Are Sales Incentives Still Effective?
For every business to succeed, they must stay abreast of trends and changes in their industry. This will enable them to harness the power that these advancements have to offer, in addition to positioning themselves as an industry leader. Throughout 2018, there were newsworthy trends throughout the sales incentive industry that have shaped the way businesses are now approaching sales incentives programs.
Many of the newly developed practices will continue into 2019, so it’s important that companies strategically position themselves to take advantage of the opportunities. In this post, we’re going to examine the top sales reward trends of 2018 that we believe are likely to continue making waves through 2019.
Sales reward trends that will carry into 2019
The first thing to note about sales incentive trends in 2018 was the widespread adoption which we expect will continue into 2019. Many businesses have been implementing incentive programs for all staff throughout their organization, including team members who are not necessarily in a sales role. It’s expected that given the tangible and visible benefits noticed in 2018, businesses are going to invest even more in these programs for 2019.
Furthermore, these incentive programs appear to be going global in 2019. There are more remote workers now than ever before, and this trend is going to continue to grow. This means that incentive programs now have to find ways to bring people together who are potentially working from different parts of the world. Globalization means that the complexity of designing and delivering such incentive programs will increase, so companies should plan well ahead to accommodate.
Digitization has also permeated every industry, as it has with sales. Many delivery channels are now digital, and workers now perform the bulk of their work on digital platforms, which means that many workers already expect their incentives to be digital. One great option for digital gifts has become the use of gift cards, which is steadily on the rise. According to the Incentive Research Foundation, medium-sized businesses annually spend close to half a million dollars on gift cards.
Artificial Intelligence (AI) has also made its way into sales incentives during 2018. Businesses are now able to predict the cost of sales incentive programs well ahead of time and compare the incentive choices more intelligently. The use of AI has to be regulated and that is another trend that was seen in 2018. Businesses have to be careful about how they use and store their data to ensure everyone’s information is kept safe.
Additionally, wellness and fitness incentives gained in popularity during 2018. It’s been proven that, if you take care of your employees’ health, they are more happy, healthy, and energized to help you achieve your business goals. These trends are bound to continue into 2019.
Taking advantage of the sales incentive trends in 2019
Making yourself aware of industry trends as you plan for your 2019 employee rewards program is just one part of the story. Organizations need to position themselves so they’re able to take advantage of these trends. Businesses need to have a robust incentive management system to stay ahead of the complexity that widespread adoption and globalization brings with it.
The truth is that taking advantage of sales incentive trends is not an easy job. An organization must tailor their incentive program to suit their business needs and objectives. One incentive partner that can help businesses to properly take advantage of incentive trends for all employees is Online Rewards. With several years of experience helping businesses reward their employees and improve satisfaction, Online Rewards can help you design the right incentive program for your organization.