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? Q: Why should I, as the sales manager, have a goal? Isn’t my objective to grow sales or meet the numbers handed down to me from senior leadership?

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. With tens of millions of dollars invested in their data warehouses and critical business applications (i.e.

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 resulting plan is your map to driving sales objective attainment for the year ahead. Gather your previous and YTD data.

Calculating the ‘Just Right’ Value for Incentives

Sales and Marketing Management

Author: Tim Houlihan Most incentives are paid out between 3 and 10 percent of the income earned during the incentive period. Matching Incentive to Your Corporate Culture. Track Incentive Results. The same rigor must be applied to your incentives.

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.

Calculating the ‘Just Right’ Value for Incentives

Sales and Marketing Management

Author: Tim Houlihan Most incentives are paid out between 3 and 10 percent of the income earned during the incentive period. Matching Incentive to Your Corporate Culture. Track Incentive Results. The same rigor must be applied to your incentives.

Unleashing the Power of Frontline Sales Management, Part 3: Institutionalizing Sales Management

Sales and Marketing Management

Author: Brad Wilsted Note: This is part 3 in a 3-part series on the powerful role sales management plays in driving sustained revenue growth – and how companies can better leverage this critical position for improved top-line performance. Hire the right sales managers.

Design and implement your best sales incentive ever

Sales and Marketing Management

You said you’ve built a lot of sales incentive programs as a manager, and, not to toot your own horn, but they have worked pretty darn well. With 20-plus years and more than 1,500 sales incentive programs under my belt, I’ve got some experience to share. Like all of us, sales managers get into ruts and here are some ideas to get you out of a rut and off to running your best sales incentive program?—?ever.

“Incentives Drive Behavior” Cracking the Code with Predictive Analytics #CALDC3

Smart Selling Tools

This year was bigger and better than ever with over 70 breakout sessions, keynote speeches from CallidusCloud CEO Leslie Stretch, Lone Survivor Marcus Luttrell, and Data Scientist David McCandless. For them, it’s not enough to just have products that span the entire marketing and sales funnel.

7 skills you’ll need to become a sales manager

Close.io

So you want to become a sales manager ? First you’ll need to make sure you’ve got the right skills, experience, drive and track record at the helm in both selling and at managing others—in order to back yourself up. First and foremost, what exactly is a sales manager?

Designing Sales Compensation Plans for Sales Managers (With Examples)

Xactly

When it comes to sales compensation planning, you can never start prepping too early, right? One of the most important things to consider when designing plans are the different roles on your sales team. Constructing the Commission Plan for Sales Managers: Pay Mix and Upside.

Get Promoted to Sales Management (Advice from 17 Experts)

Sales Hacker

Are you in sales and looking to get promoted into management? Now, look at his advice: To become a sales manager, you essentially need to become an extension of your HR team — something every employee can do to make a positive impact on the organization.

The 5 Stages of Sales Management

Openview

When that transition is from an individual contributor to manager, that adjustment can be even more jarring. Building a great sales management team is key to a sales team’s success. Research from Vantage Point Performance shows that top performing managers generate $3.5

How Big Data Can Help the Sales Leader

Sales Benchmark Index

Unless you’ve been living under a rock for the last two years, you’ve heard about “ Big Data ”. However, most Big Data examples concern large B2C companies. These companies are harvesting vast amounts of internet activity and point of sale data.

Data 332

The Best Sales Managers Don’t Chase Revenue: 6 Steps to Get Goal-Setting Right

Sales Hacker

Without goals, your team lacks the key elements it needs to win — a direction to follow and the encouragement to stay motivated in sales. Imagine similar spikes in your sales metrics and you’ll see the glaring imperative for setting goals. Use data in setting and assigning quotas.

4 Ways to Achieve Better Personalization with Inside Sales: How a Data-Driven Approach Will Help Your Reps Work Smarter. @TechTarget

Smart Selling Tools

Inside sales reps who engage prospects with a personalized pitch see better open rates, have longer conversations, and book more meetings. As a sales technology and data provider, a key element of our process, similar to any provider in this space, is onboarding.

