Marketing Initiatives To Increase Sales

Increase Sales With Incentive Programs

Implementing incentive programs can help increase the revenue of your business. Rewards that are customized to the needs of sales reps can be extremely motivating. Analytics can help you target rewards that are motivating to each rep. Here are some ideas to design effective sales incentives. They’ll surely boost 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 incentive motivations vary in terms of the type and level of reward. Cash sales incentives are popular however some companies have gone on the offensive and reimagined the idea. Non-cash sales incentives can range from gourmet dining experiences to tickets to concerts to sporting events. Employees are likely to be motivated by a variety of reasons therefore think outside the box and consider creative 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 performance is a powerful motivating tool as per a recent study by the Incentive Research Foundation. Top companies often give employees virtual trophies, points-based awards ceremonies as well as other kinds of recognition. These can be extremely motivating tools. However, they might not be effective for employees who are less successful. Harvard Business Review found that small frequent rewards were more effective then annual bonuses. The individual needs and preferences of the salesperson should be taken into consideration when creating incentives.

Rewards that are personally motivating for individual reps
Incentives that are driven by their intrinsic motivations are a great method to encourage sales reps. Sales reps are motivated to meet their goals and measure and rewarding them by giving them time off will help encourage the achievement of a better balance between work and life. Time off reminds reps that there are more important things to do than working. They can also spend more time with their families. Reps will appreciate the ability to take time off from work when they are offered.

Another method to encourage your team members 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 holiday season. In addition, they can also be used as paid time off. Here are some incentive ideas:

The selection of rewards based on analytics
Top-of-funnel marketing is becoming more competitive. However the possibility of incremental sales remains. be made through discounts and rewards. Marketers can use these offers to become magnets by introducing incentives or discounts early in a potential consumer’s shopping journey. The psychological effect of “getting the bargain” is powerful.

Personalizing rewards for individual reps
The ability to customize rewards for individual reps is a good method to ensure the best results. This should be a common practice for all teams. The barrier to personalizing rewards is low, and the benefits far outweigh the effort. A global shipping firm used machine learning to increase its forecast accuracy by 15%. Another pharmaceutical company operating in an extremely volatile market has compensated its sales representatives for the quality of their actions. To do this, it developed insights into reps’ performance and the recommended selling actions. And it compensated reps based on whether or not they were able to follow through.

You can also give tickets for live events to create personal the rewards given to individual reps in order to increase sales. Season tickets and one-off tickets to big sporting events are available to agents who are the best performers. Or you could offer your top sellers VIP tickets and backstage tickets to their favorite concert. There are numerous ways to reward top-performing agents. Whatever their field, there are many ways to give top performers a boost.