Increase Sales With Incentive Programs
Implementing incentive programs can increase the revenue of your business. Sales reps are highly motivated by rewards that are tailored to their specific needs. Using analytics, you can target rewards that are personally stimulating to each rep. Here are some guidelines to design effective sales incentives. These sales incentives will improve the bottom line of your business! Let’s get started! Here are some ideas to increase sales with incentives.
Motivators for sales incentives
Sales incentive motivations vary in terms of form and the amount of reward. While traditional cash sales incentives are common however, some companies have become creative and reimagined the concept. Non-cash incentive options include meals, tickets to concerts, and sporting events. Employees are motivated by a variety of factors , so don’t restrict your choices 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 exceed their 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, points-based company awards ceremonies , as well as other forms of recognition. While they can be effective motivators, these measures may not work as well for less successful employees. Harvard Business Review found that smaller and more frequent rewards were more efficient than annual bonuses. The individual needs and preferences of the salesperson should be considered when designing incentives.
Individual reps will be motivated by rewards
Rewards that are dependent on their intrinsic motivations are a great way to keep sales reps motivated. Sales reps are driven to meet goals and set metrics and rewarding them with time off will encourage an improved work-life balance. Time off reminds reps that there are other important things in life that are more important than working. They also get to spend more time with their families. Reps will appreciate the ability to take time off from work if they are offered.
Another method to encourage your team members is to provide SPIFs. These incentives encourage team members to put in more effort and raise more money for charity. They are especially helpful following natural disasters or during the holiday season. In addition they can be used to earn paid time off. Here are some ideas to encourage employees:
Rewarding targets based on analytics
While top-of-the-funnel marketing is becoming more competitive however, incremental sales can be generated through discounts and rewards. Marketers can use these offers to attract customers by triggering discounts or rewards early on in a potential consumer’s shopping journey. The psychology of “getting the deal” is powerful.
Individualized rewards for reps
Personalizing rewards for individual reps is a good way to get the most effective results. This should be a common practice for all teams. Personalizing rewards is easy and the benefits are well worth the effort. A global shipping firm used machine learning to increase its forecast accuracy by 15%. Another pharmaceutical company operating in volatile markets has compensated its sales reps for good work. To achieve this, it gathered insights into rep performance and the recommended selling actions. It paid them based on whether they followed through.
You can also give tickets to live events in order to customize rewards for each rep to boost sales. Season tickets as well as one-off tickets to big sporting events are available to the top performers. You could also reward top performers with VIP or backstage tickets to their top concerts. There are a variety of ways to reward agents who are top performers. No matter their industry there are a variety of ways to honor top performers.