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. Incentives. Good incentives rely on high degrees of precision to generate motivation. Reps Benefit From Incentives.

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.

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Group travel is down, but not out

Sales and Marketing Management

Author: Paul Nolan According to an April survey by the Incentive Research Foundation, the top concern about participating in work or reward-related travel was the threat of an epidemic/pandemic at 33%, followed closely by severe weather at 29%. Incentives interrupted.

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Changes Afoot for Incentive Travel Programs

Sales and Marketing Management

A full recovery is expected at some point, but the look of group travel may be forever changed. The post Changes Afoot for Incentive Travel Programs appeared first on Sales & Marketing Management. Special Report

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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 secrets to channel incentive success

Sales and Marketing Management

companies spend over $17 billion on channel incentive awards each year, according to the Incentive Federation. Channel incentive programs are designed to gain the time and discretionary attention of your partners by: • Gaining increased shelf space by encouraging distributors to shift inventory away from competitors to your products. Team incentives can increase performance by as much as 44 percent. As a group, they have the greatest potential to generate results.

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.

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G.I. Joe and your sales incentive

Sales and Marketing Management

Simply sending an email announcement of your next incentive to make the reps aware of the program will not maximize results. Effective incentives are more than awareness. Sales managers are wise to use incentives to improve their results. Incentives stimulate the parts of the brain that respond to happy emotions. Here are four things sales managers can do to go beyond creating awareness of the incentive details to maximize the value of their incentives.

How Sales Leaders Can Motivate Younger Employees Through Purpose-Driven Incentives

Sales and Marketing Management

Millennials are now the largest group in the workforce, and like their Generation Z coworkers, they care deeply about environmental and social causes. Sometimes, the best incentive is the work itself.

5 Secrets to Channel Incentive Success

Sales and Marketing Management

companies spend over $17 billion on channel incentive awards each year, according to the Incentive Federation. Channel incentive programs are designed to gain the time and discretionary attention of your partners by: • Gaining increased shelf space by encouraging distributors to shift inventory away from competitors to your products. Team incentives can increase performance by as much as 44 percent. As a group, they have the greatest potential to generate results.

How Sales Leaders Can Motivate Younger Employees through Purpose-Driven Incentives

Sales and Marketing Management

Millennials are now the largest group in the workforce , and like their Generation Z coworkers, they care deeply about environmental and social causes. Sometimes, the best incentive is the work itself.

The most in-demand group travel destinations

Sales and Marketing Management

Spain, Thailand and China are the most in-demand event destinations for meetings, incentives, conferences and exhibitions (MICE) planners in 2019, with a lot of interest in Peru and European destinations, according to global destination and event management company Pacific World. These planners, attendees and travelers are looking to fulfill their hunger for authenticity, one of this year’s major incentive trends.”.

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10 Incentive Travel Facts You Can Put To Good Use

Sales and Marketing Management

The Incentive Research Foundation (IRF), a private not-for-profit foundation that focuses its initiatives on pragmatic research highlighting the premise and the power of incentive and motivational programs, issued a list of 10 incentive travel facts to commemorate Global Meetings Industry Day. firms over $1MM in revenue use incentive travel to motivate their people and partners. firms spend over $14B annually on incentive travel. 

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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.

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

Xactly

Learn about XO Group's sales compensation process and how Xactly has helped them improve performance

16 Sales Incentives to Keep Your Team Engaged and Motivated

Xactly

Sales incentives are a great way to motivate your team and keep morale high. Your first line of motivation is your sales commission structure , but there are several different types of sales incentives you can use to further encourage your team. Special performance incentive funds, also known as SPIFs, are a popular approach to incentivize reps, but the question is the form of the incentive—cash or non-cash. Getting SPIFs Right as Sales 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. 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.

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

Sales and Marketing Management

Through a nomination process, a select group of high achievers would be given a couple of days off from their normal jobs, flown to a nice venue, and asked to participate in a series of “think tank” exercises with senior management on how the company could operate more effectively. While on the surface, this incentive strategy had some validity, the results were not what the company predicted, or wanted.

How to Fuel Explosive Revenue Growth with Kick-ass Sales Incentives

Sales Hacker

If you’re looking to get a little extra from your revenue team, examining your sales incentives program is a great place to start. . An effective sales incentive program is not just the fuel to drive your revenue team. Why It Matters to Invest in Sales Incentives R ight N ow.

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

X Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Nuance Communications)

Xactly

Ultimately, the new compensation and incentive plans must successfully motivate the right sales behaviors to achieve goals, all while driving growth. After close to a year, we decided that Express was not flexible enough to handle our complex plans and increasing number of reps, so we decided to implement Xactly Incent in 2015. Nuance had just implemented Xactly Incent a year or so prior to my joining but was in over their heads after some key Admins left the company.

