Increase Sales With Incentive Programs
Implementing incentive programs can increase the revenue of your business. Sales reps are highly motivated by rewards that are tailored to their specific needs. By using analytics, you are able to create rewards that are personally stimulating to each rep. Here are some ideas for creating effective sales incentives. These sales incentives will increase your company’s bottom-line! Let’s get started! Listed below are some tips to improve sales by using incentives.
Motivators for sales incentives
Sales incentives have different motivators in terms of type and the amount of reward. Traditional cash sales incentives are not uncommon, though some companies have gone on the offensive and reimagined this concept. Non-cash sales incentives range from gourmet dining experiences as well as tickets for concerts and sporting events. Employees are likely to be motivated by a myriad of factors therefore think outside the box and consider creative sales incentives. Incorporate these tips into your sales incentive program and your employees will be motivated to reach their personal goals!
According to an Incentive Research Foundation study, public recognition of salespeople’s achievements can be a powerful motivator. Top companies often award employees virtual trophies and awards, based on points, at awards ceremonies and other forms of recognition. While these can be effective tools for motivation however, they may not be as effective for employees who are less successful. Harvard Business Review found that smaller, more frequent rewards were more effective than annual bonuses. Incentives should be tailored to the particular requirements and preferences of each salesperson.
Individual reps will be motivated by rewards
A great method to motivate sales reps is by creating incentives that are based on their motivations. Sales reps are driven by the achievement of goals and metrics. Rewards such as time off will encourage a better balance between work and life. Reps are reminded of the many 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 have some down time.
SPIFs are a different method to inspire your team. SPIFs are a motivator for your team to do their best and raise funds for charity. These are particularly helpful after natural catastrophes or during the holiday season. In addition they can also be used as paid time off. Here are some ideas for incentives:
Rewards based on analytics that target
While advertising on top of the funnel is becoming increasingly competitive however, incremental sales can be generated by discounts and rewards. By activating discounts and rewards early in a prospective buyer’s journey to purchase marketers can use these offers to attract consumers. The psychological impact of “getting the bargain” is powerful.
Individualized rewards for reps
For the best results Personalizing rewards for individual reps should be a part of the norm for all teams in the organization. The barrier to personalizing rewards is minimal and the benefits outweigh the effort. For example the global shipping company has used machine learning to increase forecast accuracy by 15 percent. Another pharmaceutical company in an extremely volatile market has compensated its sales reps for the effectiveness of their actions. It used data to evaluate the performance of sales reps and recommend selling actions. It paid them based on whether they did what they said they would.
You can also offer tickets to live events to personalize rewards for individual reps in order to increase sales. Season tickets as well as one-off tickets to big sporting events could be offered to top-performing agents. You can also reward top performers with tickets for backstage or VIP tickets to their top performances. There are many ways to reward top-performing agents. Regardless of their industry, you can give them something they’ll treasure.