Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. The recent e-Reward conference in London (May 12 2016) had a number of important messages for the Compensation and Benefits community. Sales Incentive Design. The post Sales Incentive Optimization appeared first on OS Blog.

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

Incentive Compensation Design in the Retail Sector

OpenSymmetry

What does the Future for Incentive Compensation Design in Retail Hold? Before designing an incentive plan, organizations must first define the criteria that relates to the area of responsibility for each role, or what we compensation experts call “line of sight”.

Leveraging Kaizen Principles for Incentive Compensation Management

OpenSymmetry

Our customers are seeing long-term success with implementing enterprise Incentive Compensation Management and Sales Performance Management solutions for their organizations. The post Leveraging Kaizen Principles for Incentive Compensation Management appeared first on OS Blog.

OpenSymmetry Releases 2016 SPM Vendor Guide

OpenSymmetry

The 2016 SPM Vendor Guide is an information resource that provides organizations an introduction to the leading suppliers of Sales Performance Management systems and solutions. The post OpenSymmetry Releases 2016 SPM Vendor Guide appeared first on OS Blog.

Your Guide to a High-Performance Outbound SDR Team

Sales Benchmark Index

Podcast Sales Strategy Lead Generation Sales Development Rep sales strategy SDR business case SDR compensation SDR incentive SDR management SDR onboarding SDR TeamToday’s topic is understanding how to leverage Sales Development Reps to generate leads for the sales team.

Capturing the Yeti: Calculating and Optimizing the ROI of Your Sales Incentive Plan

OpenSymmetry

Much like the elusive yeti, the identification of Return On Investment (ROI) for a sales incentive plan is believed to exist by enthusiasts from the sales compensation design team, but met with much skepticism by others, namely the Finance department. So how do you prove the existence of ROI in your sales incentive plan proposal? So how do you measure the mysterious ROI of a sales incentive plan? Incentive design clearly has a major influence.

X Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Nuance Communications)

Xactly

Ultimately, the new compensation and incentive plans must successfully motivate the right sales behaviors to achieve goals, all while driving growth. Nuance had just implemented Xactly Incent a year or so prior to my joining but was in over their heads after some key Admins left the company.

Wells Fargo: The True Cost of “Unchecked Incentives”

OpenSymmetry

Richard Cordray, director of the Consumer Financial Protection Bureau, suggests “unchecked incentives” were the root cause of the fraudulent accounts, further elaborating, “Incentive compensation structures are common in businesses and they can motivate positive behavior. What kind of behavior do current incentive compensation plans promote? The post Wells Fargo: The True Cost of “Unchecked Incentives” appeared first on OS Blog.

8 TED Talks All Salespeople Should Watch

DiscoverOrg Sales

Every salesperson is focused on reaching quotas and goals, motivated by personal agendas and incentives. At DiscoverOrg, we’re a bunch of self-proclaimed gluttons for learning. That’s why a while back, we presented our top five books and blogs for inside sales folks.

10 Incentive Travel Facts You Can Put To Good Use

Sales and Marketing Management

The Incentive Research Foundation (IRF), a private not-for-profit foundation that focuses its initiatives on pragmatic research highlighting the premise and the power of incentive and motivational programs, issued a list of 10 incentive travel facts to commemorate Global Meetings Industry Day. firms over $1MM in revenue use incentive travel to motivate their people and partners. firms spend over $14B annually on incentive travel. 

Travel 167

Team incentives: 7 do’s and 2 don’ts

Sales and Marketing Management

Author: TIM HOULIHAN Do you avoid team incentives because you are worried about being fair? Teams perform better than individuals [ Kuhn, “Experiments on Motivation, Incentives and Rationality” 2007 ], and you and your bottom line can benefit from rewarding teams. Teams excel at high-speed interactions, and they are especially successful when they are diverse in role and gender [Rock & Grant, “ Diverse Teams Feel Less Comfortable ” HBR 2016].

Executive Sales Leader Briefing: Do My Sales Veterans Have the Drive to Sell?

The Sales Hunter

Blog leadership Professional Selling Skills executive sales leader briefing goals incentive plan leader quotas sales leadership veteran salespeopleWelcome to the Executive Sales Leader Briefing, a new blog series I am doing every Friday.

The Meetings and Events Whisperer

Sales and Marketing Management

Teaser: Ray Bloom is the founder and chairman of IMEX Group, which organizes the largest worldwide exhibitions for the incentive travel and meetings industry, including IMEX America, which is scheduled for Oct. Issue Date: 2016-09-01. Author: Paul Nolan.

What Last Week Taught Me About The Corruption of Sales Leadership

Bernadette McClelland

Firstly, I saw the heading: Incentive trips binned for top FX sales people. As someone who is part of the Xerox sales alumni here in Australia, I know the intense feeling of pride, success and camaraderie that winning any incentive trip gives you, having partaken in quite a few.

How Not to Become the Next Wells Fargo

Sales and Marketing Management

Teaser: The bank’s pressure-packed sales environment and poorly structured incentive program led to disaster. We review what went wrong and how to properly use incentives to drive performance. We review what went wrong and how to properly use incentives to drive performance.

The #1 Reason Your Referral Program Won’t Work

No More Cold Calling

Why is it that companies spend tons of money on client events, company celebrations, sales incentives, and work-life balance perks like childcare, but then they skimp on investing in building permanent, repeatable sales skills for their teams?

