The Spiff Blog

OCTOBER 12, 2023

How you pay sales reps depends on the way you design your comp program, what metrics relate to what incentives, and so on— all the details we’ve covered in many past articles about comp plan design. Let’s illustrate this concept with a few examples. What’s the difference between the “how” and the “why” of sales compensation?

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Compensation Commission How To Incentives 84

Sales Hacker

MAY 9, 2019

Plan Compensation for Onboarding and Training. Know what to Include in a Sales Incentive Plan. Example Compensation Plans. Once you understand how to create a fair compensation plan for your sales team, you can check out some examples: Sales Development Rep (SDR) Compensation Plan Example.

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Face-to-face Compensation Commission Lead Rank 102

Highspot

OCTOBER 30, 2023

Also, understanding churn rates can help pinpoint areas where customer retention efforts need improvement. This ensures you maximize the return on every dollar spent on hiring, training, technology, or sales campaigns. Based on your findings, adjust sales strategies , training, or even the metrics themselves.

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Lead Rank Lead Scoring Churn Top of Funnel 59

Emissary

SEPTEMBER 27, 2021

For example: QBRs that occur right before a renewal should have different content and a different tone than those that happen after kicking off. . Otherwise, you may become complacent and miss out on subtle cues for pending churn. Those include not only metrics but also anecdotal examples from end users that can be quantified. .

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Exercises Demand Generation Agencies How To ROI 245

Hubspot Sales

SEPTEMBER 8, 2020

So you need to sell CRM software to your team — otherwise, they’ll behave like customers who churn. That way, when it comes time to pick one solution over another, you already have reps with product knowledge who can help train other members of the team. Make the CRM part of training and onboarding. It sounds simple, doesn’t it?

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Software Software CRM Hiring 122

Highspot

NOVEMBER 21, 2023

Responsibilities of a Sales Manager Qualities You Need To Go From Good To Great Sales Management Strategy for Sales Managers The Importance of Sales Coaching And Training What Does Sales Manager Success Look Like? This is the only way a sales manager can onboard, train, and coach their sales team. What Sets Great Sales Managers Apart?

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Sales Management Strategy Lead Rank Coaching 52

Sales Hacker

DECEMBER 4, 2020

Sales leaders can use a dashboard to understand the game their team is playing as they sell and identify where reps may need help or extra training. For example, our pipeline is at 125%, however, when we double-click that number, we see that we only have 30% of the opportunities we should have. 1 Decide What Metrics Matter.

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Data Lead Rank Pipeline Lead Scoring 124

Allego

AUGUST 31, 2022

For example, do you have enough leads to support quota? And if you want some world-class training on the subject, SIA coaches Ben Wright and Tom Glason lead a highly successful course called Managing the Complete Sales Cycle. Pricing is also important for achieving negative churn. Monitor Productivity Per Rep (Average).

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Ideal Customer Profile Hiring Lead Rank Scale 62

Smooth Sale

MAY 11, 2022

For example, they may have had a problem with one of your products. A free upgrade can apply to absolutely any business, but we will use hospitality as an example. If you constantly have staff coming and going, this will lead to a high churn rate. Offering training also gives an incentive for your employees to stay.

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Outsourcing Services Hiring Customer Licensing 78

Sales Hacker

JUNE 29, 2020

For example, when someone who read about your product on a blog signs up for a free trial, a sales rep will reach out to that person and persuade them to fully subscribe. A SaaS company that offers enterprise-level packages, high-level packages, and entry-level packages, for example, may engage in all three methods simultaneously.

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Lead Rank Strategy Scale Lead Scoring 78

LeadBoxer

JANUARY 10, 2021

Therefore, it’s essential that account managers work to provide excellent service and ensure buyer success to avoid churn or the loss of customers over time. If your sales team is hustling to get anybody and everybody to sign up for your product or service, chances are they’re signing new clients who are destined to churn.

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Account Lead Rank Lead Scoring Commission 97

Crunchbase

JANUARY 5, 2023

For example, you may have the goal of upping your sales velocity by 30% over the next year. Countless KPI examples for sales demonstrate how you can use your raw data to measure and track sales performance. For example, you may have a goal for the upcoming quarter: 100 more sales than the previous quarter.

