Increase Sales With Incentive Programs
Implementing incentive programs can help increase the revenue of your business. Sales reps are motivated by rewards that are customized to their needs. Analytics can help you target incentives that motivate each rep. Here are some guidelines for creating effective sales incentives. These sales incentives can boost your company’s bottom-line! Let’s get started! Below are some suggestions to boost sales by using incentives.
Motivators for sales incentives
Motivators for sales incentives vary in terms of the type and amount of reward. Cash sales incentives are common but some companies have gotten creative and reimagined the idea. Non-cash sales incentives range from fine dining experiences as well as tickets for concerts and sporting events. Employees will be motivated by a variety of reasons, so don’t be limited in your possibilities and think outside the box when you offer sales incentives. Incorporate these ideas into your sales incentive program and your employees will be motivated to reach their personal goals!
Recognition of a salesperson’s accomplishments is a powerful motivational tool as per a recent study by the Incentive Research Foundation. Top companies often give employees virtual trophies, points-based company awards ceremonies and other kinds of recognition. While they can be effective motivators, these measures may not work for employees who are less successful. Harvard Business Review found that small frequent rewards were more effective then annual bonuses. Each salesperson’s needs and preferences should be considered when creating incentives.
Individual reps will be motivated by rewards
A great method to motivate sales reps is to design incentives around their motivations. Sales reps are driven by reaching goals and metrics. Rewards such as time off will encourage a more balanced life between work and life. Reps are reminded that there are more important things than work. They can also spend more time with their families. If your company provides time off for reps They’ll appreciate the opportunity to enjoy some time off.
SPIFs are another way to encourage your team. These incentives motivate team members to be more productive and raise more funds for charity. They are especially helpful following natural catastrophes or during the holiday season. In addition they can be used to earn paid time off. Here are some ideas for incentives:
Rewards based on analytics targeted at
Marketing that is top-of-the-funnel is becoming more competitive. However it is possible for incremental sales to be generated through discounts and rewards. Marketers can utilize these offers to draw attention by triggering discounts or rewards at the beginning of the shopping experience of a potential buyer. The psychological impact of “getting the deal” is powerful.
Individualized rewards for reps
Individually recognizing reps for each rep is a great method to ensure the best results. This should be a standard procedure for all teams. The hurdle to personalizing rewards is not too high and the benefits outweigh the effort. For example a shipping company in the world has employed machine learning to increase forecast accuracy by 15 percent. Another pharmaceutical company operating in an extremely volatile market has compensated its sales reps based on the quality of their actions. To do this, it created insights into reps’ performance and recommended selling techniques. It paid them according to whether they were able to follow through.
Other ways to personalize rewards for individuals who are selling more include offering them tickets to live events. Agents who are performing well can be awarded season tickets, or tickets to major sporting events. Or you could give your top salespeople backstage and VIP tickets to their favorite concert. There are many ways to reward top-performing agents. Whatever their field, there are many ways to give top performers a boost.