Increase Sales With Incentive Programs
If you’d like to generate more revenue in your business you can boost your sales performance by creating incentive programs. Sales reps are motivated by rewards that are tailored to their needs. By using analytics, you are able to target rewards that are personally motivating to each rep. Here are some guidelines to design effective sales incentives. These sales incentives will boost the bottom line of your company! Let’s get started! Below are some suggestions to increase sales using incentives.
Sales incentives are a great way to motivate your employees.
Sales incentives can be of different kinds and levels of reward. While traditional cash sales incentives are common however, some companies have become inventive and have reimagined this concept. Non-cash rewards can include dining experiences, tickets to concerts, and sporting events. Employees are likely to be motivated through a variety factors and therefore, think outside 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!
The public recognition of salespeople’s accomplishments is a powerful motivational tool according to a new study conducted by the Incentive Research Foundation. Top companies typically award employees virtual trophies, points-based awards ceremonies or other forms of recognition. While these are effective tools to motivate employees, these measures may not be as effective for less successful employees. Harvard Business Review found that small, frequent rewards were more effective then annual bonuses. Incentives should be tailored to the specific needs and preferences of each salesperson.
Individual reps will be motivated by rewards
Rewards that are based on their intrinsic motivations are a fantastic way to inspire sales reps. Sales reps are motivated to reach goals and metrics and rewarding them by giving them time off will help encourage a better work-life balance. Reps are reminded of the many important things to do than work. They also get to spend more time with their families. If your company offers reps with time off they’ll appreciate the chance to take a break.
Another method to inspire your team is to provide SPIFs. These incentives will encourage team members to be more productive and raise more funds for charity. These are especially beneficial following natural disasters or during the holiday season. They can also be used for paid time off. Here are some ideas to encourage employees:
Aiming rewards based upon the data
Although top-of-the-funnel advertising is becoming increasingly competitive, incremental sales can be generated by discounts and rewards. Marketers can make use of these offers to draw attention by activating discounts or rewards at the beginning of a potential consumer’s shopping journey. The psychology of “getting the deal” is powerful.
Individualized rewards for reps
The ability to customize rewards for individual reps is a great way to get the most effective results. This should be a standard practice for all teams. Personalizing rewards is easy and the benefits are well worth the effort. For example the global shipping company has used machine learning to improve forecast accuracy by 15 percent. Another pharmaceutical company in an extremely volatile market has compensated its sales reps for the effectiveness of their actions. To achieve this, the company developed insights into reps’ performance and recommended selling actions. And it compensated reps based on whether or not they were able to follow through.
You can also provide tickets for live events to create personal incentives for each rep in order to increase sales. Agents who are performing well can be awarded season tickets, or tickets for big sporting events. You could also give your top salespeople backstage and VIP tickets to their favorite concerts. There are numerous ways to reward top-performing agents. Regardless of their industry, you can give them something they’ll treasure.