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. Subscribe to our blog for more articles on streamlining your incentive compensation and current tips and trends in the field.

New Ideas for Motivating Your IT Staffing Salespeople

DiscoverOrg Sales

The staffing industry is a well-established one in the business world, and money-based incentives have long been the primary mode of motivation. Have you ever walked into the office on a Monday morning and just felt the palpable lack of energy?

OpenSymmetry Named in the First-Ever Inc. Best Workplaces Awards

OpenSymmetry

The 2016 Inc. Magazine Incentive Compensation Management sales performance management SPMMagazine Introduces the Inc. Best Workplaces Awards. OpenSymmetry was named in Inc.’s

You Know You’re a Sales Compensation Consultant When

OpenSymmetry

you know 6 different terms for the word incentive. you have your children on an incentive-based allowance with an end of quarter kicker for chore achievement. Company News Incentive Compensation Sales Compensation Sales Compensation Consultant sales performance management SPM

October Referral Selling Insights

No More Cold Calling

Why is it that companies spend tons of money on client events, company celebrations, sales incentives, and work-life balance perks like childcare, but then they skimp on investing in building permanent, repeatable sales skills for their teams?

Guest Blog: The Secret World of Shadow Accounting and How to Eliminate It

OpenSymmetry

Sales Performance Management CallidusCloud Commission Incentive Compensation Sales Comp Sales Compensation Shadow Accounting spreadsheetsWhen you offer people variable pay – like commissions – you’re engaging in a trust exercise.

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 principle demonstrated in this high profile case is that incentives undoubtedly drive behavior.

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.

Do “Refer a Friend” Programs Actually Work? Absolutely! Sometimes.

No More Cold Calling

B2C incentives work like magic. But in the B2B world, incenting people to provide referrals isn’t the no-brainer sales strategy that it is for consumer-facing companies. Should You Give Incentives for Customer Referrals? What About Incenting Salespeople? Incent or not.

Could a Wells Fargo-Like Debacle Happen at Your Company?

Sales and Marketing Management

Teaser: Three key tenets of incentive programs that keep them focused and on track. Three key tenets of incentive programs that keep them focused and on track. Issue Date: 2016-11-01. Author: Paul Nolan. read more

The Territory Optimization Revolution

OpenSymmetry

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. New Concepts Driving Greater Performance .

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. Bowe claims this could be a source of the overdose crisis and a case of crossing the fine line between sales incentives and public health.

Is Your Compensation Plan Driving Sales to the Wrong Finish Line?

OpenSymmetry

To delve further into the business case for an effective incentive compensation management approach, join us for our WorldatWork webinar on the Art and Science of Sale Performance Management on November 15 at 12 pm EST. Joseph DiMisa, SVP of Marketing and Sales Effectiveness Practice Leader at Sibson Consulting will join me to discuss the strategic and operational factors behind developing an agile incentive compensation plan as well as the business case for one.

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

OpenSymmetry

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.

Why Cost per Lead is a Bad Way to Measure Your Return on Lead Generation Efforts

Pointclear

Cost-per-lead is not the correct metric for measuring marketing initiative success for the following reasons: It incorrectly incents volume over quality. Shifting to Outcome-based Accountability and Revenue Metrics.

Sales Tips: How to Step Up Your Prospecting for 2016

Customer Centric Selling

Sales Tips: How to Step Up Your Prospecting for 2016. After completing this one-day Work Session, students will: Learn how to develop and execute a Prospecting and Business Development Plan that will help them build their pipeline to optimum strength and achieve 2016 quota.

Why a LinkedIn Article Went Viral(30k views) and Another Didn't

HeavyHitter Sales

In other words, the stimulus must create a high enough reward to incent the desired response, which in this case is causing someone to read the article and forward it.   This is the story of two very similar LinkedIn articles.

The Criticality of SPM Technology

OpenSymmetry

While, incentive compensation administration is still a main piece, the broader SPM technology concept is expanding more holistically to include other key aspects which directly impacts how a sales team might perform, including talent development, sales enablement, and territory and quota management.

ROI 52

Sales productivity – time to push the more button

Sales Training Connection

There are incentives for all sorts of sales activities. 2016 Sales Momentum® LLC. Companies spend a tremendous amount of time, money and effort every year to improve the productivity of their sales teams.

Funnel 111

Social Selling: What the Sales Pros Do Differently

No More Cold Calling

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?

Your Most Burning Referral Questions Immediately Answered

No More Cold Calling

QUESTION: Should I offer incentives to people who refer me? Who should you ask for referrals to drive lead generation? “You can ask for referrals from anyone you meet, and it’s often easier to get referrals from new contacts than from existing clients.” ” Never!

Rio Olympic Games – The Road to Gold

OpenSymmetry

It’s hard to believe that the 2016 Rio Olympic Games are coming to an end. Incent to Drive Success. At the end of the day, however, money still matters and developing a clear incentive strategy is a vital first step to retaining and motivating the sales team. For example, an incentive plan aligned with Forrester’s ‘Order Taker’ archetype can be defined with specific quotas and metrics to track their quick sales cycles.

Are You a Bulldog? That’s What It Takes for Women in Sales

No More Cold Calling

She’s been there … as a customer of incentive compensation and a lover of performance management. Here’s what I’ve learned about selling from some top women leaders.