Increase Sales With Incentive Programs
If you’d like to see more revenues for your company you can boost your sales performance by making incentive programs. Sales reps are motivated by rewards that are adapted to their specific needs. Analytics can help you choose incentives that are motivating for every rep. Here are some suggestions to develop effective sales incentive. These sales incentives will increase the bottom line of your business! Let’s get started! Below are some suggestions to increase sales using incentives.
Motivators for sales incentives
Sales incentives can be of different types and levels of reward. Cash sales incentives are common but some companies have gotten creative and reimagined this concept. Non-cash sales incentive range from fine dining experiences to concert tickets to sporting events. Employees are likely to be motivated by a myriad of factors and 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, the public recognition of salespeople’s efforts can be a powerful motivator. Top companies frequently award employees virtual trophies and awards, based on points, at ceremony for awards, and other types of recognition. While these can be effective motivational tools, these measures may not work for less successful employees. Harvard Business Review found that small frequent rewards were more effective then annual bonuses. Rewards should be tailored to the specific requirements and preferences of each salesperson.
Individual reps will be motivated by rewards
Incentives that are dependent on their intrinsic motivations are a fantastic method to keep sales reps motivated. Sales reps are motivated to meet goals and set metrics, and rewarding them by giving them time off will help encourage a better work-life balance. Reps are reminded that there are other important things to do than work. They can also spend more time with their families. If your company offers time off for reps they’ll appreciate the chance to enjoy some time off.
Another method to inspire your team is to offer SPIFs. SPIFs can motivate your team to work harder and raise funds for charity. These are particularly helpful after natural disasters or during the festive season. They can also be used to obtain paid time off. Here are some incentive suggestions:
Targeting rewards based on the data
Marketing that is top-of-the-funnel is becoming more competitive. However, incremental sales can still be generated through discounts and rewards. By triggering discounts and rewards early in a prospective buyer’s journey to purchase, marketers can use these offers as a way to draw attention. The psychology of “getting the bargain” is powerful.
Personalizing rewards for individual reps
Rewarding individual reps with a personal touch is a good way to ensure you get the best results. This should be a standard procedure for all teams. Making rewards personal is easy and the benefits are worth the effort. For instance the global shipping company made use of machine learning to increase forecast accuracy by 15 percent. Another pharma company in a highly volatile market has compensated its sales reps for the quality of their actions. To achieve this, it gathered insights into rep performance and the recommended selling actions. It paid them according to whether or not they adhered to the recommendations.
You can also give tickets to live events in order to customize incentives for each rep in order to increase sales. Season tickets and tickets to big sporting events are available to top agents. You could also reward top performers with tickets to the backstage or VIP section of their top performances. There are many ways to reward top performing agents. No matter their industry there are many ways to give top performers a boost.