To increase sales, you must have a sales team that is motivated and engaged in their work. Maintaining the motivation of your sales team is a year-round process. As a sales leader, you must constantly come up with new ways to motivate your team. Whether you’re trying to get your reps to close a quarter strong or kick off a new fiscal year, keeping reps engaged is critical to meeting your goals. Sales incentives are an excellent way to boost employee morale.
What exactly are Sales Incentives?
A sales incentive is a reward given to sales professionals by their employers for successfully selling a certain number of products or service hours. Sales incentives can be monetary, physical, experience-based, or any other type of incentive that is tailored to the interests and motivations of the employees.
Sales incentives differ from sales compensation in that compensation is typically in the form of a commission, which sales professionals typically earn in addition to their regular salary. Instead, sales incentives are rewards intended to provide recognition for exceeding expectations, meeting objectives, and contributing to an organization’s overall success.
When should companies use sales incentives?
When sales professionals meet specific sales objectives, many companies incorporate sales incentives as regular reward program (such as selling a certain number of products or meeting a certain amount in sales revenue). Furthermore, businesses will use sales incentive plans to motivate and engage employees, resulting in increased productivity and effort to meet objectives.
Benefits of Using Sales Incentives
Implementing a sales incentive plan has several significant advantages, including:
1. Enhanced team productivity
A system of rewards for consistently meeting or exceeding team sales goals or expectations can be extremely effective in increasing productivity. As sales teams work toward these objectives, they will gain new and valuable skills. With sales incentives in place, your team will be able to collaborate while also improving their job performance.
2. Increased levels of participation
Incentives can also be used to increase your team’s engagement in their work. Setting team objectives that result in recognition and rewards for the entire sales team, for example, can increase engagement in collaboration, strategizing, and implementing sales techniques.
3. Increased job satisfaction
Incentives that recognize team effort and success will naturally increase your team’s overall job satisfaction. Employees will value their work if they know their managers recognize their contributions, which leads to increased productivity and performance.
4. Increased team collaboration
Increased team productivity, performance, and sales development can lead to an overall improvement in how your team works together. Providing incentives for the entire team rather than implementing a single reward for an individual results in a team-wide improvement effort. They will be more likely to recognize each other’s contributions, find creative solutions to problems, and implement creative strategies that will ultimately help the company meet its sales goals.
5. Improved team morale
Teams will be more likely to have an upbeat and positive attitude in the workplace if they improve their collaboration efforts, increase their productivity, and feel recognized for their work. This boost in team morale is critical for completing meaningful work, meeting objectives, and adding value to the organization as a whole. Employees who are satisfied and content are also more likely to be highly supportive of their teammates in achieving goals rather than focusing solely on their own needs.
10 Growth-Boosting Sales Incentives
Most businesses keep cold hard cash as a reward for the sales team’s efforts. This is the most common type of sales incentive that can never fail because everyone works to earn money. If you are a sales manager, you can keep a set amount of money as a bonus for meeting a specific sales target or closing more deals.
2. Gift Cert
A gift card is a good option if you want to provide a non-cash reward. Gift cards are extremely useful to employees now that the majority of people shop online.
3. Vouchers for Travel
Every employee follows the same routine of coming to work every day. If you want to break up the monotony, you can provide your employees with travel vouchers. Your employees will always look forward to such rewards, whether they are hotel vouchers, airline tickets, cruises, or travel points. Offering such sales incentives would motivate employees to work harder.
4. Boxes of Subscriptions
These days, personalized products are the new trend. That is why subscription boxes are becoming increasingly popular. This is the best option for your sales team these days because they can easily find what they need while remaining safe.
5. A gym membership
Getting a gym membership can be costly, and people may abandon their plans as a result. What you can do is give your sales team a membership to a well-known gym that he has always wanted. You can provide any membership to your team as a sales incentive, whether it is Yoga, cross-fit gyms, or aerobic classes, based on their interests. It would improve your sales team’s productivity and provide a work-life balance.
6. Courses in Online Learning
A subscription to online learning courses related to the industry in which your employees work is one of the best sales incentives you can offer them. This would not only broaden their knowledge base but would also aid in their personal career development. You can offer workshops, sales courses, English classes, online college courses, professional courses taught by industry experts, and a variety of other services. Employees’ personal development will benefit from these online learning courses.
7. Extensive Dining Experience
Isn’t it true that we all look forward to a fancy, exquisite dinner at some point in our lives? Giving your sales team a fine dining experience will fulfil their primary desires. You can give your employees the option of selecting from a variety of fine dining restaurants and hotels. This would give your employees the best experience while enjoying delicious food with their families.
8. Product Awards
Using physical products as prizes is a novel way to motivate your employees. You can sell iPhones, smartwatches, Bluetooth earphones, tablets, and other electronic devices. Employees can also be provided with household items such as a coffeemaker, food processor, and so on. According to the interests of your sales employees, you can also offer hobby products such as musical instruments, rock-climbing equipment, and so on. These product prizes can be a good option because they help to relieve the stress of winning repeatedly.
9. Office Additions or Modifications
The best option is to provide office upgrades. Whether it’s a good chair, a good table, a dual monitor system, or noise-cancelling headphones. This would serve two purposes: first, it would be a fantastic sales incentive, and second, it would increase the efficiency of your sales team.
10. Employees' Preference
Everyone has different tastes, hobbies, and preferences. Instead of providing one type of sales incentive to each employee, you can select a prize for each employee based on their personal preferences. All you have to do is set a budget and allow employees to choose their own incentive based on their own interests. They will feel more motivated and perform better as a result, increasing sales revenue for your company.
Frequently Asked Questions: -
Sales incentive programmes are a way to recognize top performers and show them how much you appreciate their contributions to the company. This loyalty benefits not only your company, but also your customers, who will benefit from improved customer service and long-term business relationships with your sales representatives.
Schemes for Sales Incentives >>>>> Types of sales incentives >>>>> Examples and ideas for real-world sales incentives >>>>> Motivating individual sales representatives >>>>> Creating the ideal sales incentive program for your company