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Cost per Lead Top of Funnel Lead Rank Lead Scoring 52

Xactly

MAY 9, 2018

Every leader within an organization has heard of the sales ops and finance nightmare–you’re making high sales incentive compensation payouts, but as a whole, the company misses its sales targets and goals. So what happens if the sales incentive plans blow up? What will it look like?

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Commission Incentives Incentive Compensation 49

Sales Hacker

SEPTEMBER 24, 2022

For example, you could send them free eBooks or white papers, connect with them on social media, or make them a special offer. For example, you can send them to a friend or colleague and ask for their opinion. Here’s an example: Send an initial email to thank customers for downloading an eBook or joining your list.

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Paid Content Top of Funnel Funnel Ideal Customer Profile 118

Partners in Excellence

AUGUST 6, 2015

Why should they invest the time in developing a relationship, learning about the company’s solutions, when they are being “trained” to expect someone new within a short period of time. Management has to create the right culture, set the right example, put the right incentives in place. No related posts.

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Churn Hiring Territories Ideal Customer Profile 48

Hubspot Sales

JANUARY 19, 2018

Once the prospect has invested time in creating a deal plan, they have more incentive to move forward so their work doesn’t go to waste. Your job as a sales rep is to find great prospects who will become great clients, which will reduce churn. Set up regular training sessions? Goal-Related Questions. What are your goals?

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Closing Tools Sales Cycle ACT 131

Hubspot Sales

MARCH 21, 2019

Never force a product or service on a buyer who doesn’t need it -- that’s a recipe for losing prospects and churning new customers. For example, when do you consider a lead to be a quality opportunity? Length of Sales Cycle (measured in months) - This is the only sales velocity factor you don’t want to increase.

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How To Sales Cycle Discount Lead Rank 105

PandaDoc

DECEMBER 7, 2017

This guide will help you know when to scale, how to hire, and how to train and develop your growing outbound sales team. Overall performance metrics – Total revenue booked, for example, lets you know the overall performance of each rep. Do they have any long-term incentives that would keep them at their current job?

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Scale Outbound Sales Team Outbound Hiring 99

OpenSymmetry

AUGUST 3, 2016

At Company B, total rewards include base pay, variable pay, health and welfare benefits, retirement benefits, PTO, education, training and other rewards such as career and job development.” We also took a look at pay mix, which splits TTCC into two components: base salary and target incentive amount. Footnotes: David J.

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Compensation Account Incentives Incentive 40

Allego

MARCH 28, 2024

Continue reading to learn how Ashe’s GEAR methodology enhances sales training and leadership by providing a definitive path for SDRs to thrive in any future sales environment. They’re just churning and burning through people, and they’re calling them multiple times throughout the day. How do I level up their skillset?”

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Strategy Top of Funnel Lead Rank Lead Scoring 62

Chorus.ai

MARCH 24, 2021

Keeping tabs on these metrics enables you to pinpoint customer types who are particularly suited to your product, those who aren’t, and those who are more likely to churn. Companies need high strategic agility to deal with the continued market flux in the aftermath of COVID, and high retention/low churn rates are more vital than ever before.

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Buyer Persona Top of Funnel Lead Rank Discount 62

Janek Performance Group

AUGUST 26, 2022

Here are some examples of defined sales goals and how to meet them: Increase monthly revenue by X percent: A staple of all sales organizations, this KPI is essential to boosting business. Reduce monthly churn by X percent: With the time and resources needed to court new business, it’s easy to neglect established customers.

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Webinar Metrics Strategy Outsourcing Services Sports 62

Vengreso

NOVEMBER 2, 2021

DigitalSales #B2BSales Click To Tweet Sales culture also extends to how you train and promote your staff. Of course, promotions should always be supported by providing proper training to ensure they can succeed at the next level. Learn 5 unique elements we strive to embody at Vengreso that you can use as a blueprint at your business.

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Hiring Promotion Ideal Customer Profile Coaching 84

Close.io

AUGUST 30, 2019

Give them the right incentives to keep using your product. Let’s use Slack as an example. Some examples of a meaningful outcome are: Sending the first email campaign to a number of subscribers (Mailchimp). An example of such a product is Marketo. The name of that problem is churn. Image source: Marketo.

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Top of Funnel Lead Rank Marketing Sales Qualified Lead 90

Hubspot Sales

OCTOBER 16, 2017

If you want them to stop selling to poor fit customers, institute a clawback so they lose their commission if the customer churns or returns the product within a set window of time. Salespeople are demotivated to do anything but sell, so good luck asking them to attend meetings, log notes, go to training, etc. Base salary plus bonus.

