A sales manager’s job usually involves motivating people. Sales incentives are great because they incentivize (business speak for “motivate”) sellers to go all out and sell as much as possible in order to get rewards of equal value.
What Is The Significance Of Incentives?
Incentives are the rewards given to a person, company, or organisation for doing something. Incentives for sales can be monetary or non-monetary.
The significance of incentives is that they can encourage people to do things that they might not have done otherwise. For example, if you give someone a $5 incentive for getting a flu shot, you are more likely to get them vaccinated than if you had just asked them nicely and offered no incentive. The advantages of incentives are that they motivate your employees to do better than their own expectations.
To put it simply, a sales incentive plan should be treated as an investment, as it will lead to more successful sales, employee engagement, and other growth drivers that will ultimately lead to higher levels of employee retention.
Still, wondering what the importance of incentives is? Well,doing something special to recognise your team members’ hard work and dedication can do a lot to boost morale as well as your company’s bottom line. By offering them different incentives, you can keep them engaged and driven to achieve great things.
Sale Incentive Ideas
Many companies have different sales teams and can’t find the right sales incentive ideas. As such, they need to make sure they get it right and focus on their employees’ preferences rather than a one-size-fits-all approach.
The advantages of incentives are only going to help you scale your business more efficiently. So, explore how you can reward your sales team with the list of incentives for sales we have prepared for you.
1. Travel vouchers
Your sales team might be flying most of the time to meet clients or to close a big deal. They’re focused on taking care of business, which is hard work. You can help avoid burnout with a rewards program like:
Hotel vouchers: Let our agents experience the joys of home by offering two nights in a nationwide hotel nearby.
- Coupons for people who travel: Airbnb employees get $2,000 in travel coupons every year, and this is a great motivator. You can do something similar for the top salespeople, who always require new destinations.
Whether it’s a well-deserved break or Incentives for sales, business trips can make your employees happy. So why not use them for your sales team?
2. Tickets to shows or sporting events
Die-hard fans of sports games and other live events will go crazy for event tickets.
Plus, if all of your employees are fans of the same sports, game tickets can help them bond together. A ticket to a game show is one of the great incentive ideas for a sales team.
- Ticket to their favourite sports: Give your best agents the chance to watch their favourite sports team throughout the season.
- Ticket to a big game: It would be amazing if you could give your sales reps the chance to attend one of the most live and in-person sporting events.
- Backstage or VIP tickets: Here’s a great idea- offer the team the chance to be VIPs at the upcoming show.
Why not have your team suggest some ideas for a reward? For example, ask them what music they’re into or if they follow any sports teams. Chances are this will give you a few interesting incentives which may work better than money as rewards.
3. Offer them a team weekend gateway
Individual achievements can be rewarding, but your employees are a team. You could think of setting goals for the whole team and rewarding their progress. Some options might be:
Day out with the team: If you want team bonding on your agenda, take a daycation, it is one of the great incentive ideas for sales. Find an upscale location that will make this experience even more memorable for everyone.
Kayaking or canoeing: One of the most enjoyable experiences for adventurous designers is exploring the waterways. Use it to incentivise your adventure junky sales rep.
Team dinner: One way to add an extra twist to celebratory dinners is by keeping the location of the restaurant a secret until it gets closer to dinnertime.
Competition between sales teams can increase stress and trigger cutthroat tactics. Cooperation can use a sales incentives plan to reduce the complexity of your business goals, promote camaraderie amongst staff, and ultimately help the team win together.
4. Tech goodies
It’s hard to improve on Christmas gifts, but that doesn’t mean you can’t try. How about using tech gadgets as Incentives for sales? What about the latest wireless music system? Or how about a new laptop for anyone looking to upgrade?
- Redeemable gift card: You can let people pick their own gift from a list of choices within a certain budget. This would be an awesome way to get someone who is doing well in their job some recognition with the latest gadget that they’ve been wanting for a long time.
- A new laptop: Our top reps deserve the best, so give them a gift they’ll appreciate – a new PC or Mac.
- Noise-cancelling headphones: As a small token of your appreciation, this will really make them feel valued. Not only will it help them to focus better and lower their anxiety levels, but it’s also invaluable for recruitment and retention.
5. Good Ol’ Cash
Your team is motivated by money, that’s for sure. Money does it all. It makes the world go round. The first step in implementing this idea into your sales incentive program is to make sure the sales incentive structure is clear.
Wondering how to set up a sales incentive structure? Achieving certain goals, like starting a new promotion, meeting a quota, or exceeding your allotted goal, provides salespeople with monetary awards as an incentive.
However, a study done by the Incentive Research Foundation found that up to 85% of people would prefer a non-cash reward over it.