Increase Sales With Incentive Programs
If you’d like to increase revenues for your company You can boost your sales performance by implementing incentive programs. Rewards that are tailored to the requirements of sales representatives are highly motivating. Analytics can help you target incentives that are motivating for each rep. Here are some guidelines for creating effective sales incentives. These sales incentives can boost your company’s bottom-line! Let’s get started! Below are some suggestions to increase sales using incentives.
Motivators for sales incentives
Sales incentives have different motivators in terms of their type and level of reward. Cash sales incentives are common however, some companies have gone on the offensive and reimagined this concept. Non-cash incentives could include dining experiences, concert tickets and sporting events. Employees are motivated by a variety of factors , so don’t limit your options and think outside of the box when you offer sales incentives. These suggestions will assist you motivate your employees to reach your personal goals.
According to an Incentive Research Foundation study, the public recognition of salespeople’s efforts can be a powerful motivational factor. Top companies often present employees with virtual trophies and awards, based on points, at ceremony for awards, and other types of recognition. While these are effective motivators however, they may not be effective for employees who are less successful. Harvard Business Review found that smaller and more frequent rewards were more efficient than annual bonuses. Rewards should be tailored to the particular requirements and preferences of each salesperson.
Rewards that are personally motivating for individual reps
One method to motivate sales reps is to build incentives around their own motivations. Sales reps are motivated to meet goals and set metrics and rewarding them with time off will promote a better work-life balance. Reps are reminded that there are more important things than work. They also have the opportunity to spend more time with their families. Reps will appreciate the ability to take time off from work if it is available.
Another way to encourage your team members is to offer SPIFs. These incentives motivate team members to be more productive and raise more funds for charity. These incentives are particularly helpful in the time of holidays and after natural catastrophes. They can also be used to get paid time off. Here are some suggestions to encourage employees:
Analytics-based rewards targeting
While top-of-funnel advertising is increasingly competitive however, incremental sales can be generated through discounts and rewards. Marketers can use these offers as magnets by triggering discounts or rewards early on in the shopping experience of a potential buyer. The psychological effect of “getting the bargain” is powerful.
Individualized rewards for reps
Personalizing rewards for individual reps is a great way to ensure you get the most effective results. This should be a common practice for all teams. The hurdle to personalizing rewards is not too high and the benefits outweigh the effort. For example a shipping company in the world has employed machine learning to improve forecast accuracy by 15 percent. Another pharmaceutical company operating in highly volatile markets has rewarded its sales reps for excellent actions. To do this, it gathered insights into rep performance as well as suggested selling strategies. Then, it paid them according to whether they adhered to the recommendations.
You can also give tickets to live events in order to customize incentives for each rep to boost sales. Top-performing agents can receive season tickets, or tickets to major sporting events. You could also give top performers tickets for backstage or VIP tickets to their top performances. There are many ways to reward agents who are top performers. Whatever their field there are a variety of ways to reward top performers.