Incentive Strategies Companies Should Implement to Boost Market Share Growth

Companies that strategically implement incentive programs report a significant success rate in accomplishing their established goals.

Upon structuring your incentive programs with the right processes, communications, reward systems, tools, and technology, businesses can boost their performance. Employees want to be recognized, treated fairly, and respected for their hard work from their employer and supervisor. The best performing companies will focus on these areas of continuous improvement and implement programs for rewarding their staff members.

We live in an ever-increasing competitive landscape. All competitors are trying to attract the same segment of audience. At the same time, sales and marketing executives are interacting with customers – who have already equipped themselves with a plethora of research.

If you want to gain an edge on the competition, overcome unanticipated hurdles, and grow market share, you need to have more than a non-structured, random incentive program in place.

As we mentioned before, companies that strategically implement incentive programs report a significant success rate in accomplishing their established goals. If you want your incentive programs to help drive results, revenue, impressive ROI, and grow market share, you need to systematically structure it with the right processes, resources, systems, tools, and technology.

To help with your goals, we’ve put together these incentive strategies:

  1. Deliver a Personalized Experience with Audience Segmentation
  2. Build and Implement ROI-Focused Sales Incentive Programs

Deliver a Personalized Experience with Audience Segmentation

Businesses that prioritize personalization with advanced strategies witness a spike in their annual revenue and ROI.

Having an incentive program in place is one thing. But if you want it to drive revenue and growth, it’s advisable to segment your audience into different groups to deliver targeted messages and a personalized experience.

With our cutting-edge, unique, and customizable platform, businesses can segment their audience – based on their role, performance level, region, organization, etc. Upon segmenting your audience, you can set relevant goals and drive the right message for all participant groups to deliver a highly personalized experience.

For example, some companies have sales executives who can provide presale guidance to their potential customers (sales-driven) and customer-care experts who can provide top-notch aftersales support (non-sales-driven). By segmenting your audience in this fashion, it will allow you to reward both levels and recognize each for their contribution to the end user customer sale.

Depending on organizational structure, you can segment your audience into different groups. Apart from this, for the roles that are less likely related to revenue, like customer care, and others, you can build an incentive system that rewards these staff members based on their performance or feedback they receive.

The ability to do this can help brands not only engage the participants but also generate tremendous results, allowing them to boost their market share growth in a strategic manner.

Build and Implement ROI-Focused Sales Incentive Programs

The end goal is to grow your market share – which is why it’s important to ensure that your sales incentive programs are highly-focused on ROI.

You need to make sure that your incentive programs reward different groups of people – based on goals, objectives, and KPIs that you can track. A continuous assessment process will help track these metrics, ultimately allowing you to gain insights into the ROI of the incentive programs. Based on that, you can optimize these programs or discontinue the poor-ROI-delivering ones to maximize the results and grow your market share.

With our unique and fully customizable platform, and integrated reward solutions, businesses can segment their audience, drive increased ROI and deliver a best-in-class user experience that will drive sales, boost loyalty, and grow market share.

At any given point in time, feel free to reach out to us, we would love to address your questions and help build a strategic sales incentive program.

Contact Us or Request a demo today and discover how we can support you in building a unique incentive program!