Increase Sales With Incentive Programs
Implementing incentive programs can increase revenue for your business. Rewards that are tailored to the needs of sales reps are extremely motivating. With analytics, you can choose rewards that are personally motivating to each rep. Here are some suggestions for creating effective sales incentive. They’re sure to increase the bottom line of your business! Let’s get started! Listed below are some tips to boost sales through incentives.
Sales incentives can be a motivator for sales
Sales incentives can be of various types and levels of reward. While traditional cash sales incentives are popular, some companies have been inventive and have reimagined this concept. Non-cash incentives can include fine meals, tickets to concerts, and sporting events. Employees are likely to be motivated by a variety of reasons 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!
Recognizing a salesperson’s accomplishments is a powerful motivational tool according to a recent study conducted by the Incentive Research Foundation. Top companies typically award employees virtual trophies, points-based company awards ceremonies, and other kinds of recognition. While these can be effective tools to motivate employees however, they may not work as well for less productive employees. Harvard Business Review found that small frequent rewards were more effective then annual bonuses. The incentive should be tailored to the particular requirements and preferences of each salesperson.
Rewards that are personal motivators to the individual reps
Incentives that are dependent on their intrinsic motivations are a great method to encourage sales reps. Sales reps are driven by reaching goals and metrics. Giving them time off will encourage a more balanced life between work and life. 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. If your company provides reps with time off they’ll appreciate having the opportunity to have some down time.
Another method to motivate your team is to provide SPIFs. SPIFs can be a great way to motivate your team to be more productive and raise funds for charity. These are particularly helpful after natural catastrophes or during the holiday season. They can also be used to earn paid time off. Here are some ideas for incentives:
Targeting rewards based on the data
Marketing that is top-of-the-funnel is becoming more competitive. However, incremental sales can still be generated through discounts or rewards. Marketers can use these offers to attract customers by activating discounts or rewards early in the buying process of a potential customer. There is no doubt about the power of the psychological aspect of “getting a deal.”
Individualized rewards for reps
For best results Personalizing rewards for individual reps should be a part of the standard for all teams within the organization. Personalizing rewards is easy and the rewards are worth the effort. For example, a global shipping company utilized machine learning to improve the accuracy of forecasts by 15 percent. Another pharmaceutical company operating in highly volatile markets has rewarded its sales reps for their excellent actions. It used data to evaluate the performance of sales reps and recommend selling actions. And it rewarded reps based on whether or not they followed through.
You can also give tickets for live events to create personal rewards for individual reps to boost sales. Agents who are performing well can be awarded season tickets or tickets to major sporting events. You can also give top performers VIP or backstage tickets to their favorite performances. There are a variety of ways to reward top-performing agents. No matter their industry there are a variety of ways to reward top performers.