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Rethinking Sales Incentives

The Pipeline

As part of a series of posts dealing with areas you should consider, better yet reconsider, going in to the New Year, today we look at incentive. While there are other expenses, commissions/incentives, are the most direct “payment” you pay for bringing in revenue. Read the piece here: Rethinking Sales Incentives Then comment below. What’s in Your Pipeline?

7 Steps to a Quota-Busting Sales Force

Sales Benchmark Index

Article Sales Strategy allocate territories incentive plan lead nurturing maximize selling time quota busting sales quota talent development

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Expand the Reach of Your Sales Team with SDRs

Sales Benchmark Index

Article Marketing Strategy Sales Strategy heather young Sales Development Rep Sales Development Representative sales leads SDR SDR compensation SDR incentive SDR management SDR onboarding

Is Now the Right Time to Pull the Compensation Trigger?

Sales Benchmark Index

Article Sales Strategy b2b sales sales compensation sales incentive pay sales incentive pay changes sales rep comp plans sales strategy sales variable compensation

Sales Incentives, Awards, Lead Follow Up and Sales Effectiveness

Understanding the Sales Force

Dave Kurlan wrote: They should receive the incentive only if the opportunity makes it as far as 2 nd base in the sales process. Last Word: Tomorrow will be my final post of 2012 and my 1000th Article since I began writing on this Blog in 2006. In honor of my 1000th article I will reveal the Top Sales Article from among 15 that my readers have been voting. (c) Ideas?

All-Time Top Kurlan Sales Article

Understanding the Sales Force

Understanding the Sales Force by Dave Kurlan As promised for today, I'm revealing the single article, from among my former 999 blog articles which my readers voted "best", to be my 1,000th post. Many people are not going to like this article. As I wrote in the other article , personality-based sales assessments don't really measure what you need to know. Finding. Desire.

Sales Training Article: Trouble Closing - or Selling?

Customer Centric Selling

Sales Training Article: Trouble Closing or Selling? The best outcome is getting orders, but often sellers have to give discounts to incent early decisions. Read more sales training articles from CustomerCentric Selling® - The Sales Training Company It continues to surprise me when sales executives tell me their people are poor closers. The potential payback (value minus cost).

Is Performance Killing Your Culture or Is Culture Killing Your Performance?

Tech Bytes

A recent HBS article confirmed what we all intuitively know: Well-executed quotas and bonus programs are highly effective tools for motivating sales teams. Kyle Heller sales ZS Associates incentive ZS compensation High Tech sales team cultureThis increase in motivation and resulting sales performance, however, comes at a cost.

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The Territory Optimization Revolution

OpenSymmetry

A critical element that is relatively new is territory optimization and we will examine the case for this in this article. In the same way, salesforce effectiveness is made up of different elements – the right go-to-market strategy, salesforce organisation design, role definition and candidate selection, the right incentive design, and the right sales processes. seconds. seconds.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. For example, Corporate Integrity Agreements (CIAs) were implemented by the DoJ as a way to curtail off-label drug promotion which forced companies to ensure their sales incentives encouraged proper compliance. Share your thoughts in the comments below!

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. For example, Corporate Integrity Agreements (CIAs) were implemented by the DoJ as a way to curtail off-label drug promotion which forced companies to ensure their sales incentives encouraged proper compliance. However, a recent article from the Harvard Business Review suggests the stagnant methods of pharmaceutical sales rep compensation may be the root cause of an even bigger public health issue. Share your thoughts in the comments below!

Why Automate Sales Compensation Management

OpenSymmetry

Gartner broadened the scope of the definition 3 years ago to encompass all those capabilities relevant to delivering sales strategy including sales talent acquisition and onboarding, sales talent development, sales process, territory and quota management (TQM) and incentive design and administration (ICM). What is SPM? A common question we get is what is SPM? Why is SPM important?

Flawless Execution Starts With Strategic Planning: A Roadmap for January 2017

OpenSymmetry

On the OpenSymmetry blog, we’re starting 2017 with fresh perspectives on what it takes to evaluate, implement, and leverage incentive compensation solutions to make the biggest impact on a company’s bottom line. In the next two months, we’ll be focusing on topics about building the framework for evaluation and pre-implementation processes for incentive compensation solutions. Strategy ICM Incentive Compensation roadmap Sales Comp Sales CompensationWith January underway, planning is top-of-mind for every sales comp team.

Mo’ Adjustments, Mo’ Problems – and Mo’ Sales Comp Admins Won’t Solve Them

OpenSymmetry

How likely is your sales incentive plan going to be dead on arrival, riddled with holes caused by requests for changes and exceptions? At least three months prior to the new year, finance teams slave over intricate details and policies for sales incentive plans to make for a smoother payroll cycle next year. Like many in this position, my client considered throwing more comp admins at the problem rather than getting to the root of the problem by evaluating their incentive compensation processes. The same goes for exception policies. Evaluate your data feeds.

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Improving the Sales Organization’s Change Readiness

OpenSymmetry

In this article we set out three key elements for successful change management– gaining a clear understanding of the change challenge, understanding and improving your change capability, and effectively managing and delivering change. Incentive Design – Which is effective in multiples scenarios – growth, consolidation, new product, value, or volume driven. Conclusion.

