Money, alone, doesn’t engage employees. There’s plenty of data to prove it.
The good news is that motivation can come from other places – specifically, sales incentives. But these can get tricky. You want to choose sales incentives that motivate sales reps, but also fit your budget.
Sales incentives come in different shapes and sizes. Here are three categories of incentive ideas and a few examples for each.
3 Kinds of Sales Incentives for Motivating Sales
1. Ephemeral Sales Incentives
Research shows that experiences make people happier than possessions. They create closeness with those sharing the experience, enable a feeling of liveliness and forge permanent memories.
Consider travel incentives like a few days in Miami, Vegas or even Hawaii. But don’t limit yourself to only tropical vacations. Adventures to natural landmarks, historic towns or national parks make great sales incentives.
Experiential incentives don’t have to be trips. Think of smaller events such as a local show or sporting event.
Looking to inspire collaboration? Run a contest that divides reps into teams and reward the winners with a group event to a nearby restaurant or fun activity.
2. Work-Related Sales Incentives
While not as sexy as other types of sales incentives, these generally have the lowest out-of-pocket cost.
Offering a few days, or even a week, of paid time off is a very appealing incentive. You can even break it into smaller incentives, such as the option to work a half day or work from home.
Another reward idea is equipment related to the job. Upgraded laptops, new cell phones or even tablet devices not only make great incentives, but can help your sales team do their jobs better.
3. Material Sales Incentives
Coming up with a home-run sales incentive in this category requires understanding your sales team.
If most of your employees use public transit or walk to work, then a two-year lease on a fancy car may not be best. But that’s perfect for field reps who constantly drive.
For sales teams that generally dress in business attire, offer a custom-tailored suit as an incentive. But in an office environment with a very casual dress code, this may not be a great fit.
Make the material incentive unique. Giving away a flat-screen TV probably won’t generate much excitement if most people on your team already have one. Go for something special. Think about items your team wouldn’t normally purchase for themselves, such as a high-end watch or gadget.
Sales incentives motivate your reps with positive reinforcement, so keep the competitive process fun and compelling. If you need more ideas for motivating reps, check out our most popular eBook: