Increase Sales With Incentive Programs
If you’d like to generate more revenue for your business you can boost your sales performance by setting up incentive programs. Sales reps are highly motivated by rewards that are adapted to their needs. Analytics can help you target rewards that will motivate every rep. Here are some tips to design effective sales incentives. They’ll surely boost your company’s bottom line! Let’s get started! Here are some helpful tips to boost sales by using incentives.
Motivators for sales incentives
Sales incentives have different motivators in terms of the type and amount of reward. Cash sales incentives are not uncommon, though some companies have been creative and reimagined the concept. Non-cash sales incentive range from fine dining experiences to concert tickets to sporting events. Employees are likely to be motivated by a variety of reasons and therefore, think outside the box and think of innovative sales incentives. Incorporate these tips into your sales incentive program and your employees will be motivated to reach their personal goals!
Recognizing a salesperson’s efforts can be a powerful motivational tool according to a new study conducted by the Incentive Research Foundation. Top companies often give employees virtual trophies, points-based company awards ceremonies as well as other kinds of recognition. These can be very motivating tools. However, they might not be appropriate for employees who are less successful. Harvard Business Review found that smaller frequent rewards were more efficient than annual bonuses. The needs and preferences of each salesperson should be considered when designing incentives.
Individual reps will be motivated by rewards
Incentives that are dependent on their intrinsic motivations are a great method to keep sales reps motivated. Sales reps are driven to meet their goals and measure, and rewarding them with time off can encourage a better work-life balance. Time off reminds reps that there are more important things in life than working. They can also spend more time with their families. If your company provides time off for reps, they’ll appreciate the opportunity to relax.
SPIFs are another way to encourage your team. SPIFs can inspire your team to work harder and raise funds for charity. These incentives are particularly beneficial in the time of holidays and after natural disasters. They can also be used to get paid time off. Here are some ideas for incentives:
Rewarding targets based on the data
While top-of-the-funnel marketing is becoming more competitive and ad-hoc sales can be made through discounts and rewards. Marketers can utilize these offers to attract customers by triggering discounts or rewards at the beginning of the shopping experience of a potential buyer. The psychology of “getting the bargain” is powerful.
Individualized rewards for reps
For the best results Personalizing rewards for individuals should be part of the standard for all teams in the organization. The cost of personalizing rewards is not too high and the benefits outweigh the effort. For example an international shipping company utilized machine learning to improve forecast accuracy by 15 percent. Another pharmaceutical company operating in markets that are volatile has paid its sales reps for their high-quality actions. It used data to assess rep performance and recommend selling actions. And it rewarded reps based on whether or not they were able to follow through.
You can also give tickets to live events as incentives for each rep to increase sales. Season tickets and one-off tickets to big sporting events are available to top agents. You could also reward your top sellers with backstage and VIP tickets to their most cherished concert. There are many ways to reward top performing agents. No matter their industry there are numerous ways to give top performers a boost.