What is a sales incentive program?
As the name suggests, an incentive program uses a range of strategies to incentivise your customers to interact with you or your brand and buy/sell more of your products. In the B2B environment, these programs are also used to provide a range of additional tools, sales data, and analytics to help you track and achieve your overall company goals.
In our current digital marketplace, it’s common to find complex sales hierarchies within a company, each with their own specialized role within the team selling environment. A sales incentive program enables you to target each segment group in a personalized way by leveraging automation tools and offering a range of incentives.
Benefits for your business
To keep up in a highly competitive market, businesses need to have a solution to drive sales performance and growth. The Incentive Research Foundation (IRF) revealed that 90% of top performing companies use a sales incentive program and here’s why.
Accelerate sales growth
- Just by using a sales incentive program, you can increase sales by attracting new customers and leveraging your existing customer database.
- Keep the competition away by enticing your customers with rewards.
- Use sales incentive software tools to simplify sales data and support your customers to reach their goals.
- Increase seller’s product knowledge and confidence with online training incentives.
Increase customer engagement to build loyalty
- You want your customers to have your products at the forefront of their mind. By regularly engaging with your customers through a sales incentive program, you can encourage them to stay loyal to you.
- Maximize engagement using automated communication tools.
- Improve customer relationships by working with customers to achieve mutual goals and recognise those goals with rewards.
- Influence selling/purchasing behavior – your customers need to give more to get more.
- Increase your brand’s reputation by creating personalized and memorable experiences for your customers – which leads to repeat business.
Motivate sales teams
- Providing incentives for achieving specific sales goals will entice buyers/sellers to interact with your business and improve sales performance.
- Use a range of incentives such as points, bonuses or tier systems to keep your program interesting and appealing to customers. The more exciting the rewards the more effort will be put into achieving them.
- Create competition among sales teams using a personalized program dashboard where customers can track their progress and view leaderboards.
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