Whether you’re looking to increase sales of a specific product line, or give a boost to your organization’s overall revenue, staying informed of sales incentive data is a must. As a sales leader, we know your job requires all of your attention, which is why we’ve gathered key sales incentive statistics all in one easy-to-read place.
4 Sales Incentive Stats You Need to Know
Find out why top-performing companies use sales incentives and what kind of metrics you can achieve!
Why are sales incentive programs important?
The math is simple: higher sales equal a higher rate of success. Incentivizing sales is the ticket to increasing sales. According to this sales incentive statistic, the most successful companies already know this:
- 90% of top-performing companies utilize incentive programs to reward their sales associates.
With excellent customer ratings and even better employee satisfaction ratings, these top-performing companies earned their title by investing in sales incentive strategies. Let’s dive deeper into a few other sales incentive stats to see how these companies achieve success.
What is the best way to increase sales?
When it comes to sales motivation, most minds go directly to cash. But when it comes to personalization and strengthening your employer-employee bond, the best sales incentive techniques lie in understanding the people who sell your product. Our second sales incentive statistic speaks to the importance of recognition:
- When asked how they wanted to be recognized, up to 50% of sales reps prefer reward experiences that focus solely on being presented an award.
When it comes to the BEST sales incentives, it is clear that a combination of both reward and recognition go much further than commission. But what exactly makes up this reward and recognition combination?
What are different types of sales incentives?
Our third sales incentive program stat says it all:
- Companies utilizing an incentive program reported a 79% success rate in achieving their established goals when the correct reward was offered (DCR Strategies).
The key word in this statistic is correct. Choosing the right reward might seem like a daunting task, but the good news is that our list below offers plenty of options to spark inspiration (and you don’t have to choose just one!):
- Group incentive travel.
- High-value merchandise.
- Point rewards redeemable for gift cards and services.
- Reloadable debit card rewards.
- Leaderboards and interactive gamification.
How do you structure a sales incentive program?
The adage, “If you build it, they will come,” has foundational truth, but you have to have the right structure. Our fourth and final sales incentive statistic emphasizes the importance of having a personalized, in-depth sales incentive plan:
- Properly structured incentive programs can increase employee performance by 44% (Incentive Research Foundation).
The best way to formulate a sales incentive program unique to your salesforce is to focus on your goals and your team. Where specifically would you like to increase sales? Who on your team are you trying to engage? What rewards will motivate them? By figuring out these details, you can begin to formulate a sales incentive plan that’s structured for your business and your sales teams.
Let’s Put These Sales Incentive Statistics in Action!
Just beginning to formulate a sales incentive plan? That’s what we’re here for! Check out some of the sales incentive program experiences we’ve created for our clients. We are more than happy to answer any questions you may have.