Increase Sales With Incentive Programs
Implementing incentive programs can help boost the sales of your company. Rewards that are customized to the needs of sales reps can be highly motivating. Analytics can help you focus on incentives that motivate every rep. Here are some ideas to design effective sales incentives. These sales incentives will increase your company’s bottom-line! Let’s get started! Here are some tips for increasing sales through incentives.
Motivators for sales incentives
Sales incentive motivations vary in terms of form and amount of reward. Although traditional cash sales incentives are very common however, some companies have become inventive and have reimagined this concept. Non-cash sales rewards range from dining experiences at fine restaurants as well as tickets for concerts and sporting events. Employees are likely to be motivated through a variety factors and therefore, think outside 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!
According to an Incentive Research Foundation study, public recognition of salespeople’s efforts can be an effective motivator. The top companies typically award employees virtual trophies, points-based awards ceremonies , as well as other forms of recognition. While these can be effective tools to motivate employees but they might not work as well for employees who are less successful. Harvard Business Review found that smaller frequent rewards were more effective than annual bonuses. Each salesperson’s needs and preferences should be taken into consideration when designing incentives.
Rewards that are personal motivators to the individual reps
Rewards that are based on their intrinsic motivations are a great method to keep sales reps motivated. Sales reps are driven to reach goals and metrics and rewarding them by giving them time off will help encourage the creation of a more balanced work-life. Time off reminds reps that there are more important things to do than working. It also allows them to spend more time with their families. If your company offers reps with time off, they’ll appreciate the opportunity to relax.
SPIFs are a different method to motivate your team. SPIFs are a motivator for your team to do their best and raise funds for charity. These incentives are particularly helpful during the holiday season and after natural catastrophes. They can also be used for paid time off. Here are some ideas for incentives:
Rewards based on analytics that target
While top-of-funnel advertising is increasingly competitive, incremental sales can be created through discounts and rewards. Through activating discounts and rewards early in a prospective consumer’s shopping journey, marketers can use these offers to attract consumers. The psychological effect of “getting the bargain” is powerful.
Individualized rewards for individual reps
To get the best results For the best results, personalizing rewards for each individual reps should be a part of the norm for teams across the organization. Personalizing rewards is simple and the benefits are well worth the effort. A global shipping company used machine learning to increase its forecast accuracy by 15 percent. Another pharma company in a highly volatile market has compensated its sales representatives for the quality of their actions. It used data to analyze rep performance and recommend selling actions. It paid them based on whether or not they did what they said they would.
Other options for rewarding agents to boost sales include giving them tickets to live events. Agents who are performing well can be awarded season tickets or one-time tickets to major sporting events. Or , you can reward your top performers with VIP and backstage tickets to their favourite concert. There are many ways to reward top-performing agents. No matter their industry there are many ways to reward top performers.