Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Sales reps are motivated with 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 ideas for creating effective sales incentives. These sales incentives will increase your company’s bottom-line! Let’s get started! Here are some suggestions to increase sales with incentives.
Motivators for sales incentives
Sales incentive motivations vary in terms of form and amount of reward. Although traditional cash sales incentives are common however, some companies have become inventive and have reimagined this concept. Non-cash sales incentive range from gourmet dining experiences to concert tickets to sporting events. Employees will be motivated by many factors , so don’t limit your options and think outside of the box when it comes to offering sales incentives. These tips will help you motivate your employees to accomplish your personal goals.
According to an Incentive Research Foundation study, public recognition of salespeople’s achievements can be a powerful motivator. The top companies usually award employees virtual trophies, points-based awards ceremonies or other methods of acknowledgment. These can be very motivating tools. However, they may not be effective for employees who are less successful. Harvard Business Review found that smaller regular rewards were more effective than annual bonuses. Incentives should be tailored to the particular needs and preferences of each salesperson.
Individual reps will be motivated by rewards
Rewards that are dependent on their intrinsic motivations are a fantastic way to inspire sales reps. Sales reps are motivated by the achievement of goals and metrics. Giving them time off will encourage them to maintain a more balanced life between work and life. Time off reminds reps that there are other important things in life that are more important than working. They also get to spend more time with their families. Reps will appreciate the opportunity to take time off from work when they are offered.
Another way to motivate your team is to provide SPIFs. SPIFs can motivate your team members to work harder and raise funds for charity. These incentives are especially helpful during the holidays and following natural disasters. In addition they can be used to earn paid time off. Here are some incentive suggestions:
Targeting rewards based on analytics
Top-of-funnel marketing is becoming more competitive. However, incremental sales can still be generated through discounts and rewards. Marketers can make use of these offers as magnets by activating discounts or rewards early in the shopping experience of a potential buyer. There is no denying the power of the psychological aspect of “getting bargains.”
Personalizing rewards for individual reps
Individually recognizing reps for each rep is a great way to get the most effective results. This should be a common practice for all teams. It is simple to personalize rewards and the benefits are worth the effort. For instance the global shipping company has employed machine learning to increase the accuracy of forecasts by 15 percent. Another pharmaceutical company in an extremely volatile market has compensated its sales reps for the quality of their actions. It used data to analyze reps’ performance and recommend selling actions. It paid them based on whether or not they followed through.
Other options for rewarding individuals who are selling more include giving them tickets to live events. Agents who are performing well can be awarded season tickets or tickets to major sporting events. You could also give top performers tickets to backstage or VIP seats to their top performances. There are a variety of ways to give top agents a boost. Regardless of their industry it is possible to give them something they’ll treasure.