Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Sales reps are highly motivated with rewards that are tailored to their requirements. By using analytics, you are able to choose rewards that are personally motivating for each rep. Here are some ideas for creating effective sales incentives. These sales incentives will boost the bottom line of your company! Let’s get started! Here are some helpful tips to improve sales by using incentives.
Sales incentives to encourage sales
Sales incentives can be of different types and levels of reward. While traditional cash sales incentives are very common however, some companies have become inventive and have reimagined this concept. Non-cash incentive options include dining experiences, tickets to concerts and sporting events. Employees are likely to be motivated by a variety of reasons therefore think outside the box and consider creative sales incentives. Incorporate these ideas into your sales incentive program and your employees will be motivated to reach their personal goals!
Public recognition for a salesperson’s efforts is a powerful motivational tool as per a recent study conducted by the Incentive Research Foundation. Top companies frequently award employees virtual trophies, points-based awards ceremonies or other types of recognition. While these can be effective motivators but they might not be as effective for less successful employees. Harvard Business Review found that small frequent rewards were more effective then annual bonuses. Rewards should be tailored to the particular needs and preferences of each salesperson.
Individual reps will be motivated by rewards
Rewards that are built around their intrinsic motivations are a fantastic way to keep sales reps motivated. Sales reps are motivated by achieving goals and metrics. Rewarding them with time off will encourage a more balanced balance between work and life. Time off reminds reps that there are more important things to do than working. It also allows them to spend more time with their families. If your company provides time off for reps they’ll appreciate having the opportunity to have some down time.
SPIFs are a different way to encourage your team. These incentives encourage employees to be more efficient and raise more money for charity. These incentives are particularly helpful in the time of holidays and after natural disasters. They can also be used to earn paid time off. Here are some ideas for incentives:
Aiming rewards based upon analytics
Marketing that is top-of-the-funnel is becoming more competitive. However it is possible for incremental sales to be generated by discounts and rewards. Marketers can utilize these offers to become magnets by triggering discounts or rewards at the beginning of a potential consumer’s shopping journey. The psychological impact of “getting the deal” is powerful.
Individualized rewards for reps
To get the best results, personalizing rewards for individual reps should be a part of the standard for all teams within the organization. Making rewards personal is easy and the benefits are well worth the effort. For example the global shipping company has used machine learning to improve the accuracy of forecasts by 15 percent. Another pharmaceutical company operating in an extremely volatile market has compensated its sales reps for the effectiveness of their actions. The company used data to analyze reps’ performance and recommend selling actions. And it compensated reps based on whether or not they adhered to the recommendations.
Other options for personalizing rewards for individuals who are selling more include offering them tickets to live events. Season tickets and tickets to big sporting events can be awarded to agents who are the best performers. You could also reward top performers with tickets to the backstage or VIP section of their favorite concerts. There are many ways you can reward top performers in your agents. No matter their industry there are many ways to honor top performers.