Training Incentives Are Vital in the Digital Sales Era

Sales and Marketing Management

As a longtime member of the incentives industry, I am often asked what businesses can do to better manage their sales teams and their relationships with their channel partners in the constantly changing world. A closer look at a sales training incentive program.

Incentives and Rewards: A Closer Look

Sales and Marketing Management

In short, more precision is better for rewards used with incentives, while less precision is better for rewards used with recognition. As an example, a highly precise reward could be a $50 Amazon gift card or $500 cash. Incentives. Good incentives rely on high degrees of precision to generate motivation. That’s a key reason why the classic do-this-get-that model in incentive design is so standard and so effective. Reps Benefit From Incentives.

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Incentive Program FAQs

Sales and Marketing Management

For example, what caused pain points at the end of the program: reps changing territories mid-program, sales that were booked but not invoiced, clients who made verbal commitments but didn’t sign contracts, field sales managers that vouched for sales that didn’t get logged into the system on time, etc.? Q: Why not use quota as a bar to require reps to pass before they’re eligible to earn in the incentive program?

Juuust right incentives

Sales and Marketing Management

Author: Tim Houlihan Sales leaders are always trying to figure out how to get the most out of their reps at the lowest cost, and incentives are excellent at revealing that sweet spot. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right. The rule of thumb for calibrating incentives is to pay out between 3 and 10 percent of total compensation (commensurate with the period the incentive is active).

Juuust right incentives

Sales and Marketing Management

Author: Tim Houlihan Sales leaders are always trying to figure out how to get the most out of their reps at the lowest cost, and incentives are excellent at revealing that sweet spot. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right. The rule of thumb for calibrating incentives is to pay out between 3 and 10 percent of total compensation (commensurate with the period the incentive is active).

5 incentive travel trends for 2019

Sales and Marketing Management

Author: Paul Nolan Meetings and incentive travel professionals agree that Brexit will impact their industry, but they differ on what sort of impact it will have. The British-based C&IT Magazine recently summarized five incentive travel trends that will impact programs in 2019. Unsurprisingly the most common prediction for what will impact the incentive travel industry in the coming year was Brexit. Together, they are becoming intrinsic to incentive travel’s success.

Travel 120

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. Creating incentive programs that work require balancing multiple design choices. If there is a balance of individual and team work, these incentives can be weighted in different combinations depending on the situation.

10 Ways To Boost Your Sales Incentive Strategy

Sales and Marketing Management

Author: George Kriza, CEO, MTCPerformance Your organization wants to drive sales with an incentive program. Here are 10 of the most important elements in designing and deploying your next incentive campaign. Are they already in other incentive programs, or is yours the only one they’ll see? Target the right market segments: Decide which sales organizations, geographies and channels will deliver maximum performance for your incentive budget.

10 sales incentives that actually motivate sales teams

Zendesk Sell

Not all sales incentives are created equal. A sales incentive is effective only if it’s something your team actually wants. And while we’re all familiar with the typical cash incentive, some reps might need something new and exciting to truly motivate them. If you’re unsure where to begin, start with the 10 sales incentive ideas below. Give your team a reason to keep their “eye on the prize” with travel sales incentives. Let your employees pick their incentives.

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. For example, here is a sample sales manager compensation plan typically used for a Software as a Service (SaaS) company (learn more about the software sales commission plan, here ).

2019’s Top Channel Incentive Tips

Allbound

Incentive programs are critical to any successful channel sales model. By inspiring or rewarding certain behaviors in your partners, incentives can help steer the course for any successful business relationship. As part of your partner relationship management (PRM), your incentive strategies help attract partners to your offerings while unifying you network and directing it towards a clear goal. Here’s some more advice to building a successful channel incentive program: 1.)

Incentive Compensation Design in the Retail Sector

OpenSymmetry

What does the Future for Incentive Compensation Design in Retail Hold? Before designing an incentive plan, organizations must first define the criteria that relates to the area of responsibility for each role, or what we compensation experts call “line of sight”. For example, it wouldn’t be prudent to tie a salesperson’s incentive compensation to gross margin since salespeople do not determine markups or discounts.

MBO Examples to Kickstart Your Sales Team Engagement

Xactly

To help, we’ve created MBO examples to get you going in the right direction and help you visualize how goals and objectives might differ by industry and role (Note: the same should apply for compensation and commission plans ), whether it’s in sales, marketing, or manufacturing. These examples demonstrate how successful companies go through the process of making achievable goals alongside their reps for the entire sales organization—and not against them.

