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Increase Sales With Incentive Programs

If you’d like to generate more revenues for your company you can boost your sales performance by setting up incentive programs. Sales reps are highly motivated by rewards that are adapted to their requirements. Utilizing analytics, you can target rewards that are personally motivating for each rep. Here are some suggestions to develop effective sales incentive. They’ll surely boost the bottom line of your business! Let’s get started! Below are some suggestions to boost sales through incentives.

Motivators for sales incentives
Sales incentive motivations vary in terms of their type and level of reward. Cash sales incentives are not uncommon however some companies have gone on the offensive and reimagined the concept. Non-cash rewards can include dining experiences, concert tickets and sporting events. Employees will be motivated by a variety of factors so don’t limit your choices and think outside the box when you offer sales incentives. These suggestions will assist you motivate your employees to accomplish your personal goals.

Public recognition for a salesperson’s accomplishments is a powerful motivational tool according to a recent study conducted by the Incentive Research Foundation. Top companies often present employees with virtual trophies, points-based company ceremony for awards, and other types of recognition. While these are effective motivational tools however, they may not be as effective for less successful employees. Harvard Business Review found that smaller regular rewards were more effective than annual bonuses. Incentive programs should be tailored according to the specific needs and preferences of each salesperson.

Individual reps will be motivated by rewards
Incentives that are driven by their intrinsic motivations are a great way to encourage sales reps. Sales reps are driven to meet goals and set metrics and rewarded by giving them time off will help encourage the creation of a more balanced work-life. Reps are reminded that there are many more important things to do than work. They can also spend more time with their families. Reps will appreciate the ability to take time off from work when it is offered.

Another way to inspire your team is to provide SPIFs. These incentives encourage team members to put in more effort and raise more funds for charity. These incentives are especially helpful during the holiday season and after natural catastrophes. In addition they can also be used to earn paid time off. Here are some ideas for incentives:

Targeting rewards based on the data
Marketing that is top-of-the-funnel is becoming more competitive. However it is possible for incremental sales to be generated through discounts or rewards. By triggering discounts and rewards early in a prospective consumer’s shopping journey marketers can use these offers to attract consumers. The psychological effect of “getting the deal” is powerful.

Individualized rewards for reps
Individually recognizing reps for each rep is a good method to achieve the best results. This should be a standard procedure for all teams. Personalizing rewards is easy and the benefits are well worth the effort. A shipping company in the world used machine learning to improve its forecast accuracy by 15 percent. Another pharma company in an extremely volatile market compensated its sales reps for the effectiveness of their actions. The company used data to analyze reps’ performance and suggest selling actions. And it compensated reps based on whether or not they adhered to the recommendations.

You can also give tickets to live events to personalize the rewards given to individual reps in order to increase sales. Season tickets and tickets to big sporting events can be awarded to the top performers. You can also give top performers tickets to the backstage or VIP section of their most loved performances. There are many ways to reward top performing agents. No matter what their profession, you can give them something they’ll be proud of.