Increase Sales With Incentive Programs
If you’d like to generate more revenue in 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 specific needs. Analytics can help you focus on rewards that will motivate every rep. Here are some ideas to create effective sales incentives. These sales incentives will boost the bottom line of your business! Let’s get started! Here are some helpful tips to boost sales by using incentives.
Sales incentives to encourage sales
Sales incentives have different motivators in terms of form and level of reward. Although traditional cash-based sales incentives are common however, some companies have become imaginative and have redesigned the concept. Non-cash rewards can include dinner experiences, concert tickets and sporting events. Employees are likely to be motivated by a myriad of factors, so think outside of the box and consider creative sales incentives. Incorporate these ideas into your sales incentive program and your employees will be motivated to exceed their personal goals!
According to an Incentive Research Foundation study, public recognition of salespeople’s efforts can be an effective motivational factor. The top companies typically award employees virtual trophies, points-based company awards ceremonies , and other forms of recognition. While they can be effective tools to motivate employees, these measures may not work as well for employees who are less successful. Harvard Business Review found that smaller and more frequent rewards were more effective than annual bonuses. The incentive should be tailored to the specific needs and preferences of each salesperson.
Rewards that are personally motivating for the individual reps
An effective method to motivate sales reps is to design incentives around their core motivations. Sales reps are motivated by reaching goals and metrics. Rewarding them with time off will encourage them to maintain a more balanced life between work and life. Reps are reminded that there are many more important things to do than work. It also lets them spend more time with their families. Reps will appreciate the opportunity to take time off from work if it is available.
Another way to encourage your team members is to provide SPIFs. These incentives motivate team members to be more productive and raise more funds for charity. These incentives are particularly beneficial during the holidays and following natural catastrophes. They can also be used to get paid time off. Here are some incentive ideas:
Analytics-based rewards targeting
Top-of-the-funnel marketing is becoming increasingly competitive. However it is possible for incremental sales to be generated by discounts and rewards. Marketers can leverage these offers to draw attention by triggering 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 an offer.”
Individualized rewards for reps
For best results Personalizing rewards for individuals should be part of the standard for teams across the organization. The hurdle to personalizing rewards is not too high and the benefits outweigh the effort. A shipping company in the world used machine learning to improve its forecast accuracy by 15%. Another pharmaceutical company operating in an extremely volatile market 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 according to whether they adhered to the recommendations.
Other options for personalizing rewards for individuals who are selling more include offering them tickets to live events. Season tickets and one-off tickets to big sporting events could be offered to top-performing agents. You could also give top performers tickets to the backstage or VIP section of their top performances. There are numerous ways to reward top-performing agents. Whatever their field there are a variety of ways to reward top performers.