[Data Snapshot] 2018 Sales Compensation Best Practices Study

Xactly

In May 2018, Xactly partnered with WorldatWork to complete its annual Sales Compensation Best Practices Study to define the key trends and metrics for companies that want to plan and incent a top sales organization.

Study 83

LinkedIn Study Women In Sales

Score More Sales

This week, LinkedIn shared some statistics in its study women in sales. I’ve been compensated to contribute to this program, but the opinions expressed in this post are my own and don’t necessarily represent IBM’s positions, strategies or opinions.

Study 271

Sales Excellence Studies Propagate Mediocrity

Understanding the Sales Force

Understanding the Sales Force by Dave Kurlan If you conduct a Google search for "sales excellence studies" , you'll find more than 20,000 results. I'm sure that some results point to surveys which were conducted by others, but either way, that's a lot of studies on sales excellence.

Study 188

Sales Excellence Studies Propigate Mediocrity

Understanding the Sales Force

Understanding the Sales Force by Dave Kurlan If you conduct a Google search for Sales Excellence Studies you'll find more than 20,000 results. I'm sure that some of those results point to surveys that were conducted by others but either way, that's an awful lot of studies on sales excellence.

Study 182

Is Your Compensation Plan Evolving with the Company?

Sales Benchmark Index

Despite this luxury, the small company sales compensation plan is usually left on the backburner. To drive the right behavior and hit your targets, your sales compensation must evolve at the same pace as your company. Are you clinging to a legacy Sales Compensation model?

[STUDY: PART 3] What Buyers Want from Salespeople

DiscoverOrg Sales

Martin on a comprehensive study of 270 business buyers to discover why people with purchasing power choose the vendors they do and what they are REALLY looking for when they engage in a sales process. Insights from this study include: Which elements do buyers want to see on vendor websites? This is Part 3 of the study “Why Didn’t They Buy?”. Or Download the entire study for free. Download the entire study for free. Compensation.

Study 120

Transforming Sales Compensation into an Enterprise Strategy

Xactly

Sales compensation is one of the most costly investments enterprises make every year. From our years in the compensation space, we’ve found that 45% of compensation plans actually drive the wrong sales behaviors. Why Your Sales Compensation Is Inefficient.

[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. And many continue to use spreadsheets to manage their compensation, 80 percent of which have errors.

Sales Compensation Impacts Performance-New Research

HeavyHitter Sales

  How Compensation Impacts Sales Organization Quality and Performance.     Salespeople and sales leaders alike know that compensation can be a strong motivator, but it usually comes at a high budgetary cost. This study explores the answer to that question.

[Webinar Recap] Three Best Practices for Sales Compensation

Xactly

Figuring out sales compensation is not for the faint of heart. WorldatWork recently partnered with Xactly to share three best practices for sales compensation. According to the 2018 Sales Compensation Best Practices Study, 80% of companies struggle to pay commissions accurately.

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. To counteract this unfavorable method of sales, Bowe suggests shifting compensation plans toward value-based, or patient outcome, incentives.

How to Use Sales Compensation to Motivate Middle Performers

Xactly

Being a sales leader is no easy task, and it takes a lot of strategy and collaboration with sales operations to be incredible at sales compensation planning. Download our "Ultimate Guide to Sales Compensation Planning," for everything you need for a sales comp plan design project.

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. 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. To counteract this unfavorable method of sales, Bowe suggests shifting compensation plans toward value-based, or patient outcome, incentives.

[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. In a recent webinar with CFO Alliance, we reviewed the findings of the study. Incentive Compensation.

A Conversation With Julian Lumpkin: Leveraging Case Studies as a Fundamental Part of the Sales Process

Costello

As a sales manager at Axial, I realized how important case studies are in the sales process. To understand what sets the best reps apart, I want to first recap exactly how success stories are different from case studies. Julian Lumpkin, Founder & CEO, SuccessKit.

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

OpenSymmetry

A study conducted by the Center for American Progress (CAP) found it costs, on average, $3,328 to find, hire, and train a replacement for a $10/hour retail employee. To take it a step a further, connecting customer experience to compensation protects your operational costs.

Evaluating sales compensation processes to avoid automated chaos

OpenSymmetry

However, automation is not necessarily the answer to all sales compensation problems – in fact, a new shiny tool could be a huge investment that only helps the company make the same mistakes faster. Take a fresh look at your sales compensation processes before considering the investment of a new tool. According to a study from WorldatWork , best-in-class companies have three or fewer measures for sales compensation calculations.

Salesfusion-Sponsored Study Points to Pain in B2B Lead Generation

Salesfusion

You may first partner with us because we offer the best partner compensation and benefits in the industry. The post Salesfusion-Sponsored Study Points to Pain in B2B Lead Generation appeared first on Marketing Automation | Lead Generation | Email Marketing | Salesfusion.

MBO Examples to Kickstart Your Sales Team Engagement

Xactly

Download our "Guide to Sales Team Compensation" to learn how to compensate each sales role. In reward for meeting that goal, the rep might be compensated $3,000, or maybe even $1,500 for completing the first half, and $1,500 for the second.

Sales Incentive Optimization

OpenSymmetry

The recent e-Reward conference in London (May 12 2016) had a number of important messages for the Compensation and Benefits community. Compensation and benefits professionals are under pressure to provide guidance to achieve great plan design.

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

OpenSymmetry

While there are few formal studies of the practice, it’s not hard to imagine a salesperson devoting an hour a week to tracking commissions. In this case, “they” are the inevitable errors that creep into manually-managed compensation systems.

