Strategy To Increase Sales

Increase Sales With Incentive Programs

If you’d like to generate more revenues for your company, you can improve your sales performance by implementing incentive programs. Rewards that are tailored to the needs of sales reps are extremely motivating. Analytics can help you target incentives that motivate each rep. Here are some tips to create effective sales incentives. They’re sure to increase the bottom line of your business! Let’s get started! Here are some tips to increase sales through incentives.

Sales incentives can be a motivator for sales
Sales incentives can be of different types and levels of reward. Cash sales incentives are commonplace however, some companies have gone on the offensive and reimagined the concept. Non-cash sales incentive range from fine dining experiences to tickets to concerts to sporting events. Employees are likely to be motivated by a variety of reasons, so think outside of the box and think about innovative sales incentives. Implement these tips into your sales incentive program and your employees will be motivated to exceed their personal goals!

According to an Incentive Research Foundation study, the public recognition of salespeople’s efforts can be an effective motivational factor. Top companies frequently award employees virtual trophies, points-based ceremony for awards, and other types of recognition. While these are effective motivational tools but they might not work for less productive employees. Harvard Business Review found that small, frequent rewards were more effective than annual bonuses. The incentive should be tailored to the specific requirements and preferences of each salesperson.

Individual reps will be motivated by rewards
One way to motivate sales reps is to build 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 a better balance between work and life. Time off reminds reps that there are other important things in life that are more important than working. They also get to spend more time with their families. If your company offers time off for reps, they’ll appreciate the opportunity to take a break.

SPIFs are another way to encourage your team. SPIFs can motivate your team to do their best and raise money for charity. These incentives are particularly helpful during the holiday season and after natural catastrophes. Additionally, they can also be used to earn paid time off. Here are some suggestions to encourage employees:

The selection of rewards based on analytics
Top-of-funnel marketing is becoming more competitive. However there is still a possibility that incremental sales could be generated by discounts and rewards. By activating discounts and rewards earlier in a prospective consumer’s shopping journey, marketers can use these offers as a way to draw attention. The psychological impact of “getting the bargain” is powerful.

Personalizing rewards for individual reps
Personalizing rewards for individual reps is a good way to get the best results. This should be a common practice for all teams. The barrier to personalizing rewards is not too high, and the benefits far outweigh the effort. For example the global shipping company utilized machine learning to improve the accuracy of forecasts by 15 percent. Another pharmaceutical company operating in markets that are volatile has paid its sales reps for their good work. The company used data to analyze rep performance and recommend selling actions. It paid them according to whether or not they followed through.

Other ways to personalize rewards for individuals to boost sales include giving them tickets to live events. Season tickets and one-off tickets to big sporting events can be awarded to the top performers. Or you could give your top salespeople backstage and VIP tickets to their favorite concerts. There are many ways you can give top agents a boost. Whatever their field you can present them with something they’ll treasure.