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

Sales and Marketing Management

While on the surface, this incentive strategy had some validity, the results were not what the company predicted, or wanted. Second, many of these performers were married and the idea of travel, even incentive travel, meant their families would be on their own for a few days. While many people do find the accumulation of reward points to be an appealing incentive, there are some who accumulate thousands of points, never to redeem them.

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

Xactly

The planning process entails more than just your compensation plan, but at the very core, strong sales incentive plans address three main considerations. First and foremost, your incentive plan must be aligned with your different sales roles. Tailor incentives to what is asked of each sales role in the sales process so they provide the best opportunities for your sales team to succeed. How do pay and and incentives differ between high- and low-performing reps.

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Incentives and bonuses aren’t the cure alone: Encouragement, listening and support are free

Mereo

Incentives and bonuses motivate sales professionals for good reason. A CSO can throw all the incentives and bonuses they want at their team to keep their top performers around, but that strategy alone will get costly. Good sales leadership: Speak to salespeople to the tune of incentives and rewards. Remember to provide them constructive feedback, to keep their skills sharp and their career moving forward.

How to Setup a Commission Plan in Six Steps

Xactly

Download our "Ultimate Guide to Sales Compensation Planning" for incentive best practices and everything you need for a sales comp plan design project. Formulate your new plan around the successful elements and structure incentives for new goals similarly. Ideally you need a sales incentive planning team of six people. Download our "Ultimate Guide to Sales Compensation Planning" for incentive best practices and everything you need for a sales comp plan design project.

How to Design a Sales Manager Compensation Plan (With Examples)

Xactly

In fact, the best way to ensure sales managers do their job well is by creating an incentive plan that drives the right behaviors. Download our "Ultimate Guide to Sales Compensation Planning" for incentive best practices and everything you need for a sales comp plan design project. Constructing Commissions in a Sales Manager Compensation Plan. Annual Target Incentive. Incentive Compensation

The MBO Bonus – Definition, Tips, and Considerations

Xactly

These bonuses pay employees based on individual tasks and thus, are highly motivating incentives. Download our "Ultimate Guide to Sales Compensation Planning" for incentive best practices and everything you need for a sales comp plan design project. Think of it like a system of individual funnels (employee goals) constructed to fill a big bucket at the bottom (your organizational goals). ” Incentive Compensation Sales Coaching and Motivation

How Do You Incentivise SaaS Sales?

OpenSymmetry

Software-as-a-Service (SaaS) is generally thought to be a challenge for incentive plan designers – but is this true – why is it important and what are some of the key considerations in getting the design right? SaaS sales models are a challenge as an incentive designer, sales operations or finance for a number of reasons. The third is above target incentive structure. The risk without proper planning in advance may be high with poorly constructed incentives.

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Las Vegas may get Musk-designed people mover

Sales and Marketing Management

Author: Staff When it comes to putting heads in beds for conventions, corporate meetings or incentive travel trips, few destinations can match Las Vegas. The board of directors for the Las Vegas Convention and Visitors Authority (LVCVA) recently approved a plan to work with Elon Musk’s Boring Company to design, construct and operate a people mover that serves the city’s convention center. However, the LVCVA people mover may begin construction before either of the other projects.

Are You Developing Managers Or Leaders?

The Pipeline

There is no doubt that you’re a+ Primo players, should be recognized, even rewarded for their contribution, (which is what I thought the incentive plan was for), but that reward should be one that resonates with them, not with current company leadership. The challenge with the former, is that real A+ Primo players can generally achieve the financial results they want, especially if, as mentioned, you have an effective incentive plan in place.

How to Craft a Successful Sales Environment

Hubspot Sales

Do your reps feel comfortable approaching you with constructive feedback? Incentive-Based Sales Environment. Many sales environments, whether remote or in-person, B2B or B2C, operate with some sort of incentive-based program. When I was in school, I played club volleyball.

