Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Sales reps are motivated by rewards that are tailored to their requirements. With analytics, you can choose rewards that are personally stimulating to each rep. Here are some suggestions to help you create effective sales incentives. These sales incentives will improve the bottom line of your business! Let’s get started! Below are some suggestions to increase sales using incentives.
Motivators for sales incentives
Sales incentives are based on motivations that vary in terms of the type and level of reward. Cash sales incentives are commonplace however, certain companies have gone for the creative and reimagined the idea. Non-cash sales rewards range from gourmet dining experiences and concert tickets to sporting events. Employees are likely to be motivated by a variety of reasons, so think outside of 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!
According to an Incentive Research Foundation study, the public recognition of salespeople’s work can be an effective motivator. Top companies often award employees virtual trophies, company awards ceremonies and other forms of recognition. While these are effective tools for motivation however, they may not be as effective for employees who are less successful. Harvard Business Review found that small frequent rewards were more effective 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
One method to motivate sales reps is by creating incentives around their motivations. Sales reps are motivated to reach goals and metrics and rewarded with time off can encourage a better work-life balance. Reps are reminded that there are many more important things that matter than work. They can also spend more time with their families. Reps will be happy to take time off work if it is provided.
Another method to motivate your team is to offer SPIFs. SPIFs can inspire your team to work harder and raise funds for charity. These are particularly helpful after natural catastrophes, or during the holiday season. They can also be used to get paid time off. Here are some ideas for incentives:
Analytics-based rewards targeting
Marketing that is top-of-the-funnel is becoming more competitive. However it is possible for incremental sales to be generated through discounts and rewards. Marketers can utilize these offers to become magnets by triggering discounts or rewards early in the buying process of a potential customer. There is no denying the power of the psychology of “getting an offer.”
Rewarding individual reps with personalized rewards
For the best results Personalizing rewards for individuals should be part of the standard for teams across the company. Personalizing rewards is simple and the results are worth the effort. A global shipping company used machine learning to increase its forecast accuracy by 15 percent. Another pharma company in an extremely volatile market compensated its sales representatives for the quality of their actions. It used data to evaluate the performance of sales reps and recommend selling actions. It paid them according to whether or not they did what they said they would.
You can also offer tickets to live events as the rewards given to individual reps to boost sales. Season tickets and one-off tickets to major sporting events could be offered to agents who are the best performers. You could also reward top performers with tickets to the backstage or VIP section of their favorite concerts. There are a variety of ways to reward top-performing agents. No matter their industry, there are many ways to reward top performers.