Types of Incentive

Sales Incentives are extremely popular programmes to reward and motivate sales teams or individual members of a team. There are many benefits to any business that has a sales incentive in place. It will help increase sales results, increase market share, brand awareness, improve overall performance in a sales department, therefore help to deliver a better experience for customers, resulting in more loyalty.

Employees recognise sales incentives as a reward for their hard work. It helps increase their confidence, motivation and productivity. It incentivises employees to increase their product knowledge and interact fully with customers. Loyalty on both sides of the fence is the result. This can only be a good thing.

Partner incentives work much the same way. A company may have several sales partners, distributors, resellers or vendors that sell their products or services. A partner or channel incentive program will ensure consistency and market share growth. It encourages more transparency and better communications with partners. Partner incentives are an easy and hassle-free way for partners to incentivise their own sales teams or employees. It’s a win-win situation for all.

Group incentives are awarded where it’s not really possible or if it’s unfair to gauge an individuals performance. Where it’s all about the team effort. This encourages better communication & tighter teamwork as individuals pull together in order to deliver the best performance they can. A good team or group will work hard together & show better loyalty towards one another as they are rewarded for their honesty and input.

Individual Incentives are focused on single employees. Many companies have these in place to motivate and reward individuals anywhere from sales to customer care. It’s popular in smaller companies with many departments that are run by one or only a handful of people. Again, the rewards for employees & the company are the same as with any other incentive.

These are just some of the most common types of incentive. There are many other types and many other ways that companies seek to reward their employees for their performances and loyalty, but few reward and motivate quite like a Travel Incentive.

If you want to know more about incentives in the UK or Ireland click here