Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Sales reps are highly motivated by rewards that are adapted to their requirements. Analytics can help you focus on incentives that motivate each rep. Here are some guidelines to help you create effective sales incentives. These sales incentives will boost your company’s bottom-line! Let’s get started! Here are some ideas to increase sales through incentives.
Motivators for sales incentives
Sales incentives have different motivators in terms of the type and level of reward. Traditional cash sales incentives are common but certain companies have gone for the creative and reimagined this concept. Non-cash incentives can include fine dining experiences, tickets to concerts and sporting events. Employees will be motivated by numerous factors , so don’t limit your options and think outside the box when it comes to offering sales incentives. Incorporate these tips into your sales incentive program and your employees will be motivated to reach their personal goals!
According to an Incentive Research Foundation study, the public recognition of salespeople’s work can be a powerful motivator. Top companies typically award employees virtual trophies, points-based company awards ceremonies or other forms of recognition. While these are effective tools to motivate employees but they might not be effective for less successful employees. Harvard Business Review found that small frequent rewards were more effective then annual bonuses. Each salesperson’s needs and preferences should be considered when designing incentives.
Individual reps will be motivated by rewards
A good way to motivate sales reps is to design incentives that are based on their motivations. Sales reps are driven by reaching goals and metrics. Rewards such as time off will encourage them to maintain a more balanced balance between work and life. Time off reminds reps that there are more important things to do than working. They can also spend more time with their families. Reps will appreciate being able to take time off from work if it is offered.
Another method to encourage your team members is to offer SPIFs. SPIFs can inspire your team to do their best and raise money for charity. These incentives are especially helpful in the time of holidays and after natural catastrophes. They can also be used to earn paid time off. Here are some suggestions to encourage employees:
Analytics-based rewards that target
While top-of-funnel advertising is increasingly competitive and ad-hoc sales can be generated by discounts and rewards. By implementing discounts and rewards earlier in a prospective buyer’s shopping experience, marketers can use these offers as magnets. The psychology of “getting the deal” is powerful.
Personalizing rewards for individual reps
Individually recognizing reps for each rep is a great method to achieve the best results. This should be a standard practice for all teams. Making rewards personal is easy and the benefits are worth the effort. A global shipping company used machine learning to increase its forecast accuracy by 15%. Another pharmaceutical company in an extremely volatile market compensated its sales reps based on the quality of their actions. To achieve this, it developed insights into rep performance as well as the recommended selling actions. And it compensated reps based on whether or not they followed through.
Other options for rewarding individual reps to increase sales include offering them tickets to live events. Season tickets as well as one-off tickets to big sporting events can be given to top agents. You could also give top performers tickets to backstage or VIP seats to their most loved performances. There are many ways to reward top-performing agents. Regardless of their industry you can present them with something they’ll be proud of.