Guest Article: Overcoming “Failure to Impact” Syndrome, by Steven Rosen

Sales and Management Blog

Create a better incentive plan. This year was tough; next year’s sales prospects look even tougher. Your boss comes to you and says how can you sustain the sales force? What can you do? The typical response goes like this: You devise several homemade remedies to ensure you do better next year. You develop a plan to do one or more of the following: Develop a new selling skills program. Hire only top sales reps. Focus on growing key customers. However, these “quick fixes” only scratch the surface. The deeper response is to ask yourself some difficult questions. Unless….

How Top CEOs Get the Most Out of a New Product Launch

Sales Benchmark Index

Reward Product Management and Customer Support with sales incentives. This may sound counter-intuitive, but I’ll explain in the rest of the article. You are close to launching a new product. As CEO, ask yourself a question. “How are we going to make the year 1 goal with this new product?” ” Here’s an answer based on experience.

Are Your Employees Waving Away Customers?

Vertical Response

This article by VerticalResponse CEO and founder Janine Popick originally appeared on Inc.com. Give them incentives. Customer Service Customer service email marketing employe stock options employee benefits employee incentives human resources motivating employees It wasn’t a highly trafficked joint and in a remote area, and I only wanted a small bag of food.

Sales force management and millennials

Sales Training Connection

Best advice: Rather than trying to figure out what particular incentive or behavioral gimmick is going to make millennials more committed and less likely to leave instead focus on the fundamental. Technorati Tags: millennial sales reps , millennials , sales best practices , sales training , sales training articles , sales training blogs. Millennials. How do you motivate them?

Dispatching sales coaching myths and best practices – A STC Classic

Sales Training Connection

A lack of well-defined incentives for sales coaching usually makes the list, too. . Technorati Tags: sales best practices , sales coaching , sales management coaching , sales training , sales training articles , sales training blogs. A Classic - '63 Corvette. As the Sales Training Connection readership grows, we decided to reprint some of our most popular posts.

Non-Cash Incentives

LeapComp

I briefly talked about non-cash incentives here , but I need to repeat some of these fundamentals to introduce tomorrow’s topic. Whenever I need to know anything about non-cash rewards, I turn to Paul Hebert who runs the Incentive Intelligence blog. Since I wrote my non-cash reward article, the economic crisis became more pronounced. Neither is better. Neither is worse. ”

Percent of Revenue Spent on Sales Incentives?

LeapComp

I recently wrote about a Callidus press release claiming that Telcos in EMEA typically spent 10% of their revenue on incentive compensation. Keep in mind that this survey was for small businesses, but the majority of respondents spend 5-10% of their revenues on sales incentives. My first reaction was to think that this number was very high. Source: [link].

Customer Follow-up Improves With Automation

Fill the Funnel

This is a program that offers incentives for customers to buy more from you. Original article: Customer Follow-up Improves With Automation ©2016 Fill the Funnel. Why is customer follow-up important? It’s not enough to get your customer to buy. You need to keep them buying by building a long-term relationships. The “Thank You” Message. An Email Course.

Sales Incentives and Profitability Key Points

LeapComp

Through this week I posted a long article “Quality versus Quantity: Aligning Sales Incentives with Profitability” broken down in 5 parts. Part 1 : The first part of the series introduced the concept of aligning incentives and profitability and talked about the difference between incentive, bonus and recognition. There was a lot of content in this 5-part article, so here are some of the main takeaways: The sales force can be a key contributor to the company’s bottom line. Key Points. Some sales jobs can influence profitability, some can not.

Social Selling: What the Sales Pros Do Differently

No More Cold Calling

If you plug in a URL from your blog post or upload an article, Onalytica provides a list of all of the influencers who write on the same or similar topics. To me, a “pay to play” approach is akin to offering incentives for clients who provide referrals. What makes the most influential sellers so successful on social media? But sales reps have work to do as well. Timothy Hughes—45.44.

New Managers Want to Succeed! Are You Helping Them?

Steven Rosen

The opportunity to progress to the next level can be a great incentive for many sales reps. My Article, “ Are You Leading Your Sales Team to Defeat? Congratulations you have been promoted and you are now the sales manager! You have been a top performing rep and you are wired to succeed. Unheard of? Read on. This seems to be a natural progression for top performers. Rosen.

Heavy Hitter Sales Blog: Personality Study of 1000 Top Salespeople.

HeavyHitter Sales

Here’s one of my recent Harvard Business Review articles about the Seven Personality Traits of Top Salespeople. In addition, tests were administered at Presidents Club meetings (the incentive trip that top salespeople are awarded by their company for their outstanding performance). Other Articles That Might Interest You: Harvard Business Review Sales Articles by Steve W. Heavy Hitter Sales Blog. Recent Posts. A Salespersons Most Important Competitive Weapon. Closing Techniques Using Sales Linguistics. Top 7 Critical Sales Trends for 2012. Steve W. Steve W.

