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Sales Incentive Trends Lasting Into 2019

A number of sales incentive trends have shaped the way businesses approach sales incentives programs
Friday, February 8, 2019

Published by: Online Rewards Sales Incentives

Incentives

Are Sales Incentives Still Effective?


Sales Incentives
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Everything in life changes and sales incentives are no exception. Their popularity has grown over the last several years, and it’s clear they are here to stay—in spite of their changing nature. Sales incentives seem to be in tandem with the sales industry, meaning that just as new methods of sales are constantly being created, new methods of leveraging sales incentives are appearing at the same rapid pace.

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.

Incentive Programs Aimed at Retail Employees

These rewards show staff how valuable they are to the organization and lead to increased job satisfaction
Tuesday, February 5, 2019

Published by: Online Rewards Sales Incentives

Incentives

The need for incentives programs in the retail sector

Employee recognition and incentive programs are constantly being adopted by new industries—retail is certainly one of them. As with many organizations, the staff who interact with the customers and actually make the sales happen are really the bread and butter of the entire organization. Without these people, the company simply wouldn’t survive.

It’s more important than ever that businesses figure out how to retain their employees, and a huge part of that is keeping them happy.

If you want to keep your employees happy while simultaneously motivating them to produce great results, offering an employee incentive program is a great place to start. These incentive or recognition programs help retail businesses to reward employees that have performed their jobs well and offer perks that go beyond their regular salary.

When implemented well, a good retail incentive program can help a business motivate their employees to sell more, leading to increased revenues. Additionally, these rewards show staff how valuable they are to the organization and lead to increased job satisfaction—both of which help to keep employees loyal, lower negative developments like theft rates, and increase motivation.

Designing the right incentive program for retail employees

If a business is to take full advantage of incentive programs, they need to design the right one for their specific needs. The program has to be well designed to match the culture of the company as well as employee expectations. Given that we’re talking retail, it’s also essential that the program is designed in a way to promote sales above all else.

When preparing to design the ideal retail incentive program for your company, the first thing to consider is your staff’s current state of mind. You need to understand their roles, schedules, and desires before you can determine how an incentive program will fit into their current job and become effective in increasing both sales and motivation.

Sales Incentives
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For example, the incentive you will give sales employees will not be the same one you will give customer experience representatives. You also have to consider company culture. You want an incentive program that aligns your employees with the company’s principles and helps them to take ownership of the business objectives.

It is essential that the goals that will trigger the rewards be properly communicated to the employees. You also have to consider the cost of these programs, as well as their frequency. Starting with a proper strategy will help the retail management team plan the best incentive program for their companies.

Sales Incentives
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Some examples of retail reward programs

There are countless reward options out there for retail stores to test out with their staff. Some great reward options are:

  • Commissions based on sales performance that are paid out in company stocks
  • Discounts on company stocks
  • Cash bonuses
  • Paid vacation time
  • Movie or concert tickets
  • Gift cards
  • Games or sweepstakes
  • Trips

The important element here is to find out what will motivate your employees. Each person will be different, and you need to find a flexible way to offer people what matters most to them. If you want people to be motivated to achieve the goals and win the rewards, they’ve got to be something they genuinely want.

For example, giving employees paid time off is a great way for them to bond with their families and improve their overall job satisfaction. However, for some, that won’t do the trick. Perhaps tickets to a movie or concert is what will motivate them to aim higher.

With the right employee reward incentive program, there are endless opportunities to reward your employees while improving overall performance. One partner that can help businesses to decide on the best solution for their needs is Online Rewards. If you want to boost sales via improved employee recognition and productivity, contact Online Rewards today

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