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Compensation Hiring Salary Commission 124

Close.io

AUGUST 11, 2019

This includes generating leads, outlining sales territories, setting up incentive programs, managing sales analytics, and more. For example, here's a sales process we recommend for companies looking to scale: Prospecting. And training, of course, develops and hones skills. Technology updating and training.

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Sales Operations Hiring Top of Funnel Lead Rank 91

PandaDoc

MAY 26, 2022

Churn rate? Typically, sales is a highly competitive role, and reps are trained to pursue sales goals to the best of their ability. For example, if one of your KPIs revolves around the number of outbound follow-ups that a rep makes month over month, a rep has complete control over that. Define KPIs and success metrics.

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Strategy Buyer Persona Top of Funnel How To 52

Sales Hacker

APRIL 21, 2022

You’ll need to acquire less customers to generate the same amount of revenue and bigger companies have a lower churn rate. Examples include: SSO and SCIM. Customized Training. These enterprise features are usually the incentive for the company to purchase the bigger package. This is what happened at Lattice.

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Ideal Customer Profile Marketing Enterprise Enterprise 85

OpenSymmetry

FEBRUARY 23, 2017

Take, for example, a bakery owner who recognizes that he’s losing money selling cinnamon rolls. He may upgrade to a shiny new machine that speeds up the cinnamon roll-making process in order to increase the margin on cinnamon rolls, biting the bullet on the investment of purchasing the technology and training the bakers to use it.

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Compensation Hiring Commission Churn 46

Chorus.ai

OCTOBER 23, 2019

Keeping tabs on these metrics enables you to pinpoint customer types who are particularly suited to your product, those who aren’t, and those who are more likely to churn. New Incentives & Channels Creating new incentives is another great way of encouraging sales growth. Do you have team scheduling to accommodate this?

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Buyer Persona Top of Funnel Discount Lead Rank 52

LeadFuze

JUNE 29, 2021

Increase retention rate and customer lifetime value — An ideal customer profile can also help you improve your onboarding process and reduce customer churn, which will result in improving retention rate and customer lifetime value. Examples include competitors, financial risks, and anything else that might potentially jeopardize your company.

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Ideal Customer Profile Lead Rank Lead Scoring Strategy 119

LeadFuze

JANUARY 1, 2022

The best go to market strategy example for this would be SaaS businesses who use freemium models and offer free services in exchange for their users signing up on higher tiers. Other metrics that are important to track when hiring salespeople include number of deals closed, pipeline stage distribution and churn rate. 1) Freemium.

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Strategy Lead Rank Outsourcing Services Marketing 52

Allbound

SEPTEMBER 12, 2018

Shopify is a great example of a referral program, offering partners a generous 20% commission on any referred customer’s subscription fees for as long as they remain a customer. Take Slack, for example. They will also provide co-marketing resources, shared training and development resources, and certifications.

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Commission Referrals Hubspot Marketo 112

Zoominfo

JUNE 25, 2021

For example, once reps compare what’s working, they can conduct A/B test messaging and push out promotions to boost interest. This KPI helps the rep understand which discounts are most effective, which can help reach sales objectives faster by attracting prospects with incentives that work. Opportunity-to-win ratio ( a.k.a.

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Sales Qualified Lead Top of Funnel B2B Lead Rank 227

PandaDoc

APRIL 26, 2023

The following factors should provide incentive. Of course, that also means you get more ROI on any training you give your inbound sales agents. Maybe they’re a large company that wants to reduce employee churn, for example, or maybe they’re an individual who wants a tool to help them manage their time.

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Inbound Sales Methodology Top of Funnel Inbound Sales Team 52

Bigtincan

SEPTEMBER 8, 2021

So gauging whether a sales enablement strategy is effective means answering this question: Is the sales team easily finding the product and training content they need when they need it? Can reps easily find a sales deck vs. a product brochure vs. a training video?

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Sales Enablement Strategy Enterprise Enterprise 111

Hubspot Sales

OCTOBER 20, 2021

Providing Insufficient Training. If you're not investing in a sensible, effective, comprehensive training program for new reps, you're selling your team short. You need thorough, uniform training if you want to ensure that your reps are on the same page and best-equipped to operate effectively. Ignoring Role Pollution.

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