Game Plan To Increase Sales

Increase Sales With Incentive Programs

Implementing incentive programs can increase revenue for your business. Sales reps are highly motivated by rewards that are tailored to their specific needs. Utilizing analytics, you can create rewards that are personally motivating for each rep. Here are some suggestions for creating effective sales incentive. These sales incentives can boost your company’s bottom-line! Let’s get started! Here are some ideas to boost sales using incentives.

Sales incentives motivators
Sales incentives are of different kinds and levels of reward. Cash sales incentives are not uncommon, though some companies have gotten creative and have reimagined the concept. Non-cash incentive options include dinner experiences, concert tickets, and sporting events. Employees will be motivated by numerous reasons, so don’t be limited in your choices and think outside the box when you offer sales incentives. Incorporate these tips into your sales incentive program and your employees will be motivated to surpass their personal goals!

According to an Incentive Research Foundation study, the public recognition of salespeople’s work can be a powerful motivator. Top companies often give employees virtual trophies, points-based company awards ceremonies, and other types of recognition. While these are effective tools to motivate employees however, they may not be as effective for employees who are less successful. Harvard Business Review found that smaller frequent rewards were more efficient than annual bonuses. Rewards should be tailored to the specific requirements and preferences of each salesperson.

Rewards that are personal motivators to the individual reps
A great way to motivate sales reps is by creating incentives around their own motivations. Sales reps are driven by reaching goals and metrics. Giving them time off can help them achieve a more balanced balance between work and life. Time off reminds reps that there are more important things in life than working. They also have the opportunity to spend more time with their families. Reps will be happy to take time off from work when it is provided.

Another way to motivate your team is to offer SPIFs. These incentives will encourage team members to work harder and raise more funds for charity. These incentives are especially helpful in the time of holidays and after natural catastrophes. Additionally they can also be used to earn paid time off. Here are some incentives ideas:

Rewards based on analytics that target
Marketing at the top of the funnel is becoming more competitive. However there is still a possibility that incremental sales could be generated by discounts and rewards. Through activating discounts and rewards at the beginning of a prospective consumer’s shopping journey marketers can use these offers as magnets. The psychology of “getting the deal” is powerful.

Rewarding individual reps with personalized rewards
The ability to customize rewards for individual reps is a great method to achieve the most effective results. This should be a standard practice for all teams. The hurdle to personalizing rewards is very low, and the benefits far outweigh the effort. A global shipping firm used machine learning to improve its forecast accuracy by 15 percent. Another pharmaceutical company that operates in volatile markets has compensated its sales reps for high-quality actions. The company used data to analyze the performance of sales reps and recommend selling actions. It paid them according to whether or not they adhered to the recommendations.

Other ways to personalize rewards for individual reps to increase sales include providing them with tickets to live events. Season tickets and tickets to big sporting events can be given to top agents. You can also reward top performers with tickets to backstage or VIP seats to their top performances. There are many ways to reward top-performing agents. Regardless of their industry it is possible to give them something they’ll treasure.