Increase Sales With Incentive Programs
If you’d like to see more revenue for your business you can increase your sales performance by setting up incentive programs. Rewards that are tailored to the needs of sales reps can be extremely motivating. Utilizing analytics, you can choose rewards that are personally motivating for each rep. Here are some ideas to create effective sales incentives. These sales incentives will improve your company’s bottom-line! Let’s get started! Here are some ideas to increase sales through incentives.
Motivators for sales incentives
Sales incentive motivations vary in terms of their type and level of reward. Cash sales incentives are popular however certain companies have gone for the creative and reimagined this concept. Non-cash incentives could include dinner experiences, concert tickets and sporting events. Employees are motivated by a variety of factors , so don’t restrict your options and think outside the box when you offer sales incentives. Incorporate these ideas into your sales incentive program and your employees will be motivated to surpass their personal goals!
The public recognition of salespeople’s performance is a powerful motivating tool, according to a recent study conducted by the Incentive Research Foundation. Top companies typically award employees virtual trophies, points-based awards ceremonies as well as other kinds of recognition. While these are effective tools to motivate employees but they might not be effective for employees who are less successful. Harvard Business Review found that smaller frequent rewards were more efficient than annual bonuses. Rewards should be tailored to the particular requirements and preferences of each salesperson.
Rewards that are personal motivators to individual reps
A good way to motivate sales reps is to design incentives around their own motivations. Sales reps are motivated to meet their goals and measure, and rewarding them by giving them time off will help encourage an improved work-life balance. Reps are reminded of the many important things that matter than work. They also have the opportunity to spend more time with their families. Reps will appreciate the ability to take breaks from work if it is available.
Another method to motivate your team is to provide SPIFs. These incentives can encourage team members to be more productive and raise more money for charity. They are especially helpful following natural catastrophes or during the holiday season. They can also be used for paid time off. Here are some incentives ideas:
Aiming rewards based upon analytics
While top-of-funnel advertising is increasingly competitive, incremental sales can be generated by discounts and rewards. By triggering discounts and rewards early in a prospective buyer’s shopping experience marketers can make use of these offers to attract consumers. The psychological effect of “getting the deal” is powerful.
Personalizing rewards for individual reps
For best results, personalizing rewards for individuals should be part of the standard for all teams within the organization. It is simple to personalize rewards and the results are worth the effort. A global shipping firm used machine learning to increase its forecast accuracy by 15%. Another pharmaceutical company operating in a highly volatile market has compensated its sales representatives for the quality of their actions. To do this, the company developed insights into reps’ performance and suggested selling strategies. It also paid reps based on whether or not they were able to follow through.
You can also provide tickets to live events as the rewards given to individual reps in order to increase sales. Top performers can receive season tickets or tickets to big sporting events. You can also reward your top sellers with VIP tickets and tickets to their most cherished concert. There are many ways to reward top performing agents. No matter their industry there are a variety of ways to honor top performers.