Six People You Should Invite to Your Incentive Compensation Planning Party

Xactly

You may feel we’re being a bit too generous here with the word “party,” but considering how much we love flawless incentive compensation, we think a celebratory vibe is just what your planning committee really needs. In fact, incentive comp planning process breakdown happens largely because companies fail to create the right guest list—resulting in a massive gap between sales compensation plans and company goals. Incentive Compensation Sales Planning

Driving Innovation Rocky Flats Example Outcome Contracting

Nyden on Negotiation

I explain in this video how the Department of Energy and the Kaiser-Hill joint venture used outcome and incentive-based contracting principles to drive innovation. Video contract negotiations Department of Energy drive innovation Kaiser-Hill joint venture negotiate outcome and incentive-based contracting principles procurement real innovation from your customer/supplier relationshipHave you ever wondered how to get real innovation from your customer/supplier relationship?

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. Sales incentives can be like square pegs. Incentive compensation is intended to reward specific behaviors of the sales force. Missing the Connection - Some Examples. Here are some real-life examples of poorly designed incentives. If asked, the customer would not pay for any of these activities: Margin Incentive. Product Launch Incentive.

Sales Incentive Program Management as a Profit Center for CFO’s of Large Channel Members and Distributors

Sales and Marketing Management

Author: George Kriza, CEO, MTCPerformance For most large resellers or distributors, sales incentive programs for internal sales teams get little attention from top financial executives inside their organizations. The opportunity to benefit from successful sales incentives programs are there, executives just need to understand how to uncover them. Most multibillion-dollar reseller and distributor organizations attract millions of incentive dollars.

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. In the previous example, the company’s leaders assumed their high performers would be as engaged in the company’s operational effectiveness as were they.

8 Critical Questions to Ask Yourself as You Build a Sales Incentives Program for 2019

Sales Hacker

Still, they don’t always nail down the details when it comes to the things that might entice a prospective salesperson — like a well-rounded sales compensation plan , for example. Creating a strong sales incentives program will help you attract and retain A-list sales talent, so it is worth putting in the legwork to create a strong plan. . So why do sales leaders overlook something as important as a sales incentives program? Creating a Winning Sales Incentives Program.

Optimal Incentive Compensation Plan Design for Successful Implementation

OpenSymmetry

In the second scenario, the organisation has a strong HR or Sales leader driving the project who wants to look at a simplified process or wants a simplified incentives landscape before they start automating. The organisation may have been through plan redesign already or might have a simple incentives landscape which might just need minor surgery. Finally, 70-80% of companies will have no or at best inflexible technology to support incentives.

Sales dashboard templates, examples & KPIs for high-performing teams

Close.io

Sales dashboard examples: which type do you need to use? Or will it be used by a sales manager or leader to track overall performance metrics to award bonuses and create incentive plans? Examples. For example, using sales benchmarks like the 30/50 rule for cold emailing and calling , you can analyze your sales funnel from the top down to see where you need to make adjustments. Sales dashboard examples: Which type do you need to use?

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

Smart Selling Tools

As an example, the system might identify an opportunity to cross or upsell based on the data of the system. There were other equally impressive examples given, among them was micro sales training reinforcement through CallidusCloud’s Litmos solution using an iWatch. CallidusCloud held their Connections conference last week at the Wynn in Las Vegas.

Driving Innovation Rocky Flats Example Outcome Contracting

Nyden on Negotiation

I explain in this video how the Department of Energy and the Kaiser-Hill joint venture used outcome and incentive-based contracting principles to drive innovation. Have you ever wondered how to get real innovation from your customer/supplier relationship? Innovations that turned a nuclear materials production site into a wildlife refuge while saving the US taxpayers billions in dollars. Yes, you read that right the US federal government did something very right.

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. For example, organizations might need to manually upload their compensation data into their existing ERP or CRM or HCM system and vice versa due to lack of seamless integration.

Designing Sales Compensation Plans for Sales Managers (With Examples)

Xactly

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?

Game the Plan – With Chris Cabrera

The Pipeline

Almost everyone in sales will tell you that incentives drive behaviour, but beyond that there is often little agreement among the pundits as to what the right incentive plan is. But ask Christopher Cabrera , founder, president and CEO of Xactly Corporation , who has a different view, and believes that front line reps and CFOs do not need to be at odds when it comes to incentives. He also discussed that managing activity is the role of management not the incentive plan.

