Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Sales reps are motivated by rewards that are customized to their needs. Using analytics, you can create rewards that are personally motivating for each rep. Here are some ideas to create effective sales incentives. They’ll certainly boost your company’s bottom line! Let’s get started! Here are some ideas to increase sales with incentives.
Motivators for sales incentives
Sales incentives may be of different kinds and levels of reward. Cash sales incentives are common however, some companies have been creative and reimagined this concept. Non-cash sales incentives range from fine dining experiences and concert tickets to sporting events. Employees will be motivated by a variety of factors so don’t limit your options and think outside the box when you offer sales incentives. These tips will help you to motivate your employees to achieve your personal goals.
Recognizing a salesperson’s efforts can be a powerful motivational tool according to a recent study conducted by the Incentive Research Foundation. Top companies often give employees virtual trophies, points-based awards ceremonies, and other kinds of recognition. While they can be effective tools to motivate employees however, they may not be as effective for less productive employees. Harvard Business Review found that smaller and more frequent rewards were more effective than annual bonuses. Incentives should be tailored to the specific needs and preferences of each salesperson.
Rewards that are personal motivators to the individual reps
One way to motivate sales reps is to build incentives around their core motivations. Sales reps are driven to achieve goals and goals. Rewarding them with time off will encourage them to maintain a more balanced life between work and life. Reps are reminded that there are other important things to do than work. It also lets them spend more time with their families. Reps will appreciate the ability to take time off from work when it is provided.
Another method to inspire your team is to offer SPIFs. SPIFs can motivate your team to be more productive and raise money for charity. These are especially beneficial following natural catastrophes or during the holiday season. In addition they can also be used to earn paid time off. Here are some incentive suggestions:
Aiming rewards based upon analytics
Marketing that is top-of-the-funnel is becoming more competitive. However it is possible for incremental sales to be generated through discounts or rewards. By triggering discounts and rewards early in a prospective buyer’s shopping experience marketers can utilize these offers to attract customers. There is no doubt about the power of the psychological aspect of “getting a deal.”
Personalizing rewards for individual reps
To get the best results, personalizing rewards for individual reps should be a part of the standard for teams across the organization. It is simple to personalize rewards and the benefits are worth the effort. For instance a shipping company in the world has employed machine learning to improve the accuracy of forecasts 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 rep performance and recommend selling actions. It paid them according to whether or not they followed through.
Other options for rewarding individuals to boost sales include giving them tickets to live events. Top performers can receive season tickets or tickets to major sporting events. You can also give top performers tickets to backstage or VIP seats to their most loved concerts. There are many ways to reward top-performing agents. No matter what their profession you can present them with something they’ll be proud of.