Strategies To Increase Sales In Insurance

Increase Sales With Incentive Programs

If you’d like to see more revenues for your company you can boost your sales performance by creating incentive programs. Sales reps are motivated with rewards that are tailored to their needs. By using analytics, you are able to determine the kind of rewards that are motivating to each rep. Here are some guidelines to design effective sales incentives. They’ll surely boost the bottom line of your business! Let’s get started! Below are some suggestions to increase sales using incentives.

Sales incentives motivators
Sales incentives are of different types and levels reward. Traditional cash sales incentives are common however some companies have gotten creative and reimagined this concept. Non-cash rewards can include dining experiences, tickets to concerts and sporting events. Employees will be motivated by many reasons, so don’t be limited in your options and think outside the box when it comes to offering sales incentives. These tips will help you inspire your employees to reach your personal goals.

Public recognition for a salesperson’s efforts can be a powerful motivational tool as per a recent study conducted by the Incentive Research Foundation. The top companies typically award employees virtual trophies, company awards ceremonies and other forms of recognition. These are often highly motivating tools. However, they may not be beneficial 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
One way to motivate sales reps is by creating incentives that are based on their own motivations. Sales reps are driven by the achievement of goals and metrics. Giving them time off will encourage them to maintain a better balance between work and life. Reps are reminded that there are more important things to be doing than work. They can also spend more time with their families. If your company offers time off for reps they’ll appreciate the chance to have some down time.

Another way to inspire your team is to offer SPIFs. These incentives can encourage employees to be more efficient and raise more funds for charity. These incentives are especially helpful during the holiday season and after natural catastrophes. They can also be used to obtain paid time off. Here are some ideas for incentives:

Rewarding targets based on the data
While top-of-the-funnel marketing is becoming more competitive it is possible to increase sales made through discounts and rewards. Marketers can leverage these offers to attract customers by activating discounts or rewards early in the shopping experience of a potential buyer. There is no doubt about the power of the psychology of “getting bargains.”

Personalizing rewards for individual reps
Personalizing rewards for individual reps is a good way to ensure you get the most effective results. This should be a regular practice for all teams. Personalizing rewards is simple and the rewards are worth the effort. For example an international shipping company utilized machine learning to increase forecast accuracy by 15 percent. Another pharmaceutical company operating in an extremely volatile market compensated its sales reps for the effectiveness of their actions. To do this, the company developed insights into reps’ performance and suggested selling strategies. And it rewarded them according to whether they were able to follow through.

You can also give tickets to live events in order to customize incentives for each rep in order to increase sales. Season tickets and tickets to big sporting events can be given to top-performing agents. You could also give your top salespeople VIP tickets and tickets to their favorite concert. There are many ways you can reward top-performing agents. No matter what their profession you can reward them with something they’ll treasure.