9 Sales Dashboard Examples That'll Help You Set Up Your Own

Hubspot Sales

And sales leaders use these metrics to track progress toward goals, make decisions and plans, adjust compensation, award bonuses and incentives, and identify issues before they become large problems. For example, if you have an outside sales team who'll be on-the-go, consider making a mobile-friendly version of the dashboard so it can be viewed from a mobile phone, tablet, or computer. Sales Dashboard Examples.

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

Xactly

Those who work to create a plan for their company must develop a compensation process and incentive plan that will motivate the right sales behaviors to achieve goals, all while driving growth. My favorite Xactly Tip/trick is “Named Relations” [For example,] example, if John Doe receives credit for $100k sales, we can assign multiple sales rep to John Doe. At Xactly, we want to provide an integrated incentive compensation planning process.

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

Xactly

Those who work to create a plan for their company must develop a compensation process and incentive plan that will motivate the right sales behaviors to achieve goals, all while driving growth. My favorite Xactly Tip/trick is “Named Relations” [For example,] example, if John Doe receives credit for $100k sales, we can assign multiple sales rep to John Doe. At Xactly, we want to provide an integrated incentive compensation planning process.

17 Creative Sales Incentives (Other than Money) to Motivate Your Salespeople

The Brooks Group

What Is a Sales Incentive? . A sales incentive is money or some other type of reward offered to salespeople for selling a particular amount of goods or services. . Whether your team is in a slump and needs extra motivation, or you have an aggressive goal that needs to be hit, thinking outside the box with your sales incentives is a great way to boost motivation and performance. It’s a great idea to offer options when you’re running a sales incentive program.

Are You Really Asking For The Order?

MTD Sales Training

The Incentive Close. Another way that sales people can ask for the sale without clearly asking for the sale is to use some incentive in an effort to stimulate the prospect to action. “So Poor Examples Questioning Skills Sales Interactions asking the right sales questions closing lines closing techniques closing the saleFailing to Ask For the Sale. A problem that many sales people have is that they do not properly ask for the order.

Sales Leaders – You Get What You Ask For – Sales eXchange 237

The Pipeline

One obvious factor and lever is incentive. I keep hearing, as I have heard throughout my sales career, that incentive drives behaviour, if so why do so many companies (senior sales executives), continue to reward sales people on the price they get, rather than the profit that sales person contributes? I have fund that companies who incent their sales people based on gross profits are consistently better aligned with their reps, and achieve mutually better results.

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. Your sales compensation planning (and resulting sales incentive plan) should consider the different parts of your compensation plan (e.g., Pay mix—the ratio of base salary to target incentives (aka commission) that your sales reps earn—is an important part of this.

SPM Transforms the Career Path from Admin to Analyst

OpenSymmetry

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. As long as sales data is available, SPM Technology can be configured to connect directly to source systems, for example Sales Force, extract data, and calculate pay for performance information using configurable reports and analytics.

Guest blog: 10 Success Factors for Quotas Part 2

OpenSymmetry

For example: A rep will have great revenue performance (a leap) in year one; That rep gets punished with an inflated quota in year two; Therefore, the rephas low attainment of that inflated quota (a dive) in year two. For example, a company with a $1 billion corporate goal with a sum of all front line quotas of $1.05 This is the second in a two-part series of Ten Success Factors for Better Quotas. Click here for Part I. Move Beyond History.

Quota 52

What is Gamification?

LevelEleven

These are both examples of incorporating elements of gamification into your organization. Gamification Examples in Business. For example, running contests around sales KPIs such as dials, live connects, or deals closed keeps your sales team motivated to reach their goals. On top of that, gamifying the training process provides motivation and incentives to complete the training on time. Try giving employees incentives to meet and surpass goals through contests.

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. For example, if your company has recently undergone an acquisition or merger, you see similar business groups acting as separate entities, rather than cohesively.

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. For example, Xactly Insights allows customers to benchmark their commission plans against 13+ years of aggregate pay and performance data. Ideally you need a sales incentive planning team of six people.

Sales Performance Management 101 for Finance: Know the Cost of Your Investment in Sales

Gene Marks

The sales team produces a large body of disparate information which needs to be collected, converted into a suitable format and analysed to build out forecasts and leverage incentive compensation for peak sales performance. Lack of visibility not only leads to poor results from incentive compensation initiatives, but it could cause future financial and legal issues if payments are inaccurate.

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

OpenSymmetry

For example, is investing more heavily in training a better option than the introduction of a content management or CPQ tool? Uncategorized Commission ICM Incentive Compensation Incentive Compensation Management Plan Design sales performance management“Moving the needle” in terms of overall sales force performance is no mean feat.