Incentive Program FAQs

Sales and Marketing Management

Q: Why not use quota as a bar to require reps to pass before they’re eligible to earn in the incentive program? Part and parcel to that success is the deployment of effective sales incentives.

Juuust right incentives

Sales and Marketing Management

Author: Tim Houlihan Sales leaders are always trying to figure out how to get the most out of their reps at the lowest cost, and incentives are excellent at revealing that sweet spot. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right.

5 Steps to a Competitive Sales Incentive Plan

Xactly

Compensation drives sales behavior, which means your sales incentive plan is a critical factor in sales performance and objective achievement. The incentive compensation planning team faces the challenge of balancing executive priorities and designing incentives that motivate reps.

Juuust right incentives

Sales and Marketing Management

Author: Tim Houlihan Sales leaders are always trying to figure out how to get the most out of their reps at the lowest cost, and incentives are excellent at revealing that sweet spot. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right. The rule of thumb for calibrating incentives is to pay out between 3 and 10 percent of total compensation (commensurate with the period the incentive is active).

16 Sales Incentives to Keep Your Team Engaged and Motivated

Xactly

Sales incentives are a great way to motivate your team and keep morale high. Your first line of motivation is your sales commission structure , but there are several different types of sales incentives you can use to further encourage your team. Getting SPIFs Right as Sales Incentives.

Incentive Gift Cards Continue to Delight

Sales and Marketing Management

Author: SMM Research from the Incentive Gift Card Council (IGCC) and the Incentive Research Foundation (IRF) shows the majority of U.S. they can be used for both short-term and long-term incentive efforts?—?adds Digital delivery continues to grow in incentive gift card use.

How the Board Affects Growth Through Executive Compensation

Sales Benchmark Index

What separates the great companies that we work with? Fundamentally it is associated with good leadership, clear direction and strategic functional alignment.

Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. Quotas are higher because the company has unrealistic growth expectations. Be more strategic about incentives design, think more broadly about what will motivate and retain salespeople. Sales Incentive Design.

5 secrets to channel incentive success

Sales and Marketing Management

Distribution channel partners are vital for most companies to get their goods and services to market. companies spend over $17 billion on channel incentive awards each year, according to the Incentive Federation. Channel incentive programs are designed to gain the time and discretionary attention of your partners by: • Gaining increased shelf space by encouraging distributors to shift inventory away from competitors to your products.

Sales Incentives Aren't the Only Motivator. How One Company Got Rid of Them

Hubspot Sales

If set correctly, incentives can have a positive effect on your team's behavior. The reality is that most companies offer sales incentives — we at HubSpot do, too. But this takes time, a thoughtful approach, and the support of your entire company.

Is your complex incentives plan holding you back?

Sales and Marketing Management

Incentive compensation plans are often far too complex. We also want that time with customers to be focused on the things that leadership believes will improve their performance and the company’s performance. With this in mind, an incentive plan should be as simple as possible.

5 Secrets to Channel Incentive Success

Sales and Marketing Management

Distribution channel partners are vital for most companies to get their goods and services to market. companies spend over $17 billion on channel incentive awards each year, according to the Incentive Federation. Channel incentive programs are designed to gain the time and discretionary attention of your partners by: • Gaining increased shelf space by encouraging distributors to shift inventory away from competitors to your products.

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

Xactly

From building a team to analyze metrics and company goals, the job carries a large amount of responsibility. Ultimately, the new compensation and incentive plans must successfully motivate the right sales behaviors to achieve goals, all while driving growth.

Six People You Should Invite to Your Incentive Compensation Planning Party

Xactly

You may feel we’re being a bit too generous here with the word “party,” but considering how much we love flawless incentive compensation, we think a celebratory vibe is just what your planning committee really needs. Incentive Compensation Sales Planning

The Case for Team-Based Sales Incentives

Xactly

Historically, sales performance incentives have been focused on individual recognition. But only offering individual sales incentives is narrow-minded and can be supplemented with team-based rewards. Curbing the Complexity of Collaborative Incentives.

Leveraging Kaizen Principles for Incentive Compensation Management

OpenSymmetry

Like many of the other books read for this class, it was about a company, which manufactured widgets, was behind schedule in production, reducing profits and turnover. Big name companies, as mentioned above, have all used Kaizen and it has improved operations significantly.

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. Give the team meaning by connecting to the larger objec­tives of the business unit, division or company. Please don’t hold back using team incentives because of your concern over loafers and free-riders.

10 Ways To Boost Your Sales Incentive Strategy

Sales and Marketing Management

Author: George Kriza, CEO, MTCPerformance Your organization wants to drive sales with an incentive program. Here are 10 of the most important elements in designing and deploying your next incentive campaign. Are they already in other incentive programs, or is yours the only one they’ll see? How do they view your company? For example, a channel program should never include a warehouse club in its incentive strategy.

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

How The CEO Can Jump-Start The Customer Experience Transformation (CXT)

Sales Benchmark Index

You are aware that customer expectations have risen, however, your company has not evolved to address them. As The CEO, you obsess about your Customer. You also know you need to transform your Customer Experience.

