Increase Sales With Incentive Programs
Implementing incentive programs can help boost the sales of your company. Rewards that are tailored to the needs of sales reps can be extremely motivating. Using analytics, you can choose rewards that are personally stimulating to each rep. Here are some guidelines to develop effective sales incentive. They’ll certainly boost your company’s bottom line! Let’s get started! Listed below are some tips to boost sales by using incentives.
Sales incentives can be a motivator for sales
Sales incentives are based on motivations that vary in terms of their type and level of reward. Traditional cash sales incentives are not uncommon but some companies have gotten creative and reimagined this concept. Non-cash incentives can include fine dining experiences, tickets to concerts and sporting events. Employees are motivated by a variety of factors , so don’t restrict your choices and think outside the box when it comes to offering sales incentives. Include these suggestions 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 achievements can be a powerful motivational factor. Top companies typically award employees virtual trophies, points-based awards ceremonies or other methods of acknowledgment. These can be very 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 effective than annual bonuses. The individual needs and preferences of the salesperson should be considered when creating incentives.
Rewards that are personally motivating to the individual reps
Incentives that are dependent on their intrinsic motivations are an excellent method to encourage sales reps. Sales reps are driven to meet their goals and measure, and rewarding them with time off will promote a better work-life balance. Time off reminds reps that there are more important things in life than working. They also have the opportunity to spend more time with their families. Reps will appreciate the ability to take time off work if they are offered.
SPIFs are another method to keep your team motivated. SPIFs can motivate your team to be more productive 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 incentives ideas:
Analytics-based rewards targeting
While advertising on top of the funnel is becoming increasingly competitive and ad-hoc sales can be created through discounts and rewards. Marketers can use these offers to draw attention by introducing discounts or rewards early on in the shopping experience of a potential buyer. There is no doubt about the power of the psychological aspect of “getting the best deal.”
Individualized rewards for reps
For the best results For the best results, personalizing rewards for each individual reps should be part of the standard for all teams in the organization. The barrier to personalizing rewards is minimal and the benefits outweigh the effort. A global shipping company utilized machine learning to increase its forecast accuracy by 15%. Another pharmaceutical company operating in an extremely volatile market has compensated its sales representatives for the quality of their actions. To achieve this, it gathered insights into rep performance and recommended selling actions. And it rewarded reps based on whether they were able to follow through.
You can also give tickets to live events as the rewards given to individual reps in order to increase sales. Season tickets and tickets to big sporting events could be offered to the top performers. You could also give top performers VIP or backstage tickets to their top performances. There are many ways you can reward agents who are top performers. Whatever their field you can present them with something they’ll remember for a long time.