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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.

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

Quota 64

Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. A familiar scenario that salesforces experience is the excitement and optimism of the new sales incentive launch, followed by the realisation that: New rules have been introduced which limit the kind of high payouts experienced last year which made the plan unaffordable. Sales Incentive Design. Incentivising Salespeople. Your Move.

Part II The Territory & Quota Management Revolution

OpenSymmetry

The Territory & Quota Management Revolution – New Incentive Compensation Platforms Blazing the Trails to Greater Efficiencies. Fast forward 20 – 30 years to the age of enlightenment for Incentive Compensation Management solutions. The importance of crediting transactions in the Incentive Compensation process. Territory Definition and Modeling.

Optimal Incentive Compensation Plan Design for Successful Implementation

OpenSymmetry

In the second scenario, the organisation has a strong HR or Sales leader driving the project who wants to look at a simplified process or wants a simplified incentives landscape before they start automating. The organisation may have been through plan redesign already or might have a simple incentives landscape which might just need minor surgery. Cost Impact. Future Vision.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Tactics may have changed, but for the most part these sales teams still run on a commission or quota based metric determined by well-planned territories. In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. Sales in the pharmaceutical industry has been a rigid and consistent business. appeared first on OS Blog.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Tactics may have changed, but for the most part these sales teams still run on a commission or quota based metric determined by well-planned territories. 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. Sales in the pharmaceutical industry has been a rigid and consistent business.

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?

Sales Performance Management: Not Your Parent’s Compensation Calculator

OpenSymmetry

We have been ushered through the age of Incentive Compensation Management (ICM) being the buzzword 4 to 5 years ago into an age of where the focus is now on the performance. There are a number of key aspects that are evolving in the SPM world, making operations and processes more efficient: Stand-alone Territory & Quota Management Modules are now being incorporated into systems.

Xactly News, 100 Express Customers, Incent 7.1 and Conversation with Xactly’s CEO

LeapComp

However, what I’m the most excited about are the enhancements to Xactly Incent Version 7 which launched a few months ago. Quota and Rate Table Effective Dating: This enables companies to manage incentive program changes at the time and point of need. Xactly Incent 7.1: The new release also comes with several improvements to Xactly Territories, eDocs & Approvals.

Finding the Right Sales Performance Management Vendor

OpenSymmetry

This year’s edition features organizations that expand across the broad spectrum of the SPM and Incentive Compensation Management (ICM) continuum and offers options to help provide transparency across the entire organization for sales related processes. Territory and Quota Management. Candidate Assessment and On-Boarding. Coaching and Training. Sales Comp Admin and Design.

4 Sales Ops Lessons from the NFL

Sales Benchmark Index

Territories : The field of play. Are territories designed to maximize growth balanced with efficiency? Are you holding back performance based on territory design and assignment? Give your very best reps the very worst sales territories and suffer the consequences. Design territories that are efficient and take untapped opportunity into account. Crazy, right?

The Strategic Account Manager – How do you Compensate This Critical Role?

OpenSymmetry

Each salesperson is assigned a territory, a quota, and they “go forth and sell”, right? We also took a look at pay mix, which splits TTCC into two components: base salary and target incentive amount. Pay mix is expressed as a percentage split, with the first number representing the base salary and second number representing target incentive amount. Wrong. Non-Sales Alignment.

11 Sales Compensation Complaints to Address Before Next Year

Sales Benchmark Index

Surely something is wrong besides the new incentive compensation. Incentive targets are linked in a competitive fashion, not on my own improvement. Some firms may use competitive ranking for parts of incentive compensation, or for the illustrious "President''s Club". Territory design and account assignments could also be a cause. To get this tool, sign-up here.

10-Point Inspection for Top Sales Performance

Sales Benchmark Index

Erik Charles is the Principal Incentive Strategist at Xactly Corp. In a recent webinar , Erik noted that: "The total outlay for Incentive Compensation in the U.S. They roll out the draft plans in November, have a few meetings, adjust the territories and quotas, roll it out to the field and run off to the next challenge.". The weak performer is allowed to stay in the territory.

[Webinar wrap-up] 5 Keys to Accelerated Lead to Money

OpenSymmetry

Establish Quotas and Territories to Measure Performance: By defining a territory as a set of accounts within a certain industry and size, you establish which products are sold and how to set quota. Incentive Comp: Develop incentive programs that drive behaviors and revenue that lead to more closed deals while reducing errors in payouts. The answer is simple. and 2.5,

Excentive Incentive Management Review

LeapComp

Here is my latest Incentive Compensation Management application review. This week I am reviewing a relatively unknown (in North America) solution called Excentive Incentive Management. Excentive Incentive Management is deployed across industries, and some implementations can process as many as 2 million transactions daily. Excentive was incorporated in 2002.

