Drive Double-Digit Revenue Growth by Interlocking Compensation Design & Territory Alignment

Sales Benchmark Index

Article Sales Strategy 2018 2019 benchmark best practice broken christmas comp compensation plan concerned december design principles Gartner industry John Marcsisin market market practice methodology misaligned territories org organization organizations plans productivity quota setting sales sales rep sales reps territory design wondered worried yearIt’s December 25th, 2018.

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. The territory optimization and alignment element of salesforce effectiveness is vital for three reasons. New Concepts Driving Greater Performance .

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Sales Ops: Defend your Turf

Sales Benchmark Index

Leading Indicators of Sales Performance You Can’t Afford Not To Track

Sales Benchmark Index

Most of the time the Leader’s departure is related to poor revenue performance or inadequate return on Sales & Marketing dollars. The average lifespan of a Revenue Leader is less than two-years.

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5 Steps for Designing Territories for your Top Talent

Sales Benchmark Index

These strong reps may not be in the right territories calling on the right accounts. It may be time to assess whether your territories are optimally designed. Getting the best reps in the best territories. In many organizations, territories are designed on historical precedent.

Make Your Number in 2020: Kickoff the Year in Style

Sales Benchmark Index

It’s 1:00pm. You have scheduled a meeting to review your annual objective of driving greater sales efficiency. The goal is simple: improve revenue per sales head. Your solution is to increase available rep selling time by eliminating wasted activity.

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How to Launch a Global Account Management Program Without Getting Your Pockets Picked

Sales Benchmark Index

It is the start of 2020, a new year for your organization. You are just getting back from vacation, coming into a flurry of activity. Last year probably had some ups and downs, but you are ready for a new.

Sales Compensation: The Ultimate Guide

Hubspot Sales

Sales compensation is one of the trickiest aspects of the sales organization to get right. How sales compensation should work. A sales compensation plan operates from a basic principle: Money drives behavior. to calculate compensation. Sales Compensation

How to Optimize Inside Sales Territories

Sales Benchmark Index

Where I have seen some of the greatest amount of pain is around territory design. So let's walk through my framework on how to optimize inside sales territories. 4 Lenses to Optimize for Inside Sales Territories. Identify Market Opportunity. To effectively design territories it is critical to identify the potential value of each target customer in the marketplace. Total Available Market. What percent of leads convert into opportunities for each territory?

You’re Done with the Revenue Plan; What’s Next?

Sales Benchmark Index

“Hello 2019, we’ll be right with you!”. Most of my clients have been in non-stop planning meetings since mid-August and earlier. Long days of adjusting and readjusting budgets and expectations. New tools make the process easier, however the resource allocation decisions.

The Key to Sales Territory Mapping

Xactly

In order to manage your sales performance, you need effective sales territory mapping. Sales territory design must be a thoughtful process that involves data and a balancing act to ensure every sales rep has adequate sales potential within their territory.

How to Optimize Sale Territories for a Strategic Advantage

Xactly

Effective territory design is the basis of strategic sales planning. Balanced territories allow you to set fair quotas, which have a huge impact on your incentive compensation and success of your salesforce. The Effect of Bad Territory Planning on Sales Performance.

The 12 Step Compensation Plan Design Process

Xactly

You need to start pulling together internal data from your incentive compensation management system, data from your CRM, and finally, information from financial teams on profitability and product revenues. New territories , quotas, and measures have to be sold TO the reps.

11 Sales Compensation Complaints to Address Before Next Year

Sales Benchmark Index

This post is for Sales and HR Leaders planning 2014 Sales Compensation. It provides a number of common Sales Compensation complaints. I also discuss some underlying causes of the complaints that may not be compensation-related. The Sales Compensation Complaint Checker has 8 more.

Is Your Sales Compensation Driving the Right Behaviors?

Sales Benchmark Index

It's a critical time of year for sales compensation. If the compensation plan is not effective it will have profound negative effects. For example: selling low margin products because they maximize the compensation payout. Compensation is not an exact science.

5 Tips for Designing Successful Sales Incentive Compensation Plans

Xactly

Few leading indicators are more predictive of a company’s future sales performance than its incentive compensation plans. While multiple factors influence the effectiveness of your sales incentive compensation plans, 5 tips stand out: 1. Model all components of your compensation plans.

Sales Compensation Plans Explained: The Ultimate Cheat Sheet (with Videos)

Xactly

Commissions are the cost of doing business, but it’s easy to forget that sales compensation plans power your business. Choosing what sales compensation plans to implement, then, becomes an integral business strategy for sales and finance leaders. Incentive Compensation

Is Your Compensation Plan Evolving with the Company?

Sales Benchmark Index

One of the core strengths of any small business is its ability to adapt and pivot with the market. Despite this luxury, the small company sales compensation plan is usually left on the backburner. Are you clinging to a legacy Sales Compensation model?

Sales Performance Management: Not Your Parent’s Compensation Calculator

OpenSymmetry

Sales Performance Management (SPM) has truly evolved over the last 10+ years from the days of having an on-premise solution that primarily automated the compensation calculation process with basic reporting, to a new dynamic frontier with extended capabilities.

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

Sales Benchmark Index

This post will help you test a redesigned sales compensation plan to ensure cultural fit. Let’s suppose HR is fully engaged for redesign of a 2013 Sales Compensation plan. HR even brought in an expert compensation firm. But wait – this new incentive compensation plan could flop.

