Increase Sales With Incentive Programs
If you’d like to generate more revenues for your company you can increase your sales performance by setting up incentive programs. Rewards that are tailored to the needs of sales reps can be extremely motivating. Utilizing analytics, you can create rewards that are personally motivating for each rep. Here are some guidelines for creating effective sales incentive. These sales incentives will improve your company’s bottom-line! Let’s get started! Below are some suggestions to increase sales using incentives.
Motivators for sales incentives
Sales incentives are of different types and levels reward. While traditional cash sales incentives are very common however, some companies have become imaginative and have redesigned the concept. Non-cash sales incentive range from dining experiences at fine restaurants to tickets to concerts to sporting events. Employees will be motivated by many factors , so don’t limit your options and think outside the box when it comes to offering sales incentives. These suggestions will assist you to motivate employees to meet your personal goals.
Public recognition for a salesperson’s accomplishments is a powerful motivational tool as per a recent study conducted by the Incentive Research Foundation. Top companies typically award employees virtual trophies, points-based awards ceremonies as well as other forms of recognition. These are often highly motivating tools. However, they may not work for employees who are less successful. Harvard Business Review found that smaller and more frequent rewards were more efficient than annual bonuses. The individual needs and preferences of the salesperson should be considered when designing incentives.
Individual reps will be motivated by rewards
Rewards that are driven by their intrinsic motivations are an excellent way to keep sales reps motivated. Sales reps are driven to meet their goals and measure, and rewarding them with time off can encourage an improved work-life balance. Time off reminds reps that there are other important things to do than working. It also allows them to spend more time with their families. Reps will appreciate being able to take breaks from work if it is offered.
Another way to inspire your team is to provide SPIFs. SPIFs can inspire your team to do their best and raise money for charity. These are especially beneficial following natural disasters or during the holiday season. In addition they can also be used to earn paid time off. Here are some suggestions to encourage employees:
Rewarding targets based on analytics
While top-of-funnel advertising is increasingly competitive and ad-hoc sales can be generated by discounts and rewards. Through activating discounts and rewards early in a prospective buyer’s shopping experience marketers can make use of these offers as a way to draw attention. The psychological impact of “getting the deal” is powerful.
Personalizing rewards for individual reps
For best results, personalizing rewards for individual reps should be a part of the standard for teams across the company. Making rewards personal is easy and the benefits are well worth the effort. For example, a global shipping company made use of machine learning to increase the accuracy of forecasts by 15 percent. Another pharmaceutical company operating in highly volatile markets has rewarded its sales reps for their good work. It used data to evaluate reps’ performance and recommend selling actions. It paid them based on whether they followed through.
You can also give tickets to live events to personalize the rewards given to individual reps to boost sales. Season tickets as well as one-off tickets to major sporting events could be offered to top-performing agents. You can also reward top performers with tickets for backstage or VIP tickets to their most loved performances. There are many ways to reward top performing agents. No matter their industry there are a variety of ways to honor top performers.