Smart Selling Visions: Up-Close with Top Revenue Leader Leslie Stretch of @CallidusCloud

Smart Selling Tools

We enable organizations to accelerate and maximize their lead to money process by identifying the right leads, ensuring proper territory and quota distribution, enabling sales forces, automating quote and proposal generation, and streamlining sales compensation. Welcome to our biweekly blog feature. Every two weeks, I interview an executive from a top sales and marketing solutions company.

3 Reasons Why Thinking-Outside-the-Box is Harmful to Sales Productivity

Smart Selling Tools

You can over-complicate matters and end up with under-performing reps or territories. I asked LinkedIn group members to contribute examples of when salespeople and managers over-think and here are a few responses: “Sales incentives can become so complicated or over thought that they completely miss their point and are counter-productive.”. “A Think outside the box. Outfox and outwit.

Presidents Club Winner…NOT

Steven Rosen

For this to work effectively, quotas need to be set fairly against both large and small territories. Management needs to be able to understand opportunities and challenges in each territory when quota setting. By using percentage to quota they give smaller less developed territories a distinct advantage in rising to the top. Potentially this may be a problem, for when a new rep comes into a territory all of a sudden they are a top performer. One way to solve the issue of large vs. small territories is to use both percentage and dollars over quota as the benchmark.

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Smart Selling Visions: Up-Close with Top Revenue Leader K.V. Rao, CEO of @AvisoInc

Smart Selling Tools

Incentive compensation and territory assignment plans are becoming more sophisticated to take into account this longer term view of the account. It requires a bit of a mind shift to think of risks in their sales pipeline, when a typical sales rep is accustomed to thinking about risk in making her incentive compensation. This week I interview K.V. Rao, CEO of Aviso. K.V.:

Creating the Ideal Performance Culture

Sales Benchmark Index

Those reps were covering an extensive territory and large customer base. Incentive Programs. Does your comp plan incent behaviors that will get you to your number? Success is based 50% on talent and 50% on performance conditions. As you plan for 2014, are you investing enough in both? Your people will need new capabilities to thrive in a changing market. Resource Allocation.

Margin 104

Pay For Performance

Partners in Excellence

As is usual this time of year, I’ve been involved in lots of discussions of incentive and commission plans–both last quarter as people plan for the new year, and now as these plans are being introduced at Sales Kick Off Meetings. We want people to do everything, we don’t set priorities, so we toss an incentive element into all the things we want/expect people to do.

How to Assess and Sequence Your Sales Initiatives

Sales Benchmark Index

Let’s incent everyone to sell more new logo business” he said. Incenting new logo business only further frustrated the sales force. Some territories were great and some were horrible. 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. I got out-negotiated.

Sales Managers Only Have One Real Goal!

Partners in Excellence

” Actually not, unless the sales manager has a personal territory, the only way the number can be achieved is through the people on the team. These include, making sure we have the right people on board, that they are deployed in the territory most effectively. It’s providing the right incentives. There lots of ways we see managers behaving. No related posts.

Will These 6 Tests Save 2013’s Sales Compensation Plan?

Sales Benchmark Index

But wait – this new incentive compensation plan could flop. So, he commissioned HR to design a new incentive compensation plan (IC Plan.) Maybe a change to the IC plan calls for Reps to focus on top accounts in their territories. Say the plan does address Managers – will incentives cause short-term mindsets at the expense of Customer Lifetime Value? What can be done?

How to Find Out What Your Competitors Are Doing That You Are Not

Sales Benchmark Index

Compensation Plan : Did they change their compensation plan incenting more new business vs. account development? Territory Design : Have they realigned territories putting their best people where the most market demand is? Using the three secrets revealed: The implications for this company meant examining their sales process and territories. Not one thing stood out.

3 Reasons Why Thinking-Outside-the-Box is Harmful to Sales Productivity

Smart Selling Tools

You can over-complicate matters and end up with under-performing reps or territories. I asked LinkedIn group members to contribute examples of when salespeople and managers over-think and here are a few responses: “Sales incentives can become so complicated or over thought that they completely miss their point and are counter-productive.”. “A Think outside the box. Outfox and outwit.

Are You Developing Managers Or Leaders?

The Pipeline

The previously successful contributor flounders in the new role, and you have an underperforming territory where you had a star you moved. There is no doubt that you’re a+ Primo players, should be recognized, even rewarded for their contribution, (which is what I thought the incentive plan was for), but that reward should be one that resonates with them, not with current company leadership.

