Increase Sales With Incentive Programs
If you’d like to generate more profits for your business you can increase your sales performance by creating incentive programs. Rewards that are tailored to the needs of sales reps are extremely motivating. With analytics, you can target rewards that are personally motivating to each rep. Here are some tips to help you create effective sales incentives. These sales incentives will improve your company’s bottom-line! Let’s get started! Here are some suggestions for increasing sales through incentives.
Motivators for sales incentives
Sales incentives are based on motivations that vary in terms of form and the amount of reward. While traditional cash-based sales incentives are popular, some companies have been imaginative and have redesigned the concept. Non-cash sales incentives can range from dining experiences at fine restaurants and concert tickets to sporting events. Employees are likely to be motivated by a variety of factors and therefore, think outside the box and think of innovative sales incentives. Incorporate these ideas into your sales incentive program and your employees will be motivated to surpass their personal goals!
Public recognition for a salesperson’s efforts is a powerful motivational tool according to a new study conducted by the Incentive Research Foundation. Top companies frequently award employees virtual trophies, points-based company awards ceremonies or other forms of recognition. While these can be effective motivators, these measures may not work as well for less successful employees. Harvard Business Review found that small, frequent rewards were more effective then annual bonuses. Incentives should be tailored to the particular needs and preferences of each salesperson.
Rewards that are personal motivators to the individual reps
A great way to motivate sales reps is to build incentives around their own motivations. Sales reps are motivated by reaching goals and metrics. The reward of time off will encourage a better balance between work and life. Time off reminds reps that there are more important things in life that are more important than working. They can also spend more time with their families. If your company offers time off for reps, they’ll appreciate the opportunity to take a break.
SPIFs are a different way to encourage your team. SPIFs can inspire your team to be more productive and raise funds for charity. These are particularly helpful after natural disasters or during the festive season. They can also be used to earn paid time off. Here are some incentives ideas:
Analytics-based rewards that target
While top-of-funnel advertising is increasingly competitive, incremental sales can be generated by discounts and rewards. By activating discounts and rewards earlier in a prospective consumer’s shopping journey marketers can make use of these offers to attract consumers. There is no doubt about the power of the psychological aspect of “getting the best deal.”
Individualized rewards for reps
The ability to customize rewards for individual reps is a good way to ensure you get the most effective results. This should be a standard practice for all teams. The hurdle to personalizing rewards is low, and the benefits far outweigh the effort. For example a shipping company in the world made use of machine learning to increase forecast accuracy by 15 percent. Another pharmaceutical company that operates in markets that are volatile has paid its sales reps for quality actions. The company used data to analyze the performance of sales reps and recommend selling actions. And it compensated reps based on whether or not they adhered to the recommendations.
Other ways to personalize rewards for individual reps to increase sales include giving them tickets for live events. Agents who are performing well can be awarded season tickets or tickets for big sporting events. You can also reward your top performers with VIP tickets and tickets to their favorite concerts. There are many ways to reward top-performing agents. No matter their industry there are many ways to reward top performers.