Increase Sales With Incentive Programs
If you’d like to see more revenues for your company you can boost your sales performance by creating incentive programs. Sales reps are motivated by rewards that are adapted to their specific needs. Analytics can help you focus on rewards that are motivating to 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! Listed below are some tips to improve sales by using incentives.
Sales incentives to encourage sales
Sales incentives are of different types and levels of reward. Cash sales incentives are not uncommon but certain companies have gone for the creative and reimagined this concept. Non-cash sales incentives range from fine dining experiences to tickets to concerts to sporting events. Employees are likely to be motivated by a variety of factors, so think outside of the box and think of innovative sales incentives. These tips will help you inspire employees to meet your personal goals.
According to an Incentive Research Foundation study, the public recognition of salespeople’s efforts can be an effective motivational factor. Top companies often award employees virtual trophies and awards, based on points, at awards ceremonies , and other forms of recognition. These can be very motivating tools. However, they may not be beneficial for employees who are less successful. Harvard Business Review found that small, frequent rewards were more effective then annual bonuses. Incentives should be tailored to the specific needs and preferences of each salesperson.
Individual reps will be motivated by rewards
A great method to motivate sales reps is to build incentives around their core motivations. Sales reps are driven to reach goals and metrics, and rewarding them with time off can encourage an improved work-life balance. Reps are reminded that there are many more important things to do 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 the opportunity to take a break.
Another way to encourage your team members is to provide SPIFs. These incentives motivate team members to be more productive and raise more funds for charity. These are especially beneficial following natural catastrophes, or during the holiday season. Additionally they can be used as paid time off. Here are some incentive ideas:
Rewarding targets based on the data
Although top-of-the-funnel advertising is becoming increasingly competitive, incremental sales can be generated through discounts and rewards. Marketers can use these offers to become magnets by introducing discounts or rewards at the beginning of a potential consumer’s shopping journey. The psychology of “getting the bargain” is powerful.
Individualized rewards for reps
For the best results For the best results, personalizing rewards for each individual reps should be part of the norm for all teams within the organization. Making rewards personal is easy and the rewards are worth the effort. A global shipping company used machine learning to improve its forecast accuracy by 15%. Another pharma company in an extremely volatile market compensated its sales representatives for the quality of their actions. To do this, it developed insights into reps’ performance and the recommended selling actions. Then, it paid reps based on whether they did what they said they would.
You can also provide tickets for live events to create personal incentives for each rep to boost sales. Agents who perform well could receive season tickets or one-off tickets for big sporting events. You can also give your top salespeople VIP tickets and backstage tickets to their most cherished concert. There are many ways to reward top performing agents. Whatever their field there are numerous ways to honor top performers.