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Incentive Compensation and Total Reward Strategies During a Recession

LeapComp

In a strong economy, one of the major arguments in favor of incentive compensation is employee retention. Some of them are currently looking at cutting costs, cutting incentive programs, cutting rewards, cutting travel, increasing quota amounts, etc. Paul Hebert also posted about changes in the incentive industry , commenting on a few surveys from the Incentive Research Foundation.

Quality versus Quantity: Aligning Sales Incentives with Profitability (Part 3)

LeapComp

Clear, timely reporting remains the greatest hurdle to using profitability in the sales incentive plan. For purposes of sales motivation and incentives, your quality metric is dead on arrival if there is widespread perception or poor data quality. Therefore, test the metric’s reporting accuracy thoroughly before applying to incentives. Best Practices Research and Articles Sales Performance Management align Challenges data measurement profitability profitability drivers sales incentive Scott BartonData Rules. Data accuracy has a number of root causes.

Look for Potential in the Next Generation of Sales Hires

Understanding the Sales Force

Understanding the Sales Force by Dave Kurlan The Harvard Business Review finally published a relevant article that I agreed with! Much too frequently, their articles on selling are written by out-of-touch researchers with little field experience and lots of theories. The article also instructs readers to evaluate using a predictive tool. Yeah HBR. Yes, potential.

The Sales SVP Guide to Finishing the Fiscal Year

Sales Benchmark Index

It’s a concise guide to our best articles about managing this time of year. This article reviews ways to foster better performance among your “B” players. Specifically: You tend to offer additional incentives to customers or channel partners. This article reviews best ideas on how to deal with them. For most of us, the fiscal year ends just 29 days from today. Really?

No One Wants Your Cold Calls

No More Cold Calling

For example, I read a lot of online content, particularly articles that cite research relevant to my clients or to my own business. If your answer is the latter, ensure sales reps are trained how to ask, and that they’re measured and incented based on specific referral activities. When you get referrals, you get meetings with one call. Who has that kind of time? We have caller ID.

Incentive Compensation Screw Up at Hewlett Packard

LeapComp

An Article in the Wall Street Journal talks about the recent challenges HP is having with their in-house incentive compensation system. According to the article, one of the major reasons for these problems is that the solution did not scale up very well to HP’s growth. Problems similar to this are frequent in the world of enterprise software.

How to Assess and Sequence Your Sales Initiatives

Sales Benchmark Index

My colleague Dan Perry wrote an excellent article on sequence. Let’s incent everyone to sell more new logo business” he said. Incenting new logo business only further frustrated the sales force. A few weeks ago, I was talking to an SVP of sales. The topic was his number. The company’s revenue is in the $700M range. He had been given an aggressive goal for 2014. Possible Return.

Perspective on the Philosphy of Incentives and Can They Really Help you Achieve your Objectives

LeapComp

Here is an interesting article with an example of Kant’s theory: Suppose that I, a rich Westerner, ought to make a contribution to charity to relieve poverty in the developing world, and that I am well aware of this fact. In the context of incentive compensation, even more interesting - can incentives help create/instill that sense of duty? Where does it come from?

Let’s Start Talking About Sales Manager Enablement

Partners in Excellence

There are 1000’s of articles, dozens of books on sales enablement. They do this through recruiting the right people, onboarding them, setting great performance expectations, training, providing the right systems, processes, tools, and programs, measuring/compensating/incenting them, and most importantly coaching them. In the US alone, between training, technology, and tools, over $25Billion is spent each year on enabling sales people. There are dozens of software tools/platforms, with new one’s springing up every week that focus only on sales enablement.

Mylan Sold Its Soul – Will Your Sales Team?

OpenSymmetry

From executive compensation and incentive strategies to the legislative framework, we will dissect this case to address the fact that this is not just a problem plaguing Big Pharma, but any entity that drives people within the organization to a goal through incentive compensation. Mylan’s Executive Compensation Structure – The Incentive Plan that Started It All. The compensation commission committee for Mylan then set up the incentives, but the plan was set up for shareholder value – either to sell more or raise the price. Is this just a story of greed? Yes and no.

Sales Training Article about Premature Closes

Customer Centric Selling

Sales Training Article: Premature Closes. In such cases, sellers must ask for the business early, but it''s risky and the following outcomes are likely: You get the business, but often have to discount to incent the buyer. Read more sales training articles from CustomerCentric Selling® - The Sales Training Company We recognize that most people prefer to buy vs. "being sold."

Quality versus Quantity: Aligning Sales Incentives with Profitability (Part 2)

LeapComp

One way to achieve a balance between short- and longer-term measures in the incentive plan is to link the product or gross margin goal attainment score with that of overall revenue (through a matrix, for example). Inclusion of such “fixed” costs adds complexity to the incentive scheme. Even if market practice for a job suggests metrics that are exclusively growth oriented (e.g.,

How B2B Reps Use Social Debt to Get Sales Support

Sales Benchmark Index

Incentive Structure. Even when their virtual team has no monetary or organizational incentive to do so. Share articles and market insights you gain from the field. B2B Sales Reps compete with their peers for sales support resources. Good Sales Reps consistently secure these resources and create their own virtual teams. Social Debt Economics. The Sales and Support Relationship.

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