What modern sales incentive programs are trending?

For any business to succeed, focusing on the sales is the most crucial aspect. Sales is an integral part of any business and plays an important role in making or breaking the business. It is hence, the company’s responsibility to ensure that the sales team is working on its full potential and is motivated throughout the time.

A motivated sales team can bring more business for the company, and this motivation often comes from various sales incentive programs launched by the company. Another factor of consideration here is that these sales incentive programs should feel worthwhile and equal to all the employees.

Additionally, this should be noted that using traditional methods and offering incentives as cash or a cheque, or any form of monetary factor doesn’t work as a mode of motivation for the employees anymore.

If the incentives don’t feel justified to the employees then there is no point in running the sales incentives programs as it has failed its purpose. Before you devise sales incentive programs for your employees, consider the following points.

• Understand the Needs of the Employees

The company should understand the different needs of the employees and make the incentives program equally motivating for all. If the company can understand the needs of the sales reps, they are going to perform well as they are being valued in the system which is the biggest form of motivation one can achieve.

Consider the strengths and weaknesses of each employee, don’t keep one single parameter for analysis. Every sales rep has their own process of working. Instead of having a single parameter, make different criterias for incentive allotment.

• Equal Incentives for all Employees

Not all the sales reps are looking for a holiday package or a gift voucher for a certain brand. Some of them just want to spend some quality time with their family.

Design the sales incentive program keeping this in mind and rather than defining one specific reward, allow the employees to choose what they would like. 

• Always Keep an Element of Surprise 

If your sales incentive program is the same every year then it becomes predictable for the employees and they will put efforts just before the incentive program and not throughout the year.

Instead, involve an element of suspense and surprise to ensure employees give their best throughout the year.

• Customisation

Start customising the incentive programs for different teams as per their work hours, and other concerning factors. This way when customised incentive programs are implemented, employees feel valued and seen. It also creates a sense of belonging with the company.

• Creating a Balance

Find the perfect balance between motivating employees and being rigid with the work deadlines. Having a carefree environment might portray a negative image in front of the employees. The incentives being awarded should feel earned and not just a name-sake process that the company has to follow.

Creating a perfect balance among all the employees is essential to not make it partial or biassed in any form.

• Consider the Social Factor

While selecting incentives consider the digital and social factors as well. Offering rewards that the employees can share on digital platforms will not only offer them a sense of achievement but will also work as a marketing tool for the company.

No employee is going to share the cash or cheque they received on digital platforms, instead offer something more meaningful, with a positive impact. 

• Develop an Incentive Planning Team

Develop a designated team that can work on allotting incentives and designing the parameter for it. This designated team can analyse the performance of the sales reps throughout and make better decisions.

Having a designated team can help you to develop different sales incentives program for distributors and sales incentive programs for customers as well. This will enhance the impact of your company and increase brand recognition among the new customers. This strategy can help your brand get new customers easily.

• Incentive Distribution as per KPI & Targets

Among different sales teams, and different departments of the company, distribute the sales incentive program as per the different KPIs, processes, and target achievements. Developing a thorough sales incentive program will have more impact rather than using a basic program that is being adopted by the majority of the companies.

Tips for Sales Incentive Programs

Before you dive deep into developing a sales incentive program for your brand, here are some tips and tricks that you should read. These points are to be considered from the brand’s perspective although it is important to keep your employees motivated, it is also essential to keep the overall finances of the brand under consideration.  

• Choose the Right Partner 

There are various loyalty program providers available in the industry that can help you integrate a sales incentive program. But not all providers are right for every company.

Choose the right partner based on what your requirements are and how well they can provide you the desired services. Partners such as RewardPort having years of experience can help you develop and integrate a sales incentive program depending on your needs.

Additionally, choosing partners such as RewardPort and integrating their sales incentives programs that are customised as per the customer needs can help you boost your sales and allow more brand recognition. You can here choose from a variety of options such as CineRewards, Scratch2Win, DigiFlix and others. 

• Thorough Market Research 

There are various brands similar to your brand available in the market, study them properly and identify the key features of their program that can be adopted in your program, if any. This will help you get an extra edge over the competitors and provide more confidence to your employees in your brand.

• Affordability of Rewards

Keep a check on your brand’s financial stability as well before deciding on the incentives. This should not be the case that due to a high amount of incentives being rolled out, the brand is facing financial uncertainty. 

• Right Technology for Analysis 

Leverage the advanced technology for employee assessment programs while deciding on the incentive program. This will make the incentive program justified and transparent for all the employees.

Sales Incentive Program by RewardPort

Over the years the experience gained by RewardPort has made it one of the leading loyalty program providers in India. Implementing the experience, they have been able to integrate successful sales incentive program for various clients.

The sales incentive program by RewardPort is highly effective and caters to all the needs of the brand. These programs are customisable and can be adjusted as per the changing requirements of the brand.

For more details about the loyalty programs by RewardPort get in touch with the experts and design the sales incentive program for your brand.

Frequently Asked Questions: –

1. What are the benefits of sales incentive program?

A sales incentive program will help the brand to provide more brand awareness in the market, and expand its customer base to the unexplored market.

2. What is sales incentive program structure?

For implementing an incentive program in your organization, understand the needs and requirements of your employees, their KRAs, targets achieved, and other criteria. After thorough analysis you can strategize your sales incentive program.

3. What is B2B sales incentive structure?

There is no specific structure for incentive programs. It can be modified as per the requirements and needs of your organization and the budget as well. You can get in touch with a loyalty program that provides for a customized incentives program.