How Can Digital Marketing Increase Sales

Increase Sales With Incentive Programs

If you’d like to generate more revenue for your business you can boost your sales performance by making incentive programs. Sales reps are highly motivated with rewards that are tailored to their specific needs. Analytics can help you determine incentives that motivate each rep. Here are some guidelines to develop effective sales incentive. These sales incentives can boost your company’s bottom line! Let’s get started! Listed below are some tips to improve sales by using incentives.

Motivators for sales incentives
Sales incentives can be of different types and levels of reward. While traditional cash sales incentives are very common However, some companies have been creative and reimagined the concept. Non-cash rewards can include dining experiences, concert tickets, and sporting events. Employees are likely to be motivated through a variety factors and therefore, think outside the box and consider creative sales incentives. Implement these tips into your sales incentive program and your employees will be motivated to achieve their personal goals!

Recognition of a salesperson’s efforts is a powerful motivational tool, according to a recent study conducted by the Incentive Research Foundation. Top companies often present employees with virtual trophies and awards, based on points, at ceremony for awards, and other types of recognition. These can be extremely motivating tools. However, they may not be beneficial for employees who are less successful. Harvard Business Review found that small, frequent rewards were more effective then annual bonuses. Incentive programs should be tailored according to the particular needs and preferences of each salesperson.

Individual reps will be motivated by rewards
One method to motivate sales reps is to build incentives around their core motivations. Sales reps are motivated by the achievement of goals and metrics. Giving them time off can help them achieve a better balance between work and life. 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 chance to relax.

Another method to motivate your team is to provide SPIFs. These incentives motivate team members to work harder and raise more money for charity. These are especially beneficial after natural catastrophes, or during the holiday season. In addition they can also be used as paid time off. Here are some ideas to encourage employees:

Aiming rewards based upon analytics
While top-of-funnel advertising is increasingly competitive and ad-hoc sales can be created through discounts and rewards. Marketers can make use of these offers to become magnets by activating discounts or rewards early in a potential consumer’s shopping journey. There is no doubt about the power of the psychological aspect of “getting a deal.”

Individualized rewards for reps
Personalizing rewards for individual reps is a good method to achieve the most effective results. This should be a standard practice for all teams. The hurdle to personalizing rewards is minimal, and the benefits far outweigh the effort. A global shipping firm used machine learning to improve its forecast accuracy by 15%. Another pharma company in a highly volatile market has compensated its sales reps for the effectiveness of their actions. To do this, the company developed insights into reps’ performance and suggested selling strategies. It paid them based on whether or not they followed through.

Other ways to personalize rewards for individual reps to increase sales include giving them tickets for live events. Season tickets and tickets to big sporting events can be awarded to the top performers. You can also give top performers VIP or backstage tickets to their most cherished performances. There are many ways to reward top-performing agents. Whatever their field you can reward them with something they’ll treasure.