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. Using analytics, you can target rewards that are personally motivating to each rep. Here are some ideas to develop effective sales incentive. They’ll certainly boost your company’s bottom line! Let’s get started! Listed below are some tips to improve sales by using incentives.
Motivators for sales incentives
Motivators for sales incentives vary in terms of type and amount of reward. Although traditional cash sales incentives are very common however, some companies have become innovative and have reimagined the idea. Non-cash sales incentives can range from gourmet dining experiences to concert tickets to sporting events. Employees are likely to be motivated by a variety of reasons therefore think outside the box and consider innovative sales incentives. Incorporate these ideas into your sales incentive program and your employees will be motivated to exceed their personal goals!
According to an Incentive Research Foundation study, public recognition of salespeople’s efforts can be a powerful motivator. Top companies often award employees virtual trophies, company ceremony for awards, and other types 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 regular rewards were more efficient than annual bonuses. Incentives should be tailored to the particular requirements and preferences of each salesperson.
Rewards that are motivating to individual reps
Incentives that are driven by their intrinsic motivations are an excellent method to motivate sales reps. Sales reps are driven by the achievement of goals and metrics. The reward of time off will encourage them to maintain a more balanced balance between work and life. Time off reminds reps that there are other important things in life than working. They can also spend more time with their families. Reps will appreciate the opportunity to take time off from work if it is provided.
Another method to motivate your team is to offer SPIFs. SPIFs can motivate your team to do their best and raise money for charity. These incentives are especially beneficial during the holidays and following natural catastrophes. In addition they can be used as paid time off. Here are some ideas for incentives:
Analytics-based rewards that target
Marketing that is top-of-the-funnel is becoming more competitive. However, incremental sales can still be made through discounts and rewards. By activating discounts and rewards early in a prospective buyer’s journey to purchase, marketers can use these offers to attract customers. The psychological effect of “getting the bargain” is powerful.
Individualized rewards for reps
Personalizing rewards for individual reps is a great way to ensure you get the best results. This should be a standard practice for all teams. The hurdle to personalizing rewards is not too high and the benefits outweigh the effort. For example, a global shipping company has employed machine learning to increase forecast accuracy by 15 percent. Another pharma company in a highly volatile market has compensated its sales reps for the effectiveness of their actions. The company used data to analyze reps’ performance and suggest selling actions. It paid them according to whether or not they followed through.
You can also provide tickets to live events as rewards for individual reps in order to increase sales. Season tickets as well as one-off tickets to major sporting events are available to agents who are the best performers. You can also give top performers VIP or backstage tickets to their favorite performances. There are many ways you can reward top-performing agents. No matter their industry there are many ways to reward top performers.