How to Avoid Wasting Money on a Compensation Assessment

Sales Benchmark Index

HR leaders, get ready for the 2013 Sales Kickoff by fixing the flaws in your compensation plan today. Read this post to reframe what may be disguised as a compensation problem. And get your hands on a Competency Grader for compensation assesement providers as part of SBI's "Make The Number 2013.". Is the compensation model to blame? Propose a Solution: Conduct a compensation study and redesign the plan. Compensation Study ? Compensation Assessment.

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.

Optimal Incentive Compensation Plan Design for Successful Implementation

OpenSymmetry

The improved analytical capabilities provided by Incentive Compensation Management (ICM) software will help in the modelling and review of existing plans. Understand your challenge – the market, the sales organisation and the behaviours you need.

How to Build Effective Sales Compensation Plans for Any Customer Facing Role

Sales Hacker

A great sales compensation plan needs to accomplish quite a lot. It needs to provide fair compensation to employees in customer-facing roles. The Process for Creating a Sales Compensation Plan. Plan Compensation for Onboarding and Training. Example Compensation Plans.

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? The Strategic Account Manager is included in this group and is amongst the most difficult roles to compensate in sales organizations. So, how do you compensate this key role?

“Fixing The Compensation Problem….”

Partners in Excellence

I always worry when a conversation with a sales executive starts with, “We need to fix our compensation problem.” ” The ensuing discussion usually focuses on, “We aren’t meeting our numbers, we need to fix the compensation/commission system in order to make our numbers.” Do you know what’s keeping them from achieving their goals, will fixing their compensation fix those problems?” Compensation Drives Sales Behavior?

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. However, a recent article from the Harvard Business Review suggests the stagnant methods of pharmaceutical sales rep compensation may be the root cause of an even bigger public health issue.

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

Xactly

From territory planning to sales team organization, to sales coaching and leadership strategies to sales compensation planning, each element helps to create a strong sales plan. Finding the right mixture of compensation requirements is a balancing act.

New Product? Don’t Forget to Update the Sales Compensation Plan

Sales Benchmark Index

What about the sales compensation plan? Obtain market penetration projections. To learn more about sales enablement and obtain our product launch sales compensation checklist sign up for our Q3 Make The Number Tour. The key lies in changing the compensation plan to drive the sales force to sell the new product. 4 Compensation Considerations when Launching a New Product. Product Marketing and Internal Strategy have vital information.

Is Your Compensation Program Missing the SPM Boat?

Xactly

When Xactly was founded more than 13 years ago , the company had a simple vision to democratize incentive compensation management and put powerful calculation tools in the hands of every company. One often missed opportunity in the planning equation is optimizing territory planning.

The Ins & Outs of Variable Pay Compensation Structure for Sales Teams

Sales Hacker

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?

Announcing Our 3rd Annual Guide to the Best Sales Acceleration Tools #TopSalesTools

Smart Selling Tools

And it means empowering Sales with the right marketing materials so they can sell effectively no matter who they’re meeting with or where (that means mobile, social, and international)! Performance & Compensation. Territory Management & Quota.

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What Sales Tools do You Use to Fuel Your Revenue?

Smart Selling Tools

Marketing automation. Performance and Compensation. Sales & Marketing Content. Territory & Account Planning. How badly do you want your team to blow away their quota? Pretty badly right? What are you willing to do differently? Hope, afterall, is not a strategy.

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Sales Reps Love Their CRM!

Smart Selling Tools

Look at all of your sales processes: Territory & quota planning. Incentive compensation management. Sales reps love their CRM.

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

Xactly

Sales and Finance leaders typically deal with limited insights, convoluted systems, and employee demands wherever compensation is concerned. Incentive Compensation. Furthermore, when asked “which performance measure is most heavily used to determine sales incentive compensation?”

4 Ways to Incorporate Targeting When Setting Sales Goals

criteria for success

You’ll need to build a goal-setting and compensation plan that focuses the team on generating and working appropriate [ ] The post 4 Ways to Incorporate Targeting When Setting Sales Goals appeared first on Criteria for Success. Sales Leaders buyer personas ideal targets inbound marketing marketing MBOs sales compensation sales goals sales management setting sales goals targeting territory planning

3 Reasons Why Sales Kickoff Is Dead

Sales Benchmark Index

It’s that time of year, crunch time for the revenue operations team. I am sure you have said to yourself that next year planning will begin months earlier. Either way, we are now less than two months from January 2020.

How to Ask Marketing for What You Need

Hubspot Sales

This can include new quotas, territories, products, and compensation plans. Let's add one more thing to the list — creating a spirit of cooperation between your sales and marketing organization. Today, "smarketing" — alignment between sales and marketing teams — rules the day.

Five Keys to Accelerated Lead to Money

OpenSymmetry

As someone that works in the world of Marketing, I have seen first hand that marketing and sales working together can sometimes be like trying to mix oil and water. Territory and Quota Solutions. Incentive Compensation Management.

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The Pipeline ? Shrink Your Way To Success

The Pipeline

Stored in Attitude , Business Acumen , EDGE Sales Process , Metrics , Productivity , Sales Success , Territory Alignment , execution. By shrinking your territories, strategically where it make sense. logically shrink territories. Sales Success , Territory Alignment.