Increase Sales With Incentive Programs
If you’d like to generate more revenue for your business, you can improve your sales performance by creating incentive programs. Sales reps are highly motivated by rewards that are adapted to their needs. Using analytics, you can choose rewards that are personally stimulating to each rep. Here are some ideas to create effective sales incentives. These sales incentives will boost the bottom line of your company! Let’s get started! Here are some helpful tips to boost sales through incentives.
Motivators for sales incentives
Sales incentives may be of different types and levels of reward. Traditional cash sales incentives are not uncommon but certain companies have gone for the creative and reimagined the idea. Non-cash incentives could include dining experiences, tickets to concerts, and sporting events. Employees are likely to be motivated by a variety of factors and therefore, think outside the box and consider innovative sales incentives. Include these suggestions into your sales incentive program and your employees will be motivated to surpass their personal goals!
Public recognition for a salesperson’s efforts is a powerful motivational tool according to a new 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 extremely motivating tools. However, they may not work for employees who are less successful. Harvard Business Review found that smaller frequent rewards were more effective than annual bonuses. Incentives should be tailored to the particular requirements and preferences of each salesperson.
Rewards that are personally motivating for the individual reps
A great method to motivate sales reps is to create incentives that are based on their motivations. Sales reps are motivated to reach goals and metrics, and rewarding them with time off will promote a better work-life balance. Time off reminds reps that there are more important things in life that are more important than working. They also get to spend more time with their families. Reps will appreciate the opportunity to take time off work if it is provided.
SPIFs are a different way to encourage your team. These incentives will encourage employees to be more efficient and raise more funds for charity. These are especially beneficial after natural disasters or during the holiday season. In addition they can be used as paid time off. Here are some suggestions for incentives:
Targeting rewards based on analytics
While advertising on top of the funnel is becoming increasingly competitive, incremental sales can be generated by discounts and rewards. Marketers can use these offers to become magnets by activating incentives or discounts early in a potential consumer’s shopping journey. The psychological effect of “getting the bargain” is powerful.
Personalizing rewards for individual reps
The ability to customize rewards for individual reps is a great method to ensure the most effective results. This should be a standard practice for all teams. The cost of personalizing rewards is low, and the benefits far outweigh the effort. For instance a shipping company in the world made use of 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 quality of their actions. It used data to evaluate the performance of sales reps and recommend selling actions. It paid them based on whether they were able to follow through.
Other options for personalizing rewards for individuals to boost sales include giving them tickets to live events. Top performers can receive season tickets or one-off tickets to big sporting events. Or you could reward your top performers with VIP and backstage tickets to their most cherished concert. There are many ways to give top agents a boost. Regardless of their industry you can reward them with something they’ll treasure.