Social Media Increase Sales Case Study

Increase Sales With Incentive Programs

Implementing incentive programs can help boost the sales of your company. Sales reps are highly motivated with rewards that are tailored to their needs. Utilizing analytics, you can target rewards that are personally motivating to each rep. Here are some suggestions to help you create effective sales incentives. They’ll surely boost the bottom line of your business! Let’s get started! Below are some suggestions to boost sales through incentives.

Motivators for sales incentives
Sales incentive motivations vary in terms of type and amount of reward. Cash sales incentives are not uncommon, though some companies have been creative and reimagined this concept. Non-cash incentives can include fine dining experiences, concert tickets and sporting events. Employees will be motivated by numerous factors so don’t limit your options and think outside the box when offering sales incentives. These suggestions can help you to motivate employees to meet your personal goals.

According to an Incentive Research Foundation study, public recognition of salespeople’s efforts can be an effective motivator. Top companies often award employees virtual trophies and awards, based on points, at awards ceremonies , as well as other forms of recognition. While they can be effective motivational tools, these measures may not work for less successful employees. Harvard Business Review found that small, frequent rewards were more effective then annual bonuses. Incentive programs should be tailored according to the particular needs and preferences of each salesperson.

Rewards that are personally motivating to the individual reps
Rewards that are driven by their intrinsic motivations are a fantastic way to keep sales reps motivated. Sales reps are motivated to meet their goals and measure and rewarded by giving them time off will help encourage a better work-life balance. Reps are reminded that there are other important things that matter than work. They can also spend more time with their families. Reps will appreciate the opportunity to take time off from work if it is provided.

Another way to motivate your team is to offer SPIFs. These incentives can encourage team members to work harder and raise more money for charity. These are particularly helpful after natural disasters or during the holiday season. In addition they can also be used to earn paid time off. Here are some incentive ideas:

Aiming rewards based upon the data
Although top-of-the-funnel advertising is becoming increasingly competitive it is possible to increase sales made through discounts and rewards. Marketers can utilize these offers as magnets by activating incentives or discounts early in the consumer’s journey. There is no doubt about the power of the psychology of “getting the best deal.”

Personalizing rewards for individual reps
Rewarding individual reps with a personal touch is a great way to ensure you get the best results. This should be a standard procedure for all teams. The barrier to personalizing rewards is minimal and the benefits outweigh the effort. A global shipping company utilized 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. To achieve this, it gathered insights into the performance of reps and the recommended selling actions. It also paid reps according to whether they were able to follow through.

Other ways to personalize rewards for individual reps to increase sales include offering them tickets to live events. Season tickets as well as one-off tickets to major sporting events can be awarded to top-performing agents. You could also give top performers VIP or backstage tickets to their top performances. There are many ways to reward top performing agents. Regardless of their industry you can reward them with something they’ll remember for a long time.