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Use Personal Recruiting To Build Your Sales Team

MTD Sales Training

Offer Personal Recruiting Incentives. Offer some incentives for those who refer other sales people for a position with your firm. In constructing your next ad to hire sales people, get some input from your sales team. With the advent of the Internet and numerous sites like CareerBuilder and LinkedIn , job searching has become largely electronic. Yet finding top sales people , especially those who will become long-term loyal assets to your firm, remains a difficult task. .

How to Develop a Sales Compensation Plan (with Templates)

Xactly

You need your incentives to drive the right sales behaviors in order to achieve sales objectives. In short, your compensation plan details how an individual rep or sales team is to be paid for achieving their sales goals, addressing base salary, commissions, and incentives, and then linking these monetary and non-cash rewards with sales performance. Creating a Sales Incentive Compensation Plan. Incentives need to be closely tied to the effort put in to receive them.

How healthy is your office?

Sales and Marketing Management

In fact, the authors argue, while billions of dollars are spent on engineering features to construct and upgrade office buildings to attain LEED certification, the ROI is minimal compared to the very real returns that can be realized from a focus on creating healthy buildings. The problem of split incentives. One challenge to increasing the focus on healthy commercial buildings is that of split incentives.

A Powerfully Effective Sales Contest To Motivate Your Team

MTD Sales Training

Sales incentive contents can be a positive force to help motivate your sales people to new levels of productivity and loyalty. Alternatively, poorly constructed or inequitable sales challenges can result in anti-productive activity, resentment and rebellion. Below is a powerful idea for sales incentive programs that you can alter to fit your organisation, that will inspire your team and boost your sales revenue!

9 Ways to Get the Most from Sales Video Coaching

Sales and Marketing Management

Coaches can attach rewards and incentives (e.g., A well-constructed sales enablement and readiness strategy can build in video coaching to confirm reps have absorbed and mastered the necessary skills and materials for career advancement. Author: Lauren Boutwell As the field of sales enablement has evolved and matured, so, too, have its supporting technologies.

Price Bundling Strategy, Explained

Hubspot Sales

A well-executed price bundling strategy can help you unload that kind of inventory or provide customers with an incentive to give one of your less prominent products a shot. Prospects respond to incentives, and a solid price bundling strategy can make for a particularly interesting one.

Look for Potential in the Next Generation of Sales Hires

Understanding the Sales Force

Trainable - whether or not the candidate has the incentive to change and adapt. Coachable - whether or not the candidate is open to constructive criticism and believes there is room for improvement. Understanding the Sales Force by Dave Kurlan The Harvard Business Review finally published a relevant article that I agreed with! Yeah HBR. Much too frequently, their articles on selling are written by out-of-touch researchers with little field experience and lots of theories.

Sales Performance Improvement

The Digital Sales Institute

Sales Performance Improvement programs should be constructed in a way to better manage and channel the sales team to deliver higher levels of sales performance. Sales Performance Improvement should not be confused with sales training or incentives. Sales training and incentives that drive the correct sales behaviors and outcomes are important, but they are only a component of a complete SPI system.

How B2B Reps Use Social Debt to Get Sales Support

Sales Benchmark Index

Incentive Structure. Even when their virtual team has no monetary or organizational incentive to do so. Download this tool to help you construct your virtual sales support team. B2B Sales Reps compete with their peers for sales support resources. Good Sales Reps consistently secure these resources and create their own virtual teams. This post describes how to build a virtual team by using Social Debt. I provide a download to help you build and manage your virtual team.

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7 Ways To Structure Your Sales Team For Growth and Performance

InsideSales.com

RELATED : How To Manage A Sales Team While You Work From Home In this article: Aim for the Longer Term Organize Your Team Around Your Customers Hire a Mixture of Generalists and Specialists Hire for Agility in Industry Shifts Search for Managers Who Are Caring, Transparent and Constructive Incentivize Growth by Hiring “Hunters” Align Your Incentives Together with Your Team’s Future Success. Search for Managers Who Are Caring, Transparent and Constructive.

