We have traffic lights at our school. Everyone starts on green. If there is repeated 'unacceptable' behaviour, they move to yellow, but we are then immediately looking for reasons to move them back up. If the behaviour returns to 'expected', then back up they go.
If the poor choices continue, then they move to red. There will be a talk about why the behaviour was unacceptable and what we can do to change it. That talk will ofter take place during break/lunch or after school. There will be a note home. Again, we do look to move up as soon as we can if/when behaviour improves. We start again on green in the afternoon.
Moving back up is done with lots of praise, so that the change in behaviour is seen to be noted. "I'm moving Freddie back to green now. Well done Freddie for stopping calling out and for paying such good attention now. Thank you."
There is also a Gold level for Excellent behaviour - for acts of kindness, really good resisting of distractions, etc. That's also a note home 
There a a few (very few) for whom Red is seen a a badge of honour. Once that situation becomes clear, they have their own plan developed and are not on the main traffic light system at all.
This works alongside other rewards of house points for effort, plus various weekly certaificates for showiing the school values, etc.