Increase Sales With Incentive Programs
Implementing incentive programs can increase the revenue of your business. Sales reps are highly motivated by rewards that are tailored to their needs. By using analytics, you are able to create rewards that are personally motivating for each rep. Here are some guidelines to create effective sales incentives. These sales incentives can boost your company’s bottom-line! Let’s get started! Here are some ideas to boost sales using incentives.
Sales incentives are a great way to motivate your employees.
Sales incentives can be of various types and levels of reward. While traditional cash sales incentives are very common however, some companies have become creative and reimagined the concept. Non-cash incentives could include dining experiences, concert tickets and 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. Incorporate these ideas into your sales incentive program and your employees will be motivated to surpass their personal goals!
According to an Incentive Research Foundation study, the public recognition of salespeople’s efforts can be an effective motivator. Top companies often present employees with virtual trophies and awards, based on points, at ceremony for awards, and other types of recognition. While these can be effective tools for motivation but they might not be as effective for employees who are less successful. 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 for individual reps
Rewards that are built around their intrinsic motivations are a fantastic way to keep sales reps motivated. Sales reps are driven by reaching goals and metrics. The reward of time off will encourage a more balanced life between work and life. Reps are reminded that there are more important things to do than work. They can also spend more time with their families. Reps will appreciate the opportunity to take breaks from work if it is provided.
Another way to motivate your team is to offer SPIFs. SPIFs can be a great way to motivate your team to be more productive and raise funds for charity. These incentives are particularly helpful during the holiday season and after natural catastrophes. They can also be used to obtain paid time off. Here are some ideas to encourage employees:
Analytics-based rewards targeting
Top-of-funnel marketing is becoming more competitive. However there is still a possibility that incremental sales could be generated by discounts and rewards. Marketers can leverage these offers to become magnets by triggering discounts or rewards at the beginning of a potential consumer’s shopping journey. There is no doubt about the power of the psychology of “getting an offer.”
Individualized rewards for individual reps
Individually recognizing reps for each rep is a great way to ensure you get the most effective results. This should be a common practice for all teams. The cost of personalizing rewards is very low, and the benefits far outweigh the effort. A global shipping firm used machine learning to increase its forecast accuracy by 15 percent. Another pharmaceutical company operating in markets that are volatile has paid its sales reps for their excellent actions. The company used data to analyze reps’ performance and recommend selling actions. Then, it paid them according to whether they followed through.
Other ways to personalize rewards for individuals to boost sales include giving them tickets to live events. Top performers can receive season tickets or one-off tickets for big sporting events. You can also reward top performers with tickets for backstage or VIP tickets to their top performances. There are many ways to reward top performing agents. Whatever their field you can present them with something they’ll treasure.