The Pros and Cons of Charging Customers to Beta Test Your Product

Hubspot Sales

One issue that underlies virtually all those best practices has to do with screening and incentives — the debate between charging beta testers and letting them participate for free. If your product or service fits that bill, you'll need to thoroughly vet candidates to identify the ones that are qualified to give legitimate, constructive feedback on your offering. Charging beta testers gives them more incentive to take the process seriously.

The Sales Leader's Guide to Performance Management

Hubspot Sales

Having clear, visible goals and incentives builds well-rounded sales professionals. For example, if your employee has developed their soft skills after receiving constructive feedback the year before, include that in their performance review as a win. Constructive feedback for the employee’s opportunities for growth - What opportunities does your employee have for improvement? About: Xactly seeks to automate and simplify the incentive compensation process for sales teams.

7 Strategies to Motivate Your Contact Center Agents (Aside from Free Food)

ExecVision

You need some better incentives if you want to increase performance and customer satisfaction. Incentive programs are meant to drive motivation and work ethic with your employees. However, incentives that don’t keep people engaged become an expected part of work. Guidelines for Choosing an Incentive Strategy. Use these to help guide the construction of your employee engagement program. Tailor your incentive strategies to your organization.

Designing Sales Compensation Plans for Sales Managers (With Examples)

Xactly

Constructing the Commission Plan for Sales Managers: Pay Mix and Upside. Annual Target Incentive. As part of your incentive plan design, consider the roles that will report to each sales manager, and ask yourself the following questions: Will your manager supervise one type of rep or a sales team of mixed roles (Sales Executives, Account Managers, Lead Generation Reps, etc.)? When it comes to sales compensation planning, you can never start prepping too early, right?

6 Sales Promotion Ideas to Leverage or Leave

Hubspot Sales

When constructed correctly and deployed intelligently, they should enhance, not disrupt, the sales process. Instead, leverage a healthy incentive focused on time savings or additional services. Sales Promotion Ideas. Leverage Inexpensive Swag at Conferences. Avoid Discounts of More Than 50%. Leverage Time Savings and Additional Services. Avoid Discounting Outside Traditional Guidelines. Leverage Customers Who Are a Good Fit for Your Product/Service.

Why a Strong Corporate Culture Makes Good Business Sense

The Brooks Group

This happened not because of the quotas themselves, but because they were not accompanied by strong cultural incentives to remain honest and to act in integrity. When sales team members are uncertain of their company’s values, their place in the company, or feel disrespected, they cannot have productive and constructive conversations. In this environment, problems can be resolved and solutions developed in a healthy and constructive manner that leads to positive outcomes.

5 Sales Development Coaching Mistakes You Need To Stop Doing

MarketJoy

You can use incentives to push your SDRs to do more. You don’t need to spend a lot of money on these incentives to get good results – a small prize will do the task if you know how to motivate your sales reps. Constructive feedback allows them to work on their flaws and address the issues sooner. Sales development is the most crucial aspect of every business.

4 ways to use your CRM to power your sales and marketing feedback loop

Zendesk Sell

Marketing should be open to receiving feedback, and sales should be constructive with suggestions. Create shared goals between sales and marketing, as well as choosing a common set of performance metrics and incentives. Aligning sales and marketing teams is a struggle for many companies. When departments aren’t aligned, it can trigger multiple problems. The sales department grows frustrated because they don’t have the necessary material (i.e.,

The Beginner's Guide to eBay Classifieds

Hubspot Sales

Construction > Buildings, Modular & Pre-Fab. Reward Points and Incentives Programs > Other. When you think of eBay, you likely picture consumers frantically bidding on items ranging from electronics to vintage clothing. I might have begged my mother to bid on a Nintendo Game Boy Color back in the day (more specifically, the atomic purple Game Boy Color).

