Increase Sales With Incentive Programs
Implementing incentive programs can help increase revenue for your business. Rewards that are tailored to the needs of sales reps are highly motivating. Analytics can help you determine incentives that are motivating for every rep. Here are some ideas to design effective sales incentives. They’ll certainly boost the profits of your company! Let’s get started! Here are some suggestions to boost sales using incentives.
Motivators for sales incentives
Sales incentives can come in different types and levels of reward. While traditional cash sales incentives are popular however, some companies have become imaginative and have redesigned the concept. Non-cash sales incentives can range from gourmet dining experiences and concert tickets to sporting events. Employees are likely to be motivated by a variety of factors therefore think outside the box and think of innovative sales incentives. Incorporate these ideas into your sales incentive program and your employees will be motivated to exceed their personal goals!
Recognizing a salesperson’s efforts is 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 as well as other types of recognition. While these are effective motivational tools but they might not work for less successful employees. Harvard Business Review found that smaller, more frequent rewards were more efficient than annual bonuses. Each salesperson’s needs and preferences should be considered when designing incentives.
Rewards that are personally motivating for the individual reps
Incentives that are based on their intrinsic motivations are a fantastic way to motivate sales reps. Sales reps are motivated by the achievement of goals and metrics. Rewarding them with time off can help them achieve a better balance between work and life. Reps are reminded that there are other important things than work. They also get to spend more time with their families. If your company provides time off for reps they’ll appreciate having the opportunity to take a break.
SPIFs are a different way to inspire your team. SPIFs can motivate your team members to work harder and raise money for charity. These incentives are especially beneficial during holidays and after natural catastrophes. In addition, they can also be used to earn paid time off. Here are some ideas for incentives:
Aiming rewards based upon the data
Marketing that is top-of-the-funnel is becoming more competitive. However there is still a possibility that incremental sales could be made through discounts and rewards. Marketers can utilize these offers to attract customers by triggering discounts or rewards early on in the consumer’s journey. The psychological effect of “getting the bargain” is powerful.
Individualized rewards for reps
For best results For the best results, personalizing rewards for each individual reps should be part of the norm for all teams in the organization. Personalizing rewards is simple and the results are worth the effort. For example an international shipping company has employed machine learning to improve the accuracy of forecasts by 15 percent. Another pharma company in a highly volatile market has compensated its sales reps based on the quality of their actions. To do this, it created insights into rep performance as well as recommended selling actions. It paid them based on whether they did what they said they would.
Other ways to personalize rewards for individual reps to increase sales include providing them with tickets to live events. Agents who perform well could receive season tickets or tickets to major sporting events. You could also give top performers VIP or backstage tickets to their favorite performances. There are many ways to reward agents who are top performers. Whatever their field, there are many ways to reward top performers.