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 incentive compensation planning team faces the challenge of balancing executive priorities and designing incentives that motivate reps.

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. Incentive Compensation Sales Planning

Sales Forecasting Accuracy: How to Put Your Data to Work

Xactly

When handled well, data can help ensure sales forecasting accuracy , but when handled exceptionally, data can drive alignment with sales and finance teams and even optimize your overall sales plan. So what can companies do to ensure data and sales forecasting accuracy? Sales data.

[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. Incentives drive sales behaviors, but when reps get paid incorrectly, it can lead to some big problems, specifically rep turnover.

Improve Sales Forecasting to Improve Sales Performance?

Anthony Cole Training

Yes, the title, "Improve Sales Forecasting to Improve Sales Performance?" Make a big deal out of compliance and reward success by providing incentives for people to input meaningful information and keep their information up-to-date.

Why Sales Forecast Quality is the New Accuracy

Pipeliner

If I had a dollar each time I heard someone opine the chasm between their revenue results and sales forecast , I’d be spending twelve weeks every summer relaxing in a tony Montana lodge, fly fishing by day, and gazing at constellations at night. Trying to get sales forecasts to hit actual revenue bang-on is a fool’s errand. Our biases infect forecasts. The sales team forecasts $100 million in revenue for the quarter.”. In this instance, is my forecast valuable?

Sales Reps Love Their CRM!

Smart Selling Tools

They love spending hours entering information about the email activity they’ve had with customers, meetings held, proposals delivered, and especially updating their forecast. In fact, who doesn’t love a good forecast session with their sales manager? Incentive compensation management.

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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. At Xactly, we want to provide an integrated incentive compensation planning process.

Sales Incentives Shouldn’t Be Used as Motivation to Close More Deals

A Sales Guy

If you are using money to incent sales people to sell MORE, you have a big problem. One of the participants asked this question: What incentives have you offered your sales teams to help motivate them to close more deals? If you are looking to incent your team to close more deals, you’re missing the real problem. I promise, if you’re not making your number, if you need more deals closed, it’s not because you need to incent more.

5 Simple Steps to Improve Your Sales Forecast Accuracy

The Brooks Group

The accuracy of your sales forecast impacts everything in your organization, from revenue projections to hiring and production capacity decisions. Yet according to Sirius Decisions , 79 percent of sales organizations miss their sales forecast by more than 10 percent.

Bonus vs. Commission: What’s the Difference?

Xactly

First and foremost, you need to incent your sales team to close deals. Without the right incentives and fair pay, performance will suffer. Because of this, creating a strong sales incentive plan can be a difficult task. This helps incent employees in all departments.

What do You Forecast?

The Ultimate Sales Executive Resource

The financial markets, represented by financial analysts, are the most demanding and unforgiving constituency when it comes to accuracy of the top line forecast of corporations who's stock is publicly traded. It is thus essential to know how financial analysts define the top line forecast? So it is probably the holder of the CFO role that should also be held accountable for GAAP revenue forecast. So effectively a team of executives becomes accountable for this forecast.

Why Your Reps Overestimate Sales Forecasts (And How to Prevent it)

Sales Hacker

“The reps are forecasting $1,000,000 this month,” I told my CEO back when I worked at InsightSquared. Well, what are YOU forecasting?” The Biggest Reason Reps Overestimate Their Forecasts. That’s why you can’t set a forecast based entirely on the word of your sales team.

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Guest blog: 10 Success Factors for Quotas Part 2

OpenSymmetry

Company never has clear picture of revenue forecasted. Incentive Compensation Sales Performance Management ICM Incentive Comp Incentive Compensation Management quota sales Sales Comp Sales Compensation sales performance management SPM

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Guest blog: 10 Success Factors For Quotas Part 1

OpenSymmetry

By combining a bottom-up view with the top-down expectations, you can consider granular information from the field on account opportunity and reconcile it with a bird’s eye view of how that opportunity looks across markets and overall macro forecasts or trends for market growth.

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

OpenSymmetry

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.

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.

Sales Performance Management 101 for Sales Leaders: Maximising Performance of Your Sales Team Using the Right Technology

OpenSymmetry

Setting sales strategies, calculating accurate sales forecasts, driving the culture and engagement of the sales team, motivating sales professionals, attracting and retaining top sellers, hitting targets and KPIs sales leaders need to be able to combine vision, processes and people in an effective way to drive optimal sales performance. These activities include territory and target setting, forecasting, approving commissions and bonuses and query management.

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

Xactly

Download our "Ultimate Guide to Sales Compensation Planning" for incentive best practices and everything you need for a sales comp plan design project. Improved financial sales forecasting. Most companies start off their incentive compensation plans with a single measure: revenue.

Sales Tech Simplified: How to Turn Relationships Into Revenues with @ModelN

Smart Selling Tools

These insights are also used to quickly identify and share best practices across the team [Developing and Coaching] and driving more accurate and timely reporting, forecasting and measurement of performance. In this series, we ask tech executives to describe the why and how of their solution.

Smart Selling Visions: Up-Close with Top Revenue Leader K.V. Rao, CEO of @AvisoInc

Smart Selling Tools

The weekly sales forecasting process is the heartbeat of a sales teams’ activities, and intended to be a roadmap for the selling period. These static sales forecasts are unable to provide true insights into the business.

The Criticality of SPM Technology

OpenSymmetry

While, incentive compensation administration is still a main piece, the broader SPM technology concept is expanding more holistically to include other key aspects which directly impacts how a sales team might perform, including talent development, sales enablement, and territory and quota management.

