Take a look back at your childhood days. Do you remember how you used to be excited to finish your homework on time when your parents would promise to treat ice cream? Or when you used to get serious about solving a math problem when your teachers would reward the winner with candies? Think on a larger scale now. The Indian government has adopted various tax and financial incentives to boost private investment. Incentives have always been used as the ultimate weapon to get the desired results. Hence, it’s no wonder 90% of best performing companies resort to incentive programs to boost their sales. But, does it really work? How do such incentives affect sales figures? Let’s find out.
Instilling Enthusiasm & Initiative
Put yourself in the shoes of your salespeople for once. Would you work hard to give your best without any reward in return for the extra sweat and tears shed? No, right? That’s exactly how your salespeople feel. When you deploy an incentive program that recognizes and rewards the target achievers, you essentially pour the oil in their engine that drives them to outperform themselves, which ultimately reflects on your sales figures.
Encouraging Employee Loyalty
Salespeople are more likely to stick to a company that appreciates and honors their dedication. When you give your team something to look forward to upon exceeding their targets or achieving new milestones, you encourage them to put their thoughts towards the advancement of your business rather than waste time questioning your methods.
Retaining Talent
Do you know the biggest reason why sales staff quit their job? It’s when they feel that their contribution goes unrecognized. Putting an attractive sales incentive program in place reassures the worth of your salespeople’s efforts and motivates them to pull out all the tricks under their sleeves for better performance.
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Ensuring Maximum Productivity
When your sales team knows that a corporate employee gift is waiting at the end of the tunnel, they get inspired to tap into their full potential. Such an enthusiastic and motivated group of employees boost the overall productivity of your sales department.
Timely Goal Achievement
It’s very easy to put down numbers on paper and brand them as targets. However, ensuring their achievement can be quite a battle. In this sales battle, the sales incentives act as the necessary weapons to ensure that your targets are met efficiently and in a timely manner. In fact, companies with an effective incentive program in place have exhibited a 79% success rate in achieving their established goals.
When you have a team of optimistic and loyal salespeople who are empowered to perform efficiently and achieve the planned targets, your company performs remarkably as a whole. Well thought out incentive programs that are based on achievable targets will, thus, push your performance curve upwards.