[Infographic] 2018 Mid-Market Study on Sales and Incentives

Xactly

Compensation and incentive pay plays a big role in the success of a sales organization. Incentives drive sales behaviors, but when reps get paid incorrectly, it can lead to some big problems, specifically rep turnover.

Optimize Incentive Compensation With Integrated Sales Performance Data

Xactly

Incentive Compensation Management (ICM) solutions help companies manage their sales compensation plans and calculate commission payments. When solutions don’t easily and fully interoperate with existing systems , companies can’t maximize full system ROI and business value.

Maximizing Motivation: Why Well-Intentioned Incentive Programs Don’t Work and How to Improve Them

Sales and Marketing Management

Author: Rick Garlick and Bob Nelson Several years ago, a company came up with a creative way to recognize its top performing employees. Through a nomination process, a select group of high achievers would be given a couple of days off from their normal jobs, flown to a nice venue, and asked to participate in a series of “think tank” exercises with senior management on how the company could operate more effectively.

X-Factor Compensation Leaders: How to Be Incredible at Incentive Planning (CoreSite)

Xactly

Sales Compensation is one of the most important steps because it drives sales behaviors and ultimately helps your company reach its goals. Sales operations and compensation professionals must create an incentive plan that will drive growth for the company and attain executive objectives.

8 Critical Questions to Ask Yourself as You Build a Sales Incentives Program for 2019

Sales Hacker

Creating a strong sales incentives program will help you attract and retain A-list sales talent, so it is worth putting in the legwork to create a strong plan. . So why do sales leaders overlook something as important as a sales incentives program?

Sales Incentive Program Management as a Profit Center for CFO’s of Large Channel Members and Distributors

Sales and Marketing Management

Author: George Kriza, CEO, MTCPerformance For most large resellers or distributors, sales incentive programs for internal sales teams get little attention from top financial executives inside their organizations. The opportunity to benefit from successful sales incentives programs are there, executives just need to understand how to uncover them. Most multibillion-dollar reseller and distributor organizations attract millions of incentive dollars.

The ABCs of Compensation Planning: How to Build Better Incentive Plans

Xactly

The planning process can fall victim to many obstacles , so it is important to build a team that is primed to tackle any hurdles and keep key executive and company objectives as the plan focus. First and foremost, your incentive plan must be aligned with your different sales roles.

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. We typically come across 2 scenarios with regard to plan design and automation.

When Is a 100 Day Plan Not the Right Next Step After the Deal Closes?

Sales Benchmark Index

Purchasing companies comes with an expectation of a rate of return on a timeline. The 100 day plan is a generally accepted strategy and process for long-term value creation. 5 primary 100 day program objectives are captured here in this.

Your Company Just Blacklisted Coaching

Keith Rosen

Did you position coaching as a perk, an incentive, an option, an obligation, or a remedial response to underperformance? Now reflect back to how you, your company or your predecessor may have inadvertently positioned coaching?

X-Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Wolters Kluwer)

Xactly

Those tasked with creating a plan must develop a process and incentive plan that will motivate and encourage the right sales behaviors to achieve goals, all while driving growth. Company: Wolters Kluwer. Discover the Xactly Advantage for Your Company.

The complete introduction to Incentive Compensation for Sales

Anaplan

For companies that employ salespeople, figuring out how to compensate them is an ongoing challenge. Ideally, a company’s incentive compensation plans should … The complete introduction to Incentive Compensation for Sales Read More » Sales compensation management incentive compensation

[Webinar Wrap-Up] Incentive Compensation in Retail: 5 Bottom-Line Benefits

OpenSymmetry

With the holiday season just around the corner, there is no better time to ensure your company will earn its share of the retail market pie. The post [Webinar Wrap-Up] Incentive Compensation in Retail: 5 Bottom-Line Benefits appeared first on OS Blog.

5 Steps to Simplify Your Sales Incentive Plan

MarketJoy

An ideal sales incentive plan should be simple. Simple sales incentive plans are easy to administer and offer motivation. How to simplify your sales incentive plan. Here are a few tips on how to simplify your sales incentive plan: 1. The sales incentive plans should align with the company’s specific goals and objectives too. Avoid Altering The Incentive Plan. Align The Company’s Interests. Sales IncentiveShare.

[Webinar Recap] Enhance Your Workforce Culture and Sales Performance through Incentive Compensation

Xactly

In the recent 2018 mid-market sales incentive study, CFO Alliance reviewed the relationship between Sales and Finance departments—and how this partnership can positively impact a company’s revenue potential. Incentive Compensation.

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.

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. Yet companies need to pay close attention to their compliance-monitoring systems in order to prevent violations of the law and abusive practices.”

X-Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Allergan)

Xactly

Those who work to create a plan for their company must develop a compensation process and incentive plan that will motivate the right sales behaviors to achieve goals, all while driving growth. Company: Allergan. Discover the Xactly Advantage for Your Company.

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

Sales Benchmark Index

Find out if your company is maximizing the benefits this team can deliver. 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.

Game the Plan – With Chris Cabrera

The Pipeline

Almost everyone in sales will tell you that incentives drive behaviour, but beyond that there is often little agreement among the pundits as to what the right incentive plan is. He also discussed that managing activity is the role of management not the incentive plan.