Five for 5: Five Tips to Virtualize a 5-Day Sales Certification Bootcamp

Mindtickle

Provide opportunities to apply their skills using virtual roleplay activities that include constructive feedback from managers or trainers. Consider using scenario based questions to reinforce skills and knowledge , then complement that with incentives to drive engagement.

How to Rebuttal and Improve Your Sales Techniques

Xactly

Sound constructive, not confrontational. Instead of sounding confrontational, adopt a constructive approach. Consider your sales compensation plan and how this prospect’s potential would fit into those incentives. If you just sound like you are disagreeing, the prospect will feel you are ignoring their point and have no incentive to continue the call. It’s important to note that your sales incentives were designed to motivate your sales success.

10 Ways to Avoid Being a Sales Management Fool

Xactly

Personalize Your Management Style and Incentives for Each Employee. An easy way to do this is through simple personalized incentives. For a job well done, give a sales rep their favorite treat or a giftcard to their favorite coffee shop (here’s a list of 100 easy incentive ideas ). Use Constructive Criticism and Offer Alternate Solutions. In the business world, credibility is key.

Guest Post: How to Keep Top Talent

SalesLoft

The basic construct is this: treat your people well and care for them. Provide monetary incentive, leadership opportunities, and exposure to new roles and projects. Provide monetary incentive. Guest post by Scott Leese, CEO & founder of Scott Leese Consulting , and founder of The Surf and Sales Summit. We are competing every day. Competing for talent. It’s never been harder to retain your best performers, and the data backs it up. .

Insight Is Not The End, It’s The Beginning

Partners in Excellence

I see them constructing and rehearsing artful “white board pitches,” (boy I wish I could draw those neat pictures), building compelling stories–but not preparing people for the conversation. We have to create the reason, the excitement, the incentive and the justification to change. There has been so much good discussion on Insight over the past few years.

Q&A: Remote selling during the COVID-19 crisis

Close.io

Q3: What would you do sales-wise in Germany with a clientele in the construction sector, which is very analog? Do you think we should give discounts as an incentive to sign up? Q: What would you do sales-wise in Germany with a clientele in the construction sector, which is very analog? If your prospects have the cash flow to make purchases right now, give them the incentive to buy now. Do you think we should give discounts as an incentive to sign up?

4 Ways to Regain a Customer’s Trust After Losing It

Zoominfo

Here are a few ways to collect customer feedback in a constructive way: Automated satisfaction surveys. Offer an additional incentive. Every buyer-seller relationship is built on a foundation of trust. When a customer gives you their money, they need to trust that your product or service will deliver on the promises made during the sales process. In fact, research shows there’s a 60% chance a customer will make multiple purchases from the same company ( source ).

7 Sure-Fire Ways to Inspire Discretionary Effort In Your Team

Zoominfo

Of course, monetary incentives like pay raises and bonuses are one way to motivate employees to work harder. The importance of commending your team members when they’re deserving of it cannot be underestimated, and neither can the importance of constructive criticism. When the members of your team are in-sync and giving their best effort, they’re not too difficult to manage.

Sales rep for a day: Aligning sales, marketing, and support

Zendesk Sell

To align marketing and support departments with sales, sales managers can construct an ongoing, interdepartmental job-shadowing program. Support reps might discover that sales reps are offering discounts or incentives that might come up later in customer service calls. No matter the department, every single person in your company should understand sales because, at the end of the day, it’s everyone’s job to sell the brand.

CPQ Makes It Selling Season All Year Long

Cincom Smart Selling

HVAC manufacturers can segment their market into four major divisions: commercial versus residential and new construction versus replacement products for existing buildings. The new construction versus replacement manufacturing dynamic also differs in terms of one being driven by economic development in general and the other by part failure, regulatory change and sales level of existing structures.

All-Time Top Kurlan Sales Article

Understanding the Sales Force

Instead, they conduct construct validity studies, which only show to what extent an assessment measures a specific trait and not necessarily the traits which you want to know about, but the traits which they can actually measure. Whether they have the incentive to improve their sales competencies.