The Spiff Blog

AUGUST 17, 2023

The Benefits of AI for Compensation Management The evolution of AI is groundbreaking for finance professionals, due in large part to the unavoidable complexity of compensation management and other financial processes. Compensation management is an inherently inefficient process. Increase operational efficiency.

Commission 77

Commission Compensation Incentives Incentive 77

Sales Hacker

DECEMBER 12, 2017

With increasing focus on grit and many claims of meritocracies in organizations across the country, why does variable pay compensation even exist? On top of that, why are sales people some of the few employees subject to variable compensation structures? What is Variable Pay Compensation Anyway? Set Metrics.

Compensation 79

Compensation Hiring Incentives Incentive 79

Highspot

OCTOBER 11, 2023

This involves identifying target markets, segmenting potential customers, and positioning products or services. Incentives and Recognition Reward top performers with appropriate incentives and recognition. Incentive and Compensation Strategies Compensation, quotas, and incentives help attract top talent and motivate them.

Sales Management 59

Sales Management Strategy Lead Rank Lead Scoring 59

SBI Growth

JULY 14, 2013

Compensation : Akin to a pro athlete’s salary. To do this right you have to conduct account segmentation. Competitive Compensation Aligned to Strategy. If your compensation plans aren’t in line with your competition, you lose talent. Incentive pay is a lever that must align with strategy. Reward strong performance.

Territories 328

Territories Incentives Incentive Compensation 328

Sales and Marketing Management

JANUARY 27, 2019

This continues up to the CSO, with every leader’s compensation tied to the performance of those they are responsible for, so that everyone is looking at the same goals and understands how their performance ties into organizational targets. Create incentives that drive the right behaviors.

Sales Management 166

Sales Management Hiring Compensation Incentives 166

SBI Growth

SEPTEMBER 23, 2013

Territory design, quotas and compensation plans. Change the compensation plan to incent new logo growth by adding an accelerator. Compensation plans come last not first. Account Segmentation—Steve had not defined the size of the market. Too many, you erode profitability. Launch a new product. Sales training.

Compensation 325

Compensation Social Media Incentives Incentive 325

Partners in Excellence

JULY 14, 2022

We get compensated based on doing the complete job. I’ve seen numerous discussions around, “our people aren’t doing the prospecting needed to fill their pipelines, but if we compensate them on their prospecting efforts, we can incent them to do the work… ” Huughh???? But I start doubting myself.

Incentives 70

Incentives Incentive Commission Compensation 70

The Spiff Blog

MARCH 31, 2023

A Deep Dive Into Inequity in Sales Compensation In order to better understand the impact of gender on sales commission, we analyzed the annual commission data of 1,500+ commission-earning employees from 150+ companies, 43 states, 11 job functions, and 35+ industries. higher than the median commission earned by women.

Commission 52

Commission Data Salary Face-to-face 52

The Spiff Blog

SEPTEMBER 22, 2022

With a new year around the corner, it’s time to start thinking about your sales compensation plans for 2023. We came away with six key considerations to keep in mind while preparing your compensation plans and processes for 2023. Recommended reading: Communicating Compensation Changes to Your Team: A Guide for Managers.

Groups 67

Groups Conversion Commission Lead Rank 67

OpenSymmetry

AUGUST 22, 2017

Expanding upon SalesGlobe ’s sales incentive design, territory and segmentation, and quota methodology practices, a new partnership with OpenSymmetry will allow us to help clients make the most out of a sales performance management solution.

Incentives 55

Incentives Incentive Territories Compensation 55

Pipeliner

SEPTEMBER 24, 2018

Always analyze factors like cost for sales employees, sales revenue, segment & product profitability, area coverage and competitors’ performance to correctly size your sales team(s). Why hire someone to pitch in with Sales and then have them filling expense reports or tracking incentives instead? Crowded Territories.

Scale 56

Scale Hiring Compensation Incentives 56

Sales Hacker

MARCH 12, 2020

Is compensation too low? Compensate all sales positions in the same way. It’s useful to leverage the networks of current employees for these types of hires, so make sure you have an excellent referral incentive program in place. Start by segmenting your training according to specific roles and specialties.

Hiring 76

Hiring Compensation Territories Sales Talent 76

SaaStr - Sales Strategy

JANUARY 24, 2019

As you scale your salesteam, unless you are very careful whom you hire and how you train them, incentives being what they are in variable compensation, some negative behavior will creep in. For whichever customer segments have high enough deal sizes that Customer Success can be proactive instead of reactive. Even the reps.

