Increase Sales With Incentive Programs
Implementing incentive programs can increase the revenue of your business. Rewards that are customized to the needs of sales reps can be highly motivating. Utilizing analytics, you can determine the kind of rewards that are motivating to each rep. Here are some suggestions to create effective sales incentives. They’ll certainly boost your company’s bottom line! Let’s get started! Here are some tips to increase sales using incentives.
Sales incentives motivators
Sales incentives may be of different kinds and levels of reward. Cash sales incentives are commonplace, though some companies have gone on the offensive and reimagined this concept. Non-cash sales incentives range from dining experiences at fine restaurants as well as tickets for concerts and sporting events. Employees are likely to be motivated by a myriad of factors, so think outside of 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!
Recognition of a salesperson’s performance is a powerful motivating tool as per a recent study by the Incentive Research Foundation. Top companies frequently award employees virtual trophies, points-based company awards ceremonies as well as other kinds of recognition. While these can be effective motivational tools but they might not be effective for less productive employees. Harvard Business Review found that small, frequent rewards were more effective then annual bonuses. Incentive programs should be tailored according to the specific requirements and preferences of each salesperson.
Rewards that are personally motivating for the individual reps
Rewards that are driven by their intrinsic motivations are a great method to inspire sales reps. Sales reps are motivated by achieving goals and metrics. Rewarding them with time off will encourage a better balance between work and life. Time off reminds reps that there are more important things to do than working. They also get to spend more time with their families. If your company provides time off for reps, they’ll appreciate the opportunity to relax.
Another way to inspire your team is to offer SPIFs. These incentives encourage team members to put in more effort and raise more funds for charity. These incentives are especially helpful in the time of holidays and after natural disasters. Additionally they can be used as paid time off. Here are some incentive suggestions:
Rewards based on analytics targeted at
Top-of-the-funnel marketing is becoming increasingly competitive. However it is possible for incremental sales to be made through discounts and rewards. Through activating discounts and rewards early in a prospective buyer’s journey to purchase marketers can use these offers as a way to draw attention. There is no doubt about the power of the psychology of “getting the best deal.”
Personalizing rewards for individual reps
For the best results, personalizing rewards for individual reps should be a part of the standard for teams across the company. The barrier to personalizing rewards is low and the benefits outweigh the effort. For example a shipping company in the world has used machine learning to increase the accuracy of forecasts by 15 percent. Another pharmaceutical company that operates in markets that are volatile has paid its sales reps for their quality actions. To achieve this, it gathered insights into the performance of reps and recommended selling techniques. And it rewarded them according to whether they adhered to the recommendations.
Other options for rewarding individuals to boost sales include offering them tickets to live events. Season tickets and one-off tickets to major sporting events could be offered to the top performers. You can also give your top salespeople backstage and VIP tickets to their most cherished concert. There are many ways to reward top-performing agents. Regardless of their industry you can present them with something they’ll be proud of.