Sales incentives rewards employees for meeting their targets, either for certain activities, such as number of demos presented, or for outcomes, such as revenue totals. They are essential to keep your teams motivated and productive and ultimately drive them to close more deals. These rewards also show workers that the company appreciates them and their contributions. Thus, both employees and employers benefit: The sales team receives attractive rewards, which motivates them to work harder for the company and help it thrive.
Sales incentives are rewards that employers give their sales teams to show appreciation. The recipient receives the incentive if they meet or exceed a certain goal. Sometimes, employers give sales incentives to individual sales team members. In other cases, an entire team may receive a reward.
A sales incentive can take numerous forms. However, they can be grouped into two main categories – monetary and non-monetary. Some of the most common rewards for sales teams include:
READ MORE: What Are Good Sales Incentives?
Motivating workers is extremely important for any business. There are three main reasons why a motivated workforce is so important:
Companies need workers to be loyal to their brand. A dedicated workforce will reduce staff turnover while making employees more productive. When companies give rewards for effort and hard work, they show employees that you appreciate them. As a result, workers tend to work even harder, benefiting the organization in the long run. Even better, customers also benefit from a loyal workforce. Appreciated and happy workers go the extra mile for customers, which helps boost the brand’s reputation.
Finding ways to attract top talent couldn’t be more important for companies today to stay competitive. Those that offer sales incentives find it easier to recruit talent to their team. Incentives are an attractive bonus that makes the company look progressive, staff-oriented, and good to work for.
The best sales teams are the right balance of collaborative and competitive. Sales incentives for the best performing team help foster healthy competition between employees. However, incentives can also drive better collaboration among workers within a team. Therefore, they are a multifunctional tool that companies can use to their advantage.
All organizations benefit from ambitious targets and goal setting to help focus efforts effectively. Sales incentives help with reaching those goals and establishing the next objectives.
There are many different types of sales incentives, and all have their advantages and disadvantages. Many organizations find that gift cards are the best sales incentive choice. They are versatile, since they come in different values and different types. Digital gift cards are also an ideal option for remote workers, because they don’t need to be shipped. Rybbon.net offers an extensive range of gift cards to give as sales incentives. Check out the selection here.