Churn 93

Churn Scale Commission Hiring 93

PandaDoc

AUGUST 25, 2019

Start by allocating SDR expenses into three categories: fixed costs, additional expenses, and incentive costs. The following fixed costs are essential for your SDR team: Fixed SDR compensation : Includes both salary and non-salary salespeople compensation. Incentive costs. Fixed SDR costs. Outbound sales reps.

Hiring 53

Hiring Outbound Sales Qualified Lead Inbound 53

Emissary

JUNE 26, 2023

Tweak compensation plans, as needed, to drive desired Q4 behaviors. E.g., If quotas are now increasingly unrealistic, you can install Q4 goals and incentives to avoid ‘sandbagging’ behaviors. Are there “off-limits” segments? Identify high potential accounts based on historical spend and other characteristics. Prep for BOY.

Ideal Customer Profile 52

Ideal Customer Profile Top of Funnel Account Based Marketing Lead Rank 52

Hubspot Sales

JULY 22, 2020

It also allows you to segment and aggregate the data so you can uncover valuable insights. Anaplan provides several cloud-based planning tools for sales: territory and quota planning, incentive compensation planning, sales forecasting, configure price quote optimization, and trade promotion planning.

Tools 108

Tools Closing Territories Hubspot 108

Cincom Smart Selling

FEBRUARY 9, 2016

Sales/Marketing Programs – Compensation plans, incentive plans, territory plans, market segmentation and special campaigns should be well understood and in place prior to starting any sales activity with a partner. Look for specific annual revenue levels and establish a small, medium and large tier for your segments.

Channels 83

Channels Sales Management Sales Qualified Lead Collateral 83

Tenbound

JANUARY 3, 2024

Chapter 2: Developing an Ideal Account Profile The Ideal Account Profile (IAP) includes the identification of the most desirable prospect companies to contact based on market segmentation. Compensating SDRs on midfunnel results rather than top-of-funnel activity empowers them to do what is right for prospects and for the company.”

Prospecting 49

Prospecting Outsourcing Services Top of Funnel Sales Qualified Lead 49

Highspot

OCTOBER 30, 2023

Compensation Planning Nothing propels a salesforce more than a well-structured compensation plan. Analyzing sales performance allows large and small businesses to design incentive and commission structures that reflect the team’s efforts. It indicates business health because retaining customers leads to repeat business.

Lead Rank 59

Lead Rank Lead Scoring Churn Top of Funnel 59

LeadFuze

DECEMBER 31, 2021

This article will outline a proven B2B strategy that I have developed over the years to help identify which segments are most likely to be your best customers, what they need and want from you as well as how marketing channels can provide them with this information. Focus on a target market and make sure to segment it well. Continuity.

Paid Content 52

Paid Content Ideal Customer Profile Top of Funnel B2B 52

Braveheart Sales

AUGUST 1, 2017

Not every one of them will respond to “across the board” incentives. But by understanding each salesperson’s motivation type, you can individualize incentives to what each will respond to. Note that intrinsically motivated salespeople make up the biggest segment.

Motivation 40

Motivation Incentives Incentive Hiring 40

LeadFuze

JANUARY 1, 2022

Covering multiple segments. A salesperson’s compensation package should be more than just base pay and commissions. It needs the incentive of bonuses as well. It needs the incentive of bonuses as well. Segmentation. It would be redundant to repeat this element, so we will move on to segmentation.

Strategy 52

Strategy Lead Rank Outsourcing Services Marketing 52

The Spiff Blog

FEBRUARY 9, 2023

These data sets include performance data for each rep, market trends over time, territory and segment breakdowns, and any other relevant data that might impact a team’s performance. From there, businesses adjust these baseline quotas to account for goals, market conditions, seasonality, and more.

Quota 70

Quota Revenue Lead Rank Territories 70

Pipeliner

MARCH 6, 2018

To create an effective sales strategy that leads to smooth selling you need eight strategic components: Strategic Component One: Target Markets and Customer Segmentation. Salary heavy versus incentive heavy compensation plans. Strategic Component Eight: Sales Compensation. But, you need a plan.

Strategy 45

Strategy Salary Margin Compensation 45

The Spiff Blog

SEPTEMBER 26, 2023

Recommended reading : 40 Critical Sales Compensation Benchmarks and Statistics for 2023 Con #3: Prolonged sales cycles MEDDIC focuses on building relationships and thoroughly understanding a potential customer’s organization. So, there’s no reason you can’t customize either framework, or build a framework that includes elements of both.

