Increase Sales With Incentive Programs
Implementing incentive programs can help increase revenue for your business. Rewards that are tailored to the requirements of sales representatives are highly motivating. Utilizing analytics, you can choose rewards that are personally motivating for each rep. Here are some ideas for creating effective sales incentive. These sales incentives will boost the bottom line of your business! Let’s get started! Here are some ideas to boost sales using incentives.
Motivators for sales incentives
Sales incentives may be of different kinds and levels of reward. Traditional cash sales incentives are common, though certain companies have gone for the creative and reimagined the idea. Non-cash incentives could include dining experiences, concert tickets and sporting events. Employees are likely to be motivated by a myriad of factors therefore think outside the box and consider innovative sales incentives. Implement these tips into your sales incentive program and your employees will be motivated to reach their personal goals!
Recognizing a salesperson’s accomplishments is a powerful motivational tool according to a recent study conducted by the Incentive Research Foundation. The top companies typically award employees virtual trophies and awards, based on points, at ceremony for awards, and other types of recognition. While these are effective motivators, these measures may not work for employees who are less successful. Harvard Business Review found that smaller, more frequent rewards were more efficient than annual bonuses. Incentive programs should be tailored according to the particular needs and preferences of each salesperson.
Rewards that are personally motivating for the individual reps
Incentives that are built around their intrinsic motivations are a great way to inspire sales reps. Sales reps are driven to meet goals and set metrics and rewarded with time off will encourage a better work-life balance. Reps are reminded that there are other important things than work. It also lets them spend more time with their families. If your company offers time off for reps they’ll appreciate having the opportunity to have some down time.
Another way to inspire your team is to offer SPIFs. These incentives can encourage team members to put in more effort and raise more money for charity. These are especially beneficial following natural catastrophes or during the holiday season. They can also be used to obtain paid time off. Here are some ideas for incentives:
Rewarding targets based on analytics
Although top-of-the-funnel advertising is becoming increasingly competitive, incremental sales can be generated by discounts and rewards. By activating discounts and rewards at the beginning of a prospective consumer’s buying journey marketers can make use of these offers as magnets. There is no doubt about the power of the psychological aspect of “getting bargains.”
Personalizing rewards for individual reps
Rewarding individual reps with a personal touch is a good way to get the best results. This should be a common practice for all teams. Personalizing rewards is simple and the benefits are well worth the effort. A shipping company in the world used machine learning to increase its forecast accuracy by 15%. Another pharma company in an extremely volatile market compensated its sales reps for the quality of their actions. It used data to evaluate reps’ performance and recommend selling actions. It also paid reps based on whether or not they adhered to the recommendations.
Other ways to personalize rewards for agents to boost sales include offering them tickets to live events. Agents who are performing well can be awarded season tickets or one-time tickets for big sporting events. You could also reward top performers with tickets for backstage or VIP tickets to their most loved concerts. There are many ways to reward top performers in your agents. Regardless of their industry you can present them with something they’ll be proud of.