Increase Sales With Incentive Programs
If you’d like to see more revenue in your business, you can improve your sales performance by implementing incentive programs. Sales reps are highly motivated by rewards that are customized to their specific needs. By using analytics, you are able to target rewards that are personally motivating to each rep. Here are some guidelines to design effective sales incentives. These sales incentives can boost the bottom line of your company! Let’s get started! Listed below are some tips to boost sales by using incentives.
Sales incentives are a great way to motivate your employees.
Sales incentives can come in various types and levels of reward. Although traditional cash sales incentives are very popular, some companies have been innovative and have reimagined the idea. Non-cash rewards can include dinner experiences, concert tickets and sporting events. Employees are likely to be motivated by a variety of reasons, so think outside of the box and think of innovative sales incentives. Implement these tips into your sales incentive program and your employees will be motivated to exceed their personal goals!
The public recognition of salespeople’s efforts is a powerful motivational tool according to a new study conducted by the Incentive Research Foundation. The top companies usually award employees virtual trophies, points-based company awards ceremonies as well as other forms of recognition. These are often highly motivating tools. However, they might not be beneficial for employees who are less successful. Harvard Business Review found that smaller, more frequent rewards were more efficient than annual bonuses. Rewards should be tailored to the particular needs and preferences of each salesperson.
Rewards that are personally motivating for individual reps
One method to motivate sales reps is by creating incentives around their own motivations. Sales reps are driven to meet goals and set metrics and rewarded with time off can encourage the achievement of a better balance between work and life. Reps are reminded that there are many more important things that matter than work. They also have the opportunity to spend more time with their families. If your company offers reps with time off they’ll appreciate having the opportunity to relax.
SPIFs are another method to inspire your team. These incentives encourage team members to work harder and raise more funds for charity. These incentives are particularly helpful during the holiday season and after natural disasters. Additionally they can be used as paid time off. Here are some incentive ideas:
Targeting rewards based on analytics
While advertising on top of the funnel is becoming increasingly competitive it is possible to increase sales created through discounts and rewards. Through activating discounts and rewards early in a prospective buyer’s shopping experience marketers can make use of these offers as magnets. There is no doubt about the power of the psychological aspect of “getting an offer.”
Individualized rewards for reps
For the best results, personalizing rewards for individual reps should be a part of the standard for teams across the organization. The barrier to personalizing rewards is very low and the benefits outweigh the effort. For instance an international shipping company has used machine learning to increase forecast accuracy by 15 percent. Another pharmaceutical company that operates in volatile markets has compensated its sales reps for high-quality actions. To achieve this, it created insights into rep performance as well as recommended selling actions. It paid them according to whether or not they were able to follow through.
You can also provide tickets to live events to personalize incentives for each rep to increase sales. Agents who are performing well can be awarded season tickets or one-off tickets to major sporting events. You could also reward your top sellers with VIP and backstage tickets to their favorite concert. There are many ways you can give top agents a boost. Whatever their field you can present them with something they’ll cherish.