Wells Fargo: The True Cost of “Unchecked Incentives”

OpenSymmetry

Impossible-to-reach quotas, a high-pressure sales environment, and a lack of transparency throughout Wells Fargo’s sales organization. Last month, Wells Fargo CEO Jon Stumpf faced the House Financial Services Committee on Capitol Hill, where congressmen questioned the sales practices at Wells Fargo. This means that C-level executives may not have adequate visibility into the operations and practices of their sales team other than through basic reporting from sales managers.

Prepare to Succeed in Sales, Sales Management, Business

Anthony Cole Training

Are you prepared to succeed today in Sales, Sales Management, Business and Life? Let me take a minute to answer for myself and then I'll get on with the rest of the post: Sales - yes, Sales management - kind of, Business - yes. Did we hit our sales quota?

X-Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Palo Alto Networks)

Xactly

Sales compensation is one of the most important components of sales planning. Sales operations and compensation professionals must compile a team to piecing together metrics and goals, which carries an incredible amount of responsibility. Time in sales compensation: 11 years.

The Best Sales Managers Don’t Chase Revenue: 6 Steps to Get Goal-Setting Right

Sales Hacker

Without goals, your team lacks the key elements it needs to win — a direction to follow and the encouragement to stay motivated in sales. Imagine similar spikes in your sales metrics and you’ll see the glaring imperative for setting goals. Use data in setting and assigning quotas.

4 Steps to Ensure AI/ML has the Right Data to Learn

Xactly

As the market races to deliver AI products targeted at sales users, it’s just a matter of time – a few years, if not a few months – before AI becomes a trusted part of the sales professional’s daily technology stack, giving useful advice and admonitions throughout the rep’s day.

Data 87

7 Leadership Interview Questions to Ask a Sales Manager Candidate

Hubspot Sales

The jump from salesperson to sales manager is extremely challenging. A manager has an entirely different job: Leading, inspiring, coaching, and training a team. Some managers are hands off. It’s detailed, authentic, and foreshadows how she’d act as a manager.

ACT 98

10 Ways Data and Automation are Evolving Sales Planning

Xactly

Technology like IBM’s Watson, Amazon’s related items, and Netflix’s watch suggestions is making business interactions with customers more digital, and the same can be said for sales organizations. AI/ML technology and algorithms are important, but the true value lies within data.

Sales Compensation Planning: Everything to Consider in 2019

Xactly

The start of a new year comes with a new sales plan—and that means you must reassess your sales capacity needs , align and balance sales territories , and create a sales incentive plan that drives sales performance. Enter sales compensation planning.

The Sales Manager Job Description Template That Will Help You Find the Perfect Candidate

Hubspot Sales

Sales manager job description. Sales managers are responsible for helping their reps meet individual quota, getting the team to hit quota, forecasting sales and running sales reports, providing mentorship and training, recruiting, hiring, and onboarding new salespeople, and more.

How to Setup a Commission Plan in Six Steps

Xactly

Motivating your sales reps is one of the key factors of sales success. In most sales organizations, the sales commission plan is the best way to do this. Your sales commission plan is a portion of your sales compensation plan. Gather as Much Data as Possible.

The 12 Step Compensation Plan Design Process

Xactly

As part of the effort to make plan design easier, here are a few thoughts on the process (and a few other sales plan ideas too): 1. You will be going back to this internal data when running models, checking out programs, etc. Oh yeah, add to #8 a common sales troublemaker.

SPM Transforms the Career Path from Admin to Analyst

OpenSymmetry

In this six-part blog series OpenSymmetry and IBM outline the impact of Sales Performance Management Technology on each area of the business including Sales, HR, Finance and Executive Management. In this fourth post, we discuss how sales compensation administrators can streamline the incentives management process using SPM technology and in doing that transform their role from an administrative function to a business and analytical function.

Sales Performance Management 101 for HR: Keeping Employees Motivated Through Compensation Transparency

OpenSymmetry

In this six-part blog series, OpenSymmetry and IBM outline the impact of Sales Performance Management Technology on each area of the business including Sales, HR, Finance and Executive Management. In this fifth post, we discuss how HR leaders can ensure high employee engagement and satisfaction across sales teams using SPM technology. Join us as we continue our journey to discovering how SPM covers sales best practices for people, process, and technology.

