Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Sales reps are motivated with rewards that are tailored to their requirements. With analytics, you can target rewards that are personally motivating for each rep. Here are some suggestions to create effective sales incentives. These sales incentives will improve your company’s bottom-line! Let’s get started! Here are some helpful tips to boost sales by using incentives.
Sales incentives motivators
Sales incentives are based on motivations that vary in terms of their type and the amount of reward. Cash sales incentives are commonplace however certain companies have gone for the creative and have reimagined the concept. Non-cash sales rewards range from fine dining experiences to tickets to concerts to 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!
Recognizing a salesperson’s performance is a powerful motivating tool as per a recent study by the Incentive Research Foundation. Top companies often present employees with virtual trophies and awards, based on points, at awards ceremonies and other forms of recognition. These can be very motivating tools. However, they might not be beneficial for employees who are less successful. Harvard Business Review found that smaller and more frequent rewards were more efficient than annual bonuses. Incentives should be tailored to the specific needs and preferences of each salesperson.
Rewards that are personally motivating for the individual reps
Incentives that are based on their intrinsic motivations are a fantastic method to motivate sales reps. Sales reps are motivated to meet their goals and measure, and rewarding them with time off will promote the creation of a more balanced work-life. Time off reminds reps that there are other important things in life that are more important than working. They also get to spend more time with their families. Reps will appreciate the ability to take breaks from work if it is available.
Another method to inspire your team is to offer SPIFs. SPIFs are a motivator for your team to do their best and raise funds for charity. These are especially beneficial following natural catastrophes or during the holiday season. They can also be used to obtain paid time off. Here are some incentive ideas:
The selection of rewards based on analytics
Marketing that is top-of-the-funnel is becoming more competitive. However there is still a possibility that incremental sales could be generated through discounts and rewards. By activating discounts and rewards early in a prospective consumer’s shopping journey marketers can make use of these offers as magnets. There is no doubt about the power of the psychology of “getting the best deal.”
Personalizing rewards for individual reps
For best results For the best results, personalizing rewards for each individuals should be part of the norm for all teams in the organization. Making rewards personal is easy and the rewards are worth the effort. For example an international shipping company has used machine learning to improve the accuracy of forecasts by 15 percent. Another pharmaceutical company operating in markets that are volatile has paid its sales reps for quality actions. It used data to evaluate reps’ performance and recommend selling actions. It paid them according to whether or not they were able to follow through.
You can also provide tickets to live events as rewards for each rep to increase sales. Agents who are performing well can be awarded season tickets or tickets to major sporting events. You could also reward top performers with VIP or backstage tickets to their most cherished performances. There are many ways to reward top performing agents. Regardless of their industry you can reward them with something they’ll treasure.