER PROFILE
- Your Trophy Balance is displayed
- You can also post a comment or new thread. Your avatar will display your current Trophy Balance
Contest End: Award Trophies Reset to Zero
At the close of the last day of any contest period, prizes are collected and Award Trophies reset to zero (0). Core Trophies remain at their set balance from contest period to contest period.
Want to comment on this article? IACFB Contests and Trophies add an additional level of excitement to any Factoring 101 Broker’s business. If you are an IACFB member and would like to comment on this article, log in to the Factoring Broker Forums.