Increase Sales With Incentive Programs
Implementing incentive programs can boost the sales of your company. Sales reps are highly motivated by rewards that are customized to their needs. Analytics can help you focus on rewards that are motivating to each rep. Here are some ideas for creating effective sales incentives. They’re sure to increase the profits of your company! Let’s get started! Here are some ideas to boost sales using incentives.
Sales incentives to encourage sales
Motivators for sales incentives vary in terms of type and level of reward. Traditional cash sales incentives are commonplace but some companies have gone on the offensive and reimagined the idea. Non-cash sales rewards range from dining experiences at fine restaurants to concert tickets to sporting events. Employees are likely to be motivated by a myriad of factors and therefore, think outside the box and think of 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, public recognition of salespeople’s achievements can be an effective 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 motivational tools however, they may not be as effective for employees who are less successful. Harvard Business Review found that smaller and more frequent rewards were more effective than annual bonuses. The individual needs and preferences of the salesperson should be considered when creating incentives.
Individual reps will be motivated by rewards
Incentives that are built around their intrinsic motivations are a great method to encourage sales reps. Sales reps are driven to reach goals and metrics and rewarded with time off can encourage an improved work-life balance. Reps are reminded that there are more important things than work. They also have the opportunity to spend more time with their families. Reps will be happy to take time off from work if they are offered.
Another way to inspire your team is to provide SPIFs. These incentives motivate team members to work harder and raise more money for charity. These are especially beneficial 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 targeted at
Marketing that is top-of-the-funnel is becoming more competitive. However, incremental sales can still be generated by discounts and rewards. By implementing discounts and rewards earlier in a prospective buyer’s shopping experience, marketers can use these offers as magnets. There is no denying the power of the psychology of “getting a deal.”
Individualized rewards for reps
Rewarding individual reps with a personal touch is a great method to ensure the most effective results. This should be a common practice for all teams. Personalizing rewards is simple and the benefits are well worth the effort. For instance the global shipping company has used machine learning to increase forecast accuracy by 15 percent. Another pharmaceutical company that operates in highly volatile markets has rewarded its sales reps for excellent actions. To achieve this, it gathered insights into reps’ performance and recommended selling actions. And it rewarded reps based on whether they adhered to the recommendations.
You can also give tickets for live events to create personal rewards for individual reps to boost sales. Top performers can receive season tickets or one-time tickets to major sporting events. You could also reward top performers with tickets to the backstage or VIP section of their most loved performances. There are many ways to reward agents who are top performers. Whatever their field there are a variety of ways to reward top performers.