Sales Performance Management 101 for the Corporate Board: Why SPM Strategy is Critical for Sales Success

OpenSymmetry

In this six-part blog series OpenSymmetry and IBM outline the impact of Sales Performance Management (SPM) Technology on each area of the business including Sales, HR, Finance and Executive Management. In this sixth and final post, we discuss how SPM can support the Board of an organisation by providing visibility and transparency on their investment in sales. In some cases, this will be due to poor incentives plan design.

Social Selling and Big Data at the Upcoming Sales & Marketing 2.0 Conference #S20C

Smart Selling Tools

Social Selling and Big Data at the Upcoming Sales & Marketing 2.0 Next week, Sales Dot Two Inc., will host the Sales & Marketing 2.0 The focus is purported to be on the benefits of big data for B2B sales organizations with an emphasis on social technologies.

MBO Examples to Kickstart Your Sales Team Engagement

Xactly

Management by Objectives, aka MBOs, are goals set for employees to improve overall sales performance, as agreed up on by sales manager and rep. And, they can have a big impact on sales team engagement and motivation. Setting Goals That Drive Sales Engagement.

Mo’ Adjustments, Mo’ Problems – and Mo’ Sales Comp Admins Won’t Solve Them

OpenSymmetry

How likely is your sales incentive plan going to be dead on arrival, riddled with holes caused by requests for changes and exceptions? At least three months prior to the new year, finance teams slave over intricate details and policies for sales incentive plans to make for a smoother payroll cycle next year. Best-in-class companies aim for fewer than 5% of the sales team receiving adjustments each pay period. Evaluate your data feeds.

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

OpenSymmetry

In this six-part blog series OpenSymmetry and IBM outline the impact of Sales Performance Management (SPM) Technology on each area of the business including Sales, HR, Finance and Executive Management. Effective SPM can be a game-changer for sales organisations as sales and performance information is readily available to the seller bringing trust, motivation and direction to the sales process.

It’s in the Numbers: Building High-Performance Sales Teams Through Data Analytics

Sales Training Advice

Everybody talks about data analytics in marketing and how it’s critical to find prospects who look like your existing customers. But data analytics is just as important for finding, hiring, managing, and retaining the right talent. Over the past few years, employers have been using data to predict the capability and capacity of candidates before they even walk through the door. What It Means for Sales. Sales often requires a certain type of person.

Your Frontline Sales Managers are a Key Cog in the Coaching Process

Showpad

Sales managers at any organization are in a position to guide and motivate those they lead, similar to the coach of a sports team. So it would make sense to give managers the proper training for sales coaching, right? It may seem obvious, but a study by ATD discovered that only 11 percent of organizations train their sales managers to a high extent. Unfortunately, many sales managers do not know how to coach properly and aren’t being held accountable.

Here’s What Every Business Should Know about Multi-Channel Sales Management

Cincom Smart Selling

In many ways, managing multiple sales channels is like climbing that mountain—it looks easy until you really get into the process, and then the challenges and difficulties become all too apparent. I don’t know how many times I’ve heard marketing folks declare during a midyear progress meeting that the sales numbers for that year can still be made, we just need to open up an indirect channel. You Need Channel Management. Effective channel management doesn’t just happen.

Is Your Compensation Plan Driving Sales to the Wrong Finish Line?

OpenSymmetry

“Moving the needle” in terms of overall sales force performance is no mean feat. Sales Enablement – yes, big S, big E – is becoming an increasingly important function of many sales organizations, charged with increasing productivity, typically through the effective application of investments in people, technology, process and content. So where does a sales VP place their bets? How we manage the deal. How we capture data and information.

7 Critical Sales Leadership Challenges

Steven Rosen

That could crush your sales organization. Let’s face it, being a sales executive has become increasingly more difficult. Chances are next year’s sales objective is going up and your budget is being reduced.

Outstanding in the Field: ICM Self-Service Enablement for Field Reps

OpenSymmetry

Likewise, it’s no surprise that more companies are adopting that same mantra with employee self-service in regards to their field sales force. As mentioned in my previous blog , Incentive Compensation Management (ICM) solutions have moved far beyond being an automated calculator for determining commission and bonus incentives. Through the improvement of workflow capabilities within ICM solutions, two major benefits change the game for field sales reps: 1.