Increase Sales Velocity

Increase Sales With Incentive Programs

If you’d like to see more revenue in your business, you can improve your sales performance by setting up incentive programs. Rewards that are tailored to the needs of sales reps are extremely motivating. By using analytics, you are able to choose rewards that are personally stimulating to each rep. Here are some tips to create effective sales incentives. These sales incentives will increase the bottom line of your company! Let’s get started! Here are some tips for increasing sales through incentives.

Motivators for sales incentives
Sales incentive motivations vary in terms of type and the amount of reward. Although traditional cash-based sales incentives are common however, some companies have become innovative and have reimagined the idea. Non-cash incentives can include fine dining experiences, concert tickets and sporting events. Employees are likely to be motivated by a variety of reasons So think outside the box and consider innovative sales incentives. These suggestions will assist you to motivate your employees to achieve your personal goals.

Recognizing a salesperson’s efforts can be 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 methods of acknowledgment. These are often highly motivating tools. However, they may not be appropriate for employees who are less successful. Harvard Business Review found that small frequent rewards were more effective then annual bonuses. Each salesperson’s needs and preferences should be considered when designing incentives.

Individual reps will be motivated by rewards
One method to motivate sales reps is by creating incentives that are based on their intrinsic motivations. Sales reps are motivated to meet goals and set metrics, and rewarding them with time off will encourage the creation of a more balanced work-life. Time off reminds reps that there are other important things to do than working. It also allows them to spend more time with their families. Reps will appreciate the opportunity to take breaks from work if it is offered.

Another method to motivate your team is to offer SPIFs. SPIFs can inspire your team to do their best and raise money for charity. These are particularly helpful after natural disasters or during the festive season. In addition, they can also be used to earn paid time off. Here are some suggestions to encourage employees:

Rewards based on analytics that target
Top-of-funnel marketing is becoming more competitive. However there is still a possibility that incremental sales could be generated by discounts and rewards. By activating discounts and rewards early in a prospective buyer’s journey to purchase marketers can utilize these offers to attract consumers. There is no doubt about the power of the psychology of “getting bargains.”

Individualized rewards for reps
To get the best results Personalizing rewards for individuals should be part of the standard for all teams within the organization. Personalizing rewards is simple and the rewards are worth the effort. For instance the global shipping company utilized machine learning to increase the accuracy of forecasts by 15 percent. Another pharma company in an extremely volatile market has compensated its sales reps for the effectiveness of their actions. It used data to assess reps’ performance and recommend selling actions. It paid them according to whether they were able to follow through.

You can also provide tickets to live events in order to customize rewards for individual reps to increase sales. Agents who perform well could receive season tickets, or tickets to big sporting events. You can also give top performers tickets for backstage or VIP tickets to their top performances. There are many ways you can reward top-performing agents. Whatever their field, there are many ways to reward top performers.