Increase Sales With Incentive Programs
Implementing incentive programs can help boost the sales of your company. Sales reps are motivated with rewards that are tailored to their needs. Analytics can help you choose rewards that will motivate every rep. Here are some ideas to design effective sales incentives. These sales incentives will improve your company’s bottom-line! Let’s get started! Below are some suggestions to improve sales by using incentives.
Sales incentives can be a motivator for sales
Sales incentives are based on motivations that vary in terms of type and level of reward. Cash sales incentives are common, though some companies have gotten creative and have reimagined the concept. Non-cash sales incentive range from gourmet dining experiences to tickets to concerts to sporting events. Employees are likely to be motivated through a variety factors So think outside the box and consider innovative sales incentives. Implement these tips into your sales incentive program and your employees will be motivated to exceed their personal goals!
According to an Incentive Research Foundation study, public recognition of salespeople’s efforts can be a powerful motivator. Top companies typically award employees virtual trophies, points-based awards ceremonies as well as other kinds of recognition. While they can be effective motivators however, they 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. Each salesperson’s needs and preferences should be taken into consideration when creating incentives.
Rewards that are personal motivators to the individual reps
Rewards that are based on their intrinsic motivations are a fantastic way to motivate sales reps. Sales reps are driven to meet goals and set metrics, and rewarding them by giving them time off will help encourage a better work-life balance. Reps are reminded that there are more important things than work. They also have the opportunity to spend more time with their families. If your company offers reps with time off they’ll appreciate having the opportunity to enjoy some time off.
Another way to encourage your team members is to offer SPIFs. SPIFs can motivate your team to be more productive and raise funds for charity. These are especially beneficial following natural disasters or during the holiday season. They can also be used to obtain paid time off. Here are some incentive suggestions:
The selection of rewards based on analytics
Top-of-the-funnel marketing is becoming increasingly competitive. However it is possible for incremental sales to be generated through discounts and rewards. Marketers can make use of these offers to draw attention by activating discounts or rewards early on in the buying process of a potential customer. The psychological impact of “getting the deal” is powerful.
Personalizing rewards for individual reps
The ability to customize rewards for individual reps is a great method to achieve the best results. This should be a common practice for all teams. The barrier to personalizing rewards is low and the benefits outweigh the effort. For example a shipping company in the world has employed machine learning to increase forecast accuracy by 15 percent. Another pharmaceutical company operating in a highly volatile market has compensated its sales representatives for the quality of their actions. It used data to assess reps’ performance and recommend selling actions. It paid them according to whether they followed through.
Other options for personalizing rewards for individual reps to increase sales include giving them tickets to live events. Agents who are performing well can be awarded season tickets or tickets to big sporting events. You can also give your top salespeople backstage and VIP tickets to their favorite concert. There are many ways to give top agents a boost. Regardless of their industry it is possible to give them something they’ll treasure.