Increase Sales With Incentive Programs
If you’d like to generate more revenues for your company you can increase your sales performance by creating incentive programs. Rewards that are tailored to the requirements of sales reps are extremely motivating. Analytics can help you focus on rewards that are motivating to every rep. Here are some guidelines to develop effective sales incentive. These sales incentives can boost your company’s bottom-line! Let’s get started! Here are some tips to increase sales through incentives.
Sales incentives can be a motivator for sales
Sales incentives can come in various types and levels of reward. Cash sales incentives are not uncommon however, certain companies have gone for the creative and reimagined the idea. Non-cash incentive options include dining experiences, tickets to concerts, and sporting events. Employees are likely to be motivated by a myriad of factors therefore think outside the box and think of innovative sales incentives. These tips will help you inspire employees to meet your personal goals.
Public recognition for a salesperson’s efforts is a powerful motivational tool as per a recent study by the Incentive Research Foundation. Top companies frequently award employees virtual trophies and awards, based on points, at ceremony for awards, and other types of recognition. They can be very motivating tools. However, they may not be beneficial for employees who are less successful. Harvard Business Review found that smaller regular rewards were more efficient than annual bonuses. Rewards should be tailored to the specific needs and preferences of each salesperson.
Rewards that are personally motivating for individual reps
A great way to motivate sales reps is by creating incentives around their intrinsic motivations. Sales reps are driven 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. Reps are reminded that there are many more important things than work. It also allows them to spend more time with their families. Reps will appreciate the ability to take time off from work if it is available.
Another way to encourage your team members is to offer SPIFs. SPIFs are a motivator for your team to work harder and raise money for charity. These incentives are particularly helpful during the holidays and following natural disasters. They can also be used to get paid time off. Here are some incentives ideas:
Rewards based on analytics that target
While top-of-funnel advertising is increasingly competitive it is possible to increase sales generated through discounts and rewards. By activating discounts and rewards earlier in a prospective consumer’s shopping journey marketers can utilize these offers to attract customers. The psychological effect of “getting the bargain” is powerful.
Individualized rewards for reps
Rewarding individual reps with a personal touch is a good method to ensure the most effective results. This should be a standard procedure for all teams. Making rewards personal is easy and the benefits are worth the effort. For instance the global shipping company has used machine learning to increase the accuracy of forecasts by 15 percent. Another pharmaceutical company that operates in volatile markets has paid its sales reps for their good work. To do this, it created insights into rep performance as well as recommended selling techniques. And it rewarded reps based on whether or not they adhered to the recommendations.
You can also offer tickets to live events as rewards for each rep in order to increase sales. Season tickets and tickets to major sporting events can be awarded to the top performers. You could also reward your top performers with VIP tickets and backstage tickets to their favorite concerts. There are many ways to reward agents who are top performers. No matter what their profession you can present them with something they’ll be proud of.