Increase Holiday Sales

Increase Sales With Incentive Programs

Implementing incentive programs can help increase the revenue of your business. Rewards that are tailored to the needs of sales reps can be highly motivating. Analytics can help you choose rewards that will motivate each rep. Here are some guidelines to design effective sales incentives. These sales incentives will increase the bottom line of your company! Let’s get started! Below are some suggestions to improve sales by using incentives.

Motivators for sales incentives
Sales incentives are of various types and levels of reward. Cash sales incentives are common but some companies have gone on the offensive and reimagined the concept. Non-cash sales rewards range from gourmet dining experiences and concert tickets to sporting events. Employees are likely to be motivated by a variety of factors So think outside the box and consider innovative sales incentives. These suggestions will assist you to motivate employees to meet your personal goals.

According to an Incentive Research Foundation study, the public recognition of salespeople’s efforts can be a powerful motivational factor. Top companies often present employees with virtual trophies and awards, based on points, at ceremony for awards, and other types of recognition. While these can be effective motivators however, they may not work as well for less successful employees. Harvard Business Review found that small frequent rewards were more effective then annual bonuses. Incentive programs should be tailored according to the particular needs and preferences of each salesperson.

Rewards that are personally motivating to individual reps
Rewards that are built around their intrinsic motivations are an excellent method to encourage sales reps. Sales reps are motivated to reach goals and metrics and rewarding them with time off will promote the creation of a more balanced work-life. Time off reminds reps that there are other important things to do than working. They can also spend more time with their families. If your company offers time off for reps they’ll appreciate the chance to take a break.

Another method to inspire your team is to provide SPIFs. SPIFs can motivate your team to do their best and raise funds for charity. These are especially beneficial after natural disasters or during the holiday season. They can also be used for paid time off. Here are some ideas for incentives:

Analytics-based rewards that target
Although top-of-the-funnel advertising is becoming increasingly competitive however, incremental sales can be generated by discounts and rewards. Marketers can make use of these offers to draw attention by introducing discounts or rewards at the beginning of the shopping experience of a potential buyer. The psychological effect of “getting the bargain” is powerful.

Rewarding individual reps with personalized rewards
Individually recognizing reps for each rep is a good method to achieve the best results. This should be a common practice for all teams. The hurdle to personalizing rewards is very low and the benefits outweigh the effort. A global shipping company utilized machine learning to increase its forecast accuracy by 15%. Another pharmaceutical company operating in markets that are volatile has paid its sales reps for their quality actions. It used data to evaluate reps’ performance and suggest selling actions. And it rewarded reps based on whether or not they followed through.

Other options for rewarding individual reps to increase sales include giving them tickets for live events. Top performers can receive season tickets or one-off tickets to big sporting events. Or you could offer your top sellers backstage and VIP tickets to their most cherished concert. There are many ways you can reward agents who are top performers. Whatever their field there are a variety of ways to give top performers a boost.