Social Media Marketing To Increase Sales

Increase Sales With Incentive Programs

If you’d like to increase revenue in your business, you can improve your sales performance by implementing incentive programs. Rewards that are tailored to the requirements of sales representatives are highly motivating. Analytics can help you choose incentives that are motivating for each rep. Here are some guidelines to help you create effective sales incentives. They’re guaranteed to boost your company’s bottom line! Let’s get started! Here are some tips to boost sales through incentives.

Sales incentives can be a motivator for sales
Sales incentives can be of different kinds and levels of reward. Traditional cash sales incentives are commonplace however certain companies have gone for the creative and reimagined the concept. Non-cash sales rewards range from dining experiences at fine restaurants to concert tickets to sporting events. Employees are likely to be motivated through a variety factors and therefore, think outside the box and consider innovative sales incentives. These tips will help you motivate your employees to reach your personal goals.

Recognition of a salesperson’s accomplishments is a powerful motivational tool, according to a recent study conducted by the Incentive Research Foundation. Top companies often give employees virtual trophies, points-based awards ceremonies or other forms of recognition. While they can be effective motivational tools, these measures may not be effective for employees who are less successful. Harvard Business Review found that small, frequent rewards were more effective than annual bonuses. The individual needs and preferences of the salesperson should be taken into consideration when designing incentives.

Individual reps will be motivated by rewards
Rewards that are built around their intrinsic motivations are a great method to inspire sales reps. Sales reps are motivated to meet their goals and measure, and rewarding them by giving them time off will help encourage the creation of a more balanced work-life. Time off reminds reps that there are more important things to do than working. They can also spend more time with their families. Reps will appreciate the opportunity to take breaks from work if it is provided.

SPIFs are another method to keep your team motivated. SPIFs can motivate your team to work harder and raise money for charity. These incentives are particularly helpful during the holiday season and after natural disasters. Additionally, they can also be used as paid time off. Here are some ideas to encourage employees:

Aiming rewards based upon analytics
Although top-of-the-funnel advertising is becoming increasingly competitive it is possible to increase sales made through discounts and rewards. By implementing discounts and rewards early in a prospective buyer’s journey to purchase marketers can make use of these offers to attract customers. The psychological effect of “getting the bargain” is powerful.

Individualized rewards for reps
Personalizing rewards for individual reps is a great way to ensure you get the most effective results. This should be a common practice for all teams. The hurdle to personalizing rewards is not too high, and the benefits far outweigh the effort. For instance the global shipping company has used machine learning to increase forecast accuracy by 15 percent. Another pharmaceutical company operating in a highly volatile market has compensated its sales reps for the effectiveness of their actions. To do this, the company developed insights into reps’ performance and the recommended selling actions. And it compensated reps based on whether or not they did what they said they would.

Other options for rewarding agents to boost sales include providing them with tickets to live events. Agents who are performing well can be awarded season tickets, or tickets for big sporting events. Or you could offer your top sellers VIP tickets and backstage tickets to their most cherished concert. There are numerous ways to reward top-performing agents. No matter what their profession, you can give them something they’ll remember for a long time.