16 Sales Incentives to Keep Your Team Engaged and Motivated

Xactly

Download our "Ultimate Guide to Sales Compensation Planning" for incentive best practices and everything you need for a sales comp plan design project. Download our eBook, "The Complete Guide to Sales Team Compensation," to learn to build comp plans specifically designed for each sales role.

What should you do when your sales team is underperforming?

Nutshell

We’ve compiled six of the best strategies for improving sales rep performance based on real-world research and case studies so you can get back to hitting your benchmarks in no time: 1. Rethink your compensation strategy. Chung went on to study how companies should pay salespeople.

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. Pay mix : The pay mix of a sales incentive plan is the ratio of fixed pay to variable pay in a salesperson’s compensation.

STUDY: Employee Engagement Ranked As the Most Important Organizational Success Driver: Event This Week!

Keith Rosen

An unscientific poll of visitors to the EEA portal over the last two months suggests engagement in early phases.

Study 48

Sales Performance Management 101 for Sales Reps: Getting the Sales Numbers You Need with the Right Technology

OpenSymmetry

Even if you understand your compensation structure, it might be unclear how close you are to meeting your targets and how this will affect your income. With pressure to meet targets, minimise sales cycles and make a positive impression as a company’s first contact with potential clients, salespeople deserve every penny of their compensation along with real-time, accurate data on what they are owed.

Motivating salespeople – lessons from West Point

Sales Training Connection

As it turns out – maybe a lot according to a recent study. Two types of motives were studied. And here’s where the implications for salespeople comes in: “Our study suggests that efforts should be made to structure activities so that instrumental consequences do not become motives.

Rio Olympic Games – The Road to Gold

OpenSymmetry

How the right mix of personality, behavior, and compensation drives success. Having a clear understanding of both their personal and organizational goals and how those goals coincide with compensation is an essential piece of this attribute. The study reviewed in this HBR article found top-performing salespeople consider themselves confident, likeable, responsible, and productive. It’s hard to believe that the 2016 Rio Olympic Games are coming to an end.

Motivating sales reps – what’s the role of money?

Sales Training Connection

A salesforcework.com study recently reported: 50% fewer sales people are motivated by money than 5 years ago. It is well to remember that front-line sales managers typically have limited control over the parameters of the sales compensation system.

The Relationship between Mixology and Sales Performance Management

OpenSymmetry

Gartner studies quantify the impact – 5-10% increase in sales [1] , greater than 50% reduction in resourcing to manage sales compensation. To achieve the Perfect Finish requires you to optimise business processes to compliment the new Incentive Compensation Management (ICM).

3 Ways Technology Can Streamline Your Sales Performance Management Strategy

Sales and Marketing Management

There’s a simple solution that will help streamline this issue and create more time for sales reps to spend actually selling the product or service: implement a sales and compensation system that’s transparent and easier to understand.

Improving the Sales Organization’s Change Readiness

OpenSymmetry

To achieve this vision businesses need to be systematic about understanding their current Sales Performance Management (SPM) or Incentive Compensation Management (ICM) capability and developing a realistic definition of the desired future state capability.

10-Point Inspection for Top Sales Performance

Sales Benchmark Index

Are the compensation mechanisms driving the right behaviors?" To make your assessment easy, SBI has created a 10-point Compensation Inspection tool. Read on to understand the mechanics of effective sales compensation. How Important is Compensation? January is over.

10 Sales Statistics You Should Know in 2019

Xactly

Industry and planning-specific statistics also help guide sales planning and incentive compensation. Nearly 50% of companies fail to measure and adjust financial forecasts and plans to account for the residual impact caused by sales force attrition ( 2018 Mid-Market Sales Incentive Study ).

12 Free Sales Excel Templates For Tracking Your Pipeline, Activities & Performance

Sales Hacker

Use these tried and true templates for tracking your sales pipeline, activities, forecasting, creating compensation plans, managing sales rep performance, and more. True sales leaders are constantly improving themselves through training, studying, and practicing.

Hard for you to say you’re sorry?

Sales and Marketing Management

Compensation. Prior to our latest research, apologies had been a reasonably well-studied area. In this study, you’ve seen there is a clear and consistent apology framework you can use to build and deliver your apology message?—?and

Remedy 244

Unleashing the Power of Frontline Sales Management

Sales and Marketing Management

From sales force training and compensation to investments in sales processes and technology, organizations relentlessly seek to pull the right levers that will drive revenue growth and improve sales effectiveness. In this study, top managers brought in an average $3.5

Does Your Sales Incentive Plan Drive Customers Away?

Sales Benchmark Index

The purpose of every incentive compensation plan is to influence the actions of sales reps. HR leaders should act now to align the compensation plan with the customer's interests. Incentive compensation is intended to reward specific behaviors of the sales force. However, these studies focus on customer attitudes. Unlike marketing studies, customer interviews ‘map’ the buyer’s journey. This “high value” selling activity should be the most compensated.

Commission Expense Accounting under ASC 606: What Are Your Options?

Xactly

These include (1) an ERP system, (2) subscription billing and revenue management software, (3) spreadsheets, or a (4) sales compensation management system. More often than not, ERP systems are not designed to track all of the tiny (and critical) details of sales compensation.

10-Point Inspection for Top Sales Performance

Sales Benchmark Index

Are the compensation mechanisms driving the right behaviors?" To make your assessment easy, SBI has created a 10-point Compensation Inspection tool. Read on to understand the mechanics of effective sales compensation. How Important is Compensation? January is over.