Successful sales incentive programs help stimulate business growth and increase sales. But what does a sales incentive program need to be successful?
Check out this infographic to learn the essential elements of successful sales incentive programs!
Infographic: Four Elements of Successful Sales Incentive Programs
As you can see, you need at least four elements to create successful sales incentives. These include:
- Strategy and Structure
- Engagement and Communication
- Recognition and Rewards
- Measurement and Reporting
We’ll be exploring each of these elements more in-depth below, so keep scrolling!
Strategy and Structure
Large scale success starts with small steps. The foundation of a successful sales incentive program is built on:
- A specific, measurable sales goal.
- Understanding your target audience and what motivates them.
- Strategic plans and program structure to allocate your funds where they generate the largest impact.
- The ability to personalize your sales incentives and set multiple promotions.
Your individual sales goals, such as higher sales team engagement or pushing sales of a specific product, will determine the structure of your sales incentive program. This, combined with data from your audience, will shape how participants enroll and earn rewards.
Additionally, you will want to structure your sales incentive program to allocate your budget where it will make the biggest impact. To see how much a well-structured incentive program can increase sales, check out these stats!
Engagement and Communication
Technology has placed widespread communication at the tips of our fingers. Through strategically designed engagement campaigns, keeping your participants up-to-date on new promotions and products has never been easier. Utilizing the incentive program communication features below, you can engage, educate, and enable your sales teams! Doing so is essential for the success of your sales incentive program:
- Omnichannel communication tools.
- A connected mobile app.
- Gamification platform.
- Online training quizzes and surveys.
- Peer-to-peer and manager-to-peer social recognition platform.
- KPI-based goal-tracking software.
Recognition and Rewards
A truly successful sales incentive program not only motivates your sales team, but also helps build meaningful relationships and retain top reps. The power of appreciation can be applied in a variety of reward options that make a positive, memorable impact on your sales team without breaking the bank! Sales incentive rewards include:
- Travel incentives for top reps.
- Merchandise rewards to motivate growth.
- Gift cards and reloadable debit cards for SPIFFs and fast results.
Additionally, social-media style recognition, on-the-spot points bonuses, and interactive leaderboards help sales reps feel like their value is recognized.
Measurement and Reporting
A truly successful sales incentive program does more than simply drive sales: it provides a valuable amount of data on your product and those who sell it. Depending on the claim structure of your sales incentive program, invoice and product information uploaded directly by your sales team can be easily transferred into detailed performance reports. Tracking engagement and reward account activity metrics gives insight into how motivated your sales reps are by the current promotions. Using this data you can tweak your future promotions to produce even higher levels of engagement and growth!
Looking for Examples of Successful Sales Incentives Programs?
Check out our web page to view client stories brimming with success! We’d love to help you build (and manage) a successful sales incentive program of your own – from the ground up. Just give us a call to discuss how we can help you engage and motivate your sales team!