Top 20 Sales & Marketing Vendors to Follow on Twitter @Dreamforce ’14

Smart Selling Tools

Transform your marketing & sales results with marketing automation, territory optimization, mobile learning, sales enablement, configure price quote and incentive compensation management, all in one suite, all in Salesforce with CallidusCloud. That’s me with Sassy. What do Hillary Clinton, Bruno Mars, Arianna Huffington, and Eckhart Tolle, have in common? Act-On Software.

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A Sales Leader’s Blueprint for 2014

Sales Benchmark Index

Territory design, quotas and compensation plans. Change the compensation plan to incent new logo growth by adding an accelerator. Your Sales Strategy. It is one thing to have a sales strategy. It is entirely different to have one you and your team can execute. You know you need to begin planning for 2014 now. VPs of Sales are asking the question “What have I done before?”. Which ones?

Is Your Sales Compensation Driving the Right Behaviors?

Sales Benchmark Index

Did it incent the right behavior? How do you know if comp-incented behaviors can move the needle? Territory potential and/or Quota calculated incorrectly. It's a critical time of year for sales compensation. New plans were rolled out at the January kickoff. Starting now, sales leaders and HR business partners are getting the first direct feedback. Have they? And read on.

Why You Can't Fill Your Open Sales Manager Positions

Sales Benchmark Index

Part of the poor compensation may be the inability/difficulty to achieve incentives. Poor territory. A post for Sales and HR Leaders to find root causes of Sales Manager (SM) vacancies. The Sales Manager position is the fulcrum between sales leadership strategy and sales force execution. Make sure you know why there are vacancies so that you can keep them filled. Poor compensation.

The Sales Manager New Year’s Resolution: 3 Do’s & 3 Don'ts

Sales Benchmark Index

A-players – Incent them more and put them in your best territories. I am big on New Year’s resolutions. It’s a great opportunity to challenge yourself to grow, both personally and professionally. Resolutions are all about setting challenging goals and holding yourself accountable to achieve them. In this post I want to recommend three ideas to raise your game in 2014. Most don’t.

Xactly News, 100 Express Customers, Incent 7.1 and Conversation with Xactly’s CEO

LeapComp

However, what I’m the most excited about are the enhancements to Xactly Incent Version 7 which launched a few months ago. Quota and Rate Table Effective Dating: This enables companies to manage incentive program changes at the time and point of need. Xactly Incent 7.1: The new release also comes with several improvements to Xactly Territories, eDocs & Approvals.

Xactly News, 100 Express Customers, Incent 7.1 and Conversation with Xactly’s CEO

LeapComp

However, what I’m the most excited about are the enhancements to Xactly Incent Version 7 which launched a few months ago. Quota and Rate Table Effective Dating: This enables companies to manage incentive program changes at the time and point of need. Xactly Incent 7.1: The new release also comes with several improvements to Xactly Territories, eDocs & Approvals.

How to Avoid Wasting Money on a Compensation Assessment

Sales Benchmark Index

Software Firm: The annual Employee survey is overflowing with negative comments about the incentive plan. Here is what a complete assessment uncovered: Heavy Equipment Company: A territory design and organizational structure problem was the root cause. Incentive compensation is specialized enough that it requires help from a third party expert. The actions you take to solve incentive compensation challenges today will have a powerful impact on your success in 2013. HR leaders, get ready for the 2013 Sales Kickoff by fixing the flaws in your compensation plan today.

An S.O.S. From Sales Ops to Company Leadership

Sales Benchmark Index

Territories and quotas that maximize output. Link some incentive to making the revenue goal. Listen up Chief Sales Officer. Take note CEO, marketing leader and CIO. It’s time that Sales Operations gets your undivided attention. They are uniquely positioned to improve the performance of your organization. Opportunity is ripe. Take advantage and sail ahead. team to handle any situation.

Sales Leadership – A FREE Health-Check

Jonathan Farrington

The way in which he develops his sales staff – whether on a general or territorial basis, or. It results partly from training/coaching, partly from incentives (financial and other) and perhaps most of all, from the leadership given by their manager. . Yesterday I voiced my concerns about the poor quality – in general – of sales management today. Planning. Organizing. Control.

Whose Job Are You Doing?

Partners in Excellence

The sales person’s responsibility is to manage their territories, maximizing their share of business and growth in the territory, assuring they hit their goals. They have the responsibility of engaging the resources necessary to achieve their goals in the territory. Mike Weinberg wrote a terrific post in the series we are doing at Openview Labs site.