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Improving the Sales Organization’s Change Readiness

OpenSymmetry

Many companies underestimate the change challenge and respond only tactically with the emphasis being on a quick response to a challenge often seen through rushed amendments to the incentive plan or hiring new people. Meeting the Change Readiness Challenge.

Sales Performance Management: Not Your Parent’s Compensation Calculator

OpenSymmetry

We have been ushered through the age of Incentive Compensation Management (ICM) being the buzzword 4 to 5 years ago into an age of where the focus is now on the performance. Compensation Plan Modeling and Forecasting can be a disjointed process with lots of iteration as excel versions pile up.

The 5 Essential To-Dos for Every Inside Sales Leader

Smart Selling Tools

I soaked in the information presented at the breakout sessions that covered relevant topics such as, how to lead a Gen Y team and drive results, effective on-boarding, compensation and incentive strateiges, account planning; and the art and science of online sales calls.

How Your Go-To-Market Strategy Is the Secret Sauce of Sales

Sales and Marketing Management

Technology allows sales forecasts to finally achieve the accuracy we’ve all been waiting for. Sales incentives – Sales incentives motivate your team to sell the products that matter to the customers that matter. Author: Jason Loh Every chef has their secret sauce.

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 ).

Lessons Learned for Sales and Finance Leaders in 2019

Xactly

Watch the webinar "CXO Fireside Chat: 5 Ways Data Can Elevate Sales Performance Management in 2019" to hear how Xactly has transformed sales performance beyond incentive compensation a year into the process.

[Webinar Recap] How to Use Optimized Sales Planning to Drive Growth like Salesforce

Xactly

Nearly 70 percent of Xactly customers use Salesforce to manage their sales force compensation plans, and Salesforce is a long-standing Xactly customer (since 2010), using Xactly Incent to manage more than 15,000 payees on compensation plans.

The Science of Motivation

Sales and Marketing Management

Sales manager: I’d like to know what rewards the reps would like for our next incentive. Or maybe you think that incentives have run their course and it’s time to drop them altogether. If you’re thinking of asking your reps what will make the best prize in the incentive program, stop. Are incentives obsolete? A recent Harvard Business Review article1 noted that it’s time to move past incentives for sales reps because the way sales are made has changed.

SalesGlobe Expands Sales Performance Management Solutions with OpenSymmetry Partnership

OpenSymmetry

Expanding upon SalesGlobe ’s sales incentive design, territory and segmentation, and quota methodology practices, a new partnership with OpenSymmetry will allow us to help clients make the most out of a sales performance management solution. Together, OpenSymmetry and SalesGlobe will address areas of sales performance to lower cost, increase visibility, accurately forecast revenue, and manage risk.

7 skills you’ll need to become a sales manager

Close.io

Mentoring individual sales reps and administering incentive programs. Your job isn’t to do everything for your team, but to instead build the right team that can can excel when given useful tools, guidance and incentive. Forecasting sales results (within a reasonable margin of error).

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

Sales Hacker

To do their jobs, sales managers delve in data, technology, metrics, and forecasts. Whether through inspiration, coaching, training, technology, or incentives, sales managers need to enable each member of the team to deliver high performance and achieve their individual targets.

Commission Plan Explosions: How to Avoid High Payouts With Collective Underperformance

Xactly

Every leader within an organization has heard of the sales ops and finance nightmare–you’re making high sales incentive compensation payouts, but as a whole, the company misses its sales targets and goals. So what happens if the sales incentive plans blow up?

The Missing Link Between Your CRM Investment and Sales Performance

Miller Heiman Group

The top three responses were better sales enablement, improved forecast accuracy and more decision-making data for executives. When sales leaders can’t get the data they need, they gather it through other means, such as manual forecast processes. 3: A formal process removes the top barrier to accurate forecasting. The consistency of data also removes the top obstacle to sales forecasting as identified by respondents to our study: Salespeople are too subjective.

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How Big Data Can Help the Sales Leader

Sales Benchmark Index

There is truth to this forecasting method, but it ignores all other opportunity information. This is unaccounted for in a simple Sales Stage forecast projection. When compared to historical deals, an accurate opportunity forecast was applied following each interaction.

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10 Ways Data and Automation are Evolving Sales Planning

Xactly

Download the "2018 Sales Compensation Administration Best Practices Executive Guide," for incentive compensation trends, best practices, and tips to drive the right sales behaviors to kickoff your sales compensation planning. Drive the Right Sales Behaviors with Incentives.

Four Reasons for Quota Failures

Pointclear

When the revenue isn’t hitting forecast, there is more to it than training the reps (few need it), competitive offers (there are always competitors), or product failures (seldom valid). Is the sales incentive bar set too high? Your sales forecast (AKA sales pipeline) is the first indicator of failing sales and therefore quota failures; it is a very reliable indicator of the future. “I ignore the quota,” Theresa the salesperson said. “No

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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. "The art of moving forward lies in understanding what to leave behind."

Just Out! Our Top 20 Sales Tech Vendors to Follow at Dreamforce #DF17

Smart Selling Tools

Aviso @AvisoInc Aviso is one of the industry’s most powerful forecasting and sales visibility platform with real-time sales dashboards, AI-powered forecasts, automated rollup, pipeline value predictions, and data-driven insights. Dreamforce 2017 is just around the corner.

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