Increase Sales Through Social Media

Increase Sales With Incentive Programs

Implementing incentive programs can help increase the revenue of your business. Sales reps are motivated by rewards that are customized to their requirements. Utilizing analytics, you can choose rewards that are personally motivating for each rep. Here are some tips to help you create effective sales incentives. These sales incentives will 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 are of different kinds and levels of reward. While traditional cash sales incentives are very popular however, some companies have become innovative and have reimagined the idea. Non-cash incentive options include dinner experiences, concert tickets and sporting events. Employees will be motivated by many factors so don’t limit your options and think outside the box when you offer sales incentives. Include these suggestions into your sales incentive program and your employees will be motivated to reach their personal goals!

Recognition of a salesperson’s performance is a powerful motivating tool according to a recent study conducted by the Incentive Research Foundation. Top companies often award employees virtual trophies, company awards ceremonies , and other forms of recognition. These can be extremely motivating tools. However, they might not be appropriate for employees who are less successful. Harvard Business Review found that smaller, 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 method to motivate sales reps. Sales reps are motivated by achieving goals and metrics. Giving them time off can help them achieve a better balance between work and life. Time off reminds reps that there are other important things in life than working. They also get to spend more time with their families. If your company provides reps with time off they’ll appreciate the chance to have some down time.

SPIFs are another method to keep your team motivated. SPIFs can motivate your team to do their best and raise money for charity. These incentives are particularly beneficial in the time of holidays and after natural disasters. They can also be used to earn paid time off. Here are some suggestions to encourage employees:

Rewards based on analytics that target
While top-of-the-funnel marketing is becoming more competitive and ad-hoc sales can be made through discounts and rewards. Marketers can use these offers to become magnets by triggering discounts or rewards early on in the buying process of a potential customer. There is no doubt about the power of the psychology of “getting a deal.”

Individualized rewards for reps
For the best results Personalizing rewards for individual reps should be a part of the norm for teams across the organization. The hurdle to personalizing rewards is minimal and the benefits outweigh the effort. A global shipping company utilized machine learning to improve its forecast accuracy by 15%. Another pharma company in an extremely volatile market has compensated its sales reps for the quality of their actions. It used data to evaluate reps’ performance and recommend selling actions. And it rewarded reps according to whether they followed through.

You can also provide tickets to live events as rewards for individual reps to boost sales. Season tickets as well as one-off tickets to big sporting events are available to top-performing agents. You could also give top performers VIP or backstage tickets to their favorite concerts. There are many ways to reward top-performing agents. Whatever their field it is possible to give them something they’ll be proud of.