Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Rewards that are customized to the needs of sales reps are highly motivating. Using analytics, you can choose rewards that are personally stimulating to each rep. Here are some tips to create effective sales incentives. These sales incentives will improve your company’s bottom-line! Let’s get started! Here are some ideas to boost sales using incentives.
Sales incentives motivators
Sales incentives can come in different kinds and levels of reward. Traditional cash sales incentives are commonplace however certain companies have gone for the 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 by a myriad of factors, so think outside of the box and consider innovative sales incentives. Include these suggestions into your sales incentive program and your employees will be motivated to achieve their personal goals!
The public recognition of salespeople’s efforts is a powerful motivational tool according to a new study by the Incentive Research Foundation. Top companies frequently award employees virtual trophies, company awards ceremonies , and other forms of recognition. These are often highly motivating tools. However, they might not be effective for employees who are less successful. Harvard Business Review found that smaller, more frequent rewards were more efficient than annual bonuses. Each salesperson’s needs and preferences should be taken into consideration when designing incentives.
Rewards that are personal motivators to the individual reps
An effective method to motivate sales reps is to design incentives around their own motivations. Sales reps are motivated by the achievement of goals and metrics. Rewarding them with time off will encourage a more balanced balance between work and life. Reps are reminded that there are other important things than work. It also allows them to spend more time with their families. If your company offers time off for reps they’ll appreciate the chance to relax.
Another method to motivate your team is to provide SPIFs. These incentives can encourage employees to be more efficient and raise more funds for charity. These incentives are particularly helpful in the time of holidays and after natural disasters. In addition they can be used as paid time off. Here are some incentives ideas:
Targeting rewards based on the data
Top-of-funnel marketing is becoming more competitive. However, incremental sales can still be generated by discounts and rewards. Marketers can use these offers as magnets by introducing incentives or discounts early in the buying process of a potential customer. There is no doubt about the power of the psychological aspect of “getting an offer.”
Personalizing rewards for individual reps
To get the best results To get the best results, personalizing rewards to individual reps should be a part of the norm for teams across the organization. The hurdle to personalizing rewards is very low and the benefits outweigh the effort. For example a shipping company in the world made use of machine learning to improve forecast accuracy by 15 percent. Another pharmaceutical company that operates in volatile markets has compensated its sales reps for good work. To do this, it developed insights into the performance of reps and suggested selling strategies. And it compensated reps according to whether they did what they said they would.
You can also give tickets for live events to create personal the rewards given to individual reps in order to increase sales. Top-performing agents can receive season tickets, or tickets to major sporting events. Or , you can give your top salespeople VIP and backstage tickets to their favorite concert. There are many ways to reward top-performing agents. No matter their industry there are a variety of ways to reward top performers.