Sales Qualified Lead 83

Sales Qualified Lead Lead Qualification Sales Cycle Scale 83

Product Management University

JANUARY 26, 2017

My point in starting this discussion is that many B2B organizations manage their products and services in stovepipes (silos) with budgets and compensation incentives based on individual product performance. Products or services that reduce hard out-of-pocket costs of operating the stores to offset lower margins. You get the picture.

Margin 40

Margin Retail Incentives Incentive 40

LeadFuze

JULY 13, 2021

If you’re getting turned down by contacts at your company of choice for clients or prospective projects—even if it’s just one account that doesn’t want anything from you right now (yet)—move on because unless this is an ultra-niche market segment there will be plenty more people waiting for what you’ve got to offer!

How To 98

How To Top of Funnel Decision Maker Face-to-face 98

LeadFuze

JANUARY 1, 2022

When we were testing different outsource sales team incentives, it was crucial to find out what motivates the person and why they might not be doing well. ” I found that knowing these things helps tremendously when designing a compensation plan. Inside sales will work better for smaller segments with simpler processes.

Outsourcing Services 52

Outsourcing Services Sales Outsourcing Hiring Lead Rank 52

OpenSymmetry

JANUARY 27, 2016

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. If you apply your account/customer segmentation rules assiduously, a realignment will be required.

Territories 40

Territories SalesForce Incentives Incentive 40

The Brooks Group

AUGUST 12, 2014

When considering how to get salespeople to sell into a new market, managers need to stress the potential value of the markets they want to expand into and provide incentives for territory development. . When reps feel unsupported or ill prepared to attack new segments, launch new products, etc., Planning is key.

Marketing 40

Marketing Territories Incentives Incentive 40

Sales Hacker

JUNE 14, 2018

Can you illustrate your firm’s proven track record of selling in the enterprise, mid-market, or SMB segments ? How will your company support and enable expansion into a new geography or market segment? ( This gives sales reps stake in the relationship and incentive to deliver results. Go To Market Strategy ).

Outsourcing Services 57

Outsourcing Services Hiring Sales Outsourcing Scale 57

ExecVision

JULY 8, 2018

Given that their compensation typically is tied to a commission plan that rewards performance, one would think that would be sufficient incentive for sales people to invest every available moment in their self-improvement. However, my own experience has shown this to be true. Why Are Salespeople so Reluctant to Invest in Themselves?

Call-back 40

Call-back Education Incentives Incentive 40

The Spiff Blog

FEBRUARY 15, 2022

In engineering, the agile methodology means developing products in small— but still consumable— segments, which are then tested, improved, and iterated. Excel may be able to process limitless formulas, but it can’t customize them to reflect the complexity of your compensation plans. That’s not what it was designed for.

Commission 53

Commission Scale Software Software 53

Sales Hacker Training

NOVEMBER 21, 2022

Campaigns can target different personas, buying stages, individual accounts, and other segments of your audience using various ABM tactics. You can use NetSuite to make forecasts, upsell and manage compensation and incentives systems. Some of their most useful features are campaigns for demand generation and sales acceleration.

Sales Tools 52

Sales Tools Tools Ideal Customer Profile Lead Rank 52

Pipeliner

APRIL 4, 2018

and, “Selling, general and administrative expenses decreased 3% for fiscal 2016, as compared to fiscal 2015, primarily due to the sale of the DBS businesses and Shine Group partially offset by higher selling, general and administrative expenses at the Cable Network Programming segment.”. Instead, compensate on value delivered.

Revenue 66

Revenue Company Epiphany Advertising 66

Sales Hacker

FEBRUARY 12, 2021

Incentive compensation management. Behavioral segmentation. Many of the cons mention that the interface isn’t user friendly and it can be confusing if you’re not familiar with the system. Key features : Quote and order management. Sales forecasting. Opportunity management. Multiple forecasts. Campaign and email management.

Enterprise 84

Enterprise Enterprise CRM NetSuite 84

OpenSymmetry

FEBRUARY 15, 2018

Apply an appropriate approach for each type of segment or market. At the top of the account pyramid, national account quotas may be more accurately based on the information and strategies developed in an account plan. Make Your Approach Scalable. Keep it simple, sales comp people.

Quota 59

Quota Transportation Telecommunications Territories 59