There are lots of ways that incentives can help your sales team nurture leads, close more deals, and increase retention. But unless you understand your prospects and customers, you’re not going to use those incentives to their fullest potential.
To boost your rewards’ effectiveness, you and your sales reps need to look at the current buying trends for your audience. Then, you can build a rewards strategy that will help you adapt to their behaviors and mitigate any challenges.
Here are three recent buyer trends to help you make the most of your sales incentives.
READ MORE: 3 Consumer Insights to Inform Your Business Gift Card Strategy
Every team knows that it’s getting harder and harder to stand out in a crowded sales landscape. But the opportunity is there when you put in the work and do it right. According to research by sales training company Rain Group, the top two factors that influence whether a buyer meets with a salesperson are having need for the product or service and having budget available. While you may not be able to control those, you can control the third-biggest factor, cited by 63%: the provider offers to share something of value. When you boost your rewards strategy by empowering sales reps, it gives them that “something of value” to have in their toolbox to increase demo attendance and reduce meeting no-shows.
While the personalization trend has only continued to grow in recent years, buyers prioritize different parts of that experience. A survey by PwC shows that the two most important parts of the personalized experience for consumers are rewards for products they use regularly (cited by 48%) and a loyalty program with flexible rewards (43%). Businesses need to give their buyers the rewards they want and need at that moment. Even before the loyalty stage, it’s clear that wherever incentives are used in the sales cycle, flexibility is key to boost your rewards’ effectiveness. By offering a selection of instant digital rewards, you make them more compelling to your prospects and customers.
Creating the right experiences isn’t just a concern for B2C sales teams. According to Gartner, 83% of B2B buyers prefer to order and pay through digital commerce. When they do, they’re more likely to complete a high-quality deal, but they’re also far more likely to experience buyer’s remorse. Instead of taking your sales cycle in one direction or the other — all digital or all led by sales reps — the key is to find a balance that encourages buyers to make high-quality, confident purchase decisions. In fact, Gartner says, customer confidence increases 17% when sales reps effectively use technology to facilitate their discussions. Incorporating digital rewards is a perfect way to add that personal, human touch to an interaction with a prospect while also giving them the online experience they’re looking for.
Looking for more tips on how to boost your rewards and sales success? See how to tailor your strategy for each sales rep’s specific role!
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
Hannah is a reformed journalist who has more than 15 years of experience and now focuses on content marketing for innovative tech companies.
