Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Sales reps are motivated with rewards that are tailored to their requirements. Analytics can help you choose rewards that are motivating to every rep. Here are some guidelines for creating effective sales incentives. They’re sure to increase the profits of your company! Let’s get started! Listed below are some tips to improve sales by using incentives.
Motivators for sales incentives
Sales incentives can be of various types and levels of reward. Traditional cash sales incentives are not uncommon however, some companies have gone on the offensive and reimagined the idea. Non-cash sales incentive range from fine dining experiences to tickets to concerts to sporting events. Employees are motivated by a variety of reasons, so don’t be limited in your choices and think outside the box when you offer sales incentives. Incorporate these tips into your sales incentive program and your employees will be motivated to surpass their personal goals!
Public recognition for a salesperson’s efforts can be a powerful motivational tool as per a recent study by the Incentive Research Foundation. Top companies often present employees with virtual trophies, company awards ceremonies and other forms of recognition. While these are effective tools to motivate employees however, they may not work for less productive employees. Harvard Business Review found that smaller regular rewards were more effective than annual bonuses. Incentive programs should be tailored according to the particular requirements and preferences of each salesperson.
Individual reps will be motivated by rewards
Incentives that are based on their intrinsic motivations are a fantastic method to keep sales reps motivated. Sales reps are motivated by achieving goals and metrics. Rewarding them with time off will encourage a more balanced balance between work and life. Reps are reminded that there are other important things than work. They also have the opportunity to spend more time with their families. If your company provides reps with time off they’ll appreciate the chance to enjoy some time off.
Another way to motivate your team is to provide SPIFs. SPIFs can inspire your team members to work harder and raise money for charity. These incentives are especially beneficial during the holiday season and after natural catastrophes. Additionally, they can also be used as paid time off. Here are some incentive suggestions:
Targeting rewards based on the data
While advertising on top of the funnel is becoming increasingly competitive it is possible to increase sales made through discounts and rewards. Marketers can use these offers to become magnets by activating discounts or rewards early on in the buying process of a potential customer. The psychology of “getting the deal” is powerful.
Personalizing rewards for individual reps
Rewarding individual reps with a personal touch is a good method to ensure the most effective results. This should be a standard practice for all teams. Personalizing rewards is easy and the rewards are worth the effort. For instance an international shipping company made use of machine learning to improve forecast accuracy by 15 percent. Another pharmaceutical company operating in a highly volatile market has compensated its sales reps for the effectiveness of their actions. The company used data to analyze the performance of sales reps and recommend selling actions. And it rewarded them according to whether they were able to follow through.
Other options for rewarding individuals who are selling more include giving them tickets to live events. Top-performing agents can receive season tickets or tickets to major sporting events. You could also reward top performers with VIP or backstage tickets to their favorite performances. There are a variety of ways to reward agents who are top performers. No matter what their profession you can present them with something they’ll remember for a long time.