The Case for Team-Based Sales Incentives

Xactly

Historically, sales performance incentives have been focused on individual recognition. But only offering individual sales incentives is narrow-minded and can be supplemented with team-based rewards. The concern is that group incentives can undercut individual ones, but you can strike an effective balance. Fostering and promoting such behavior can go hand in hand with the addition of team-based rewards to an individually focused sales incentive plan.

Sales Incentives, Awards, Lead Follow Up and Sales Effectiveness

Understanding the Sales Force

Dave Kurlan wrote: They should receive the incentive only if the opportunity makes it as far as 2 nd base in the sales process. Objective Management Group (OMG) won Gold for Top Sales Assessment Tool for the 2nd straight year! Understanding the Sales Force by Dave Kurlan Today I had the following email exchange: Subject: Question on Comp. Dave, I have a question on comp and I need help. We have "appointment setters" that have a quota of 16 appointments per quarter.

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

Sales Hacker

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. . Bringing salespeople in for an interview before you’ve figured out exactly how you’ll compensate them for their work leaves you in a tongue-tied, unenviable position when eager candidates ask about things like quotas, sales incentives, what data you use to set goals, and how often your team exceeds those goals.

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

Xactly

The resulting incentive plan must develop a compensation process that will motivates the right sales behaviors to achieve goals, all while driving growth. She works in implementation and design of plans/rules/reports using Xactly and acts as the liaison between the IT, Sales Operationss and other functional groups to help develop the best plan model for sales. Sales compensation is one of the most important components of sales planning.

Sales Incentives: What Works and What Doesn’t?

The Brooks Group

The driving motivators behind performance can vary greatly from one individual to the next, but there are some groups who are generally fueled by the same set of rewards. By adding in a few carefully selected sales incentives, you can capitalize on this competitive streak and really get your team to race full speed towards sales goals. Sales incentives can be broken down into three categories. Tangible Sales Incentives. Intangible Sales Incentives.

Regaining Trust and Engagement for In-Person Events

Sales and Marketing Management

The Incentive Research Foundation convened a group of incentive professionals in Florida this summer to discuss factors that are impacting corporate decisions regarding relaunching incentive travel programs. Here are some of the highlights. Safety Protocols Increase Confidence The IRF implemented its own COVID-related best practices and participants said it positively impacted their decision to attend. […].

TSE 1113: Leveraging Sales Incentive Data to Increase Performance and ROI

Sales Evangelist

Sales is equal parts art and science and one of the keys to success is leveraging sales incentive data to increase performance and ROI. Jason Atkins is the founder of 360 Insights, a software platform that enables large brands to execute all of their channel incentive strategies. Executing sales incentives One of the first keys is to understand why people sell what they sell. Then align the incentives across the journey.

Sales Incentives: What Works and What Doesn’t?

The Brooks Group

The driving motivators behind performance can vary greatly from one individual to the next, but there are some groups who are generally fueled by the same set of rewards. By adding in a few carefully selected sales incentives, you can capitalize on this competitive streak and really get your team to race full speed towards sales goals. Sales incentives can be broken down into three categories. Tangible Sales Incentives. Intangible Sales Incentives.

Crush communication siloes during your ICM implementation

OpenSymmetry

For SPM software implementations, with myriad stakeholder groups involved in the project’s success, it’s critical that each group has clear expectations. Evaluate the current structure for communication within your organization, the overall readiness of each stakeholder group for the new platform, and the future state processes and ownership of the new system. It’s the beginning of the year, and a much-needed ICM implementation may be in the works.

Guest blog: 10 Success Factors For Quotas Part 1

OpenSymmetry

Jay Klompmaker, longtime professor of business administration at the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School, likens the necessity of including both finance and front line sales reps in the quota setting process to the old anecdote of a group of blindfolded people each feeling only one part of an elephant. One group feels its leg and thinks it’s a tree.Another group feels only its trunk and thinks it’s a snake.

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

OpenSymmetry

SPM technologies like IBM Incentive Compensation Management empower Sales Leaders by providing real time pay for performance information. Sales Leaders have the information to ensure that incentive design rewards the top performers effectively leading to higher retention. For the mighty middle, Sales Leaders have the data to design incentives that encourages an extra 5-10% performance out of a group that can get complacent.

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.

What You Must Know Before Changing the Sales Compensation Plan

Braveheart Sales

The plan should be designed to incent individuals to perform the way leadership desires in support of the company’s goals. Blog By Gretchen Gordon compensation plans Motivation Objective Management Group sales leadership Sales Management2021 (thankfully) is weeks away.

Mylan Sold Its Soul – Will Your Sales Team?

OpenSymmetry

From executive compensation and incentive strategies to the legislative framework, we will dissect this case to address the fact that this is not just a problem plaguing Big Pharma, but any entity that drives people within the organization to a goal through incentive compensation. Mylan’s Executive Compensation Structure – The Incentive Plan that Started It All. The principle demonstrated in this high profile case is that incentives undoubtedly drive behavior.

Your Quotas are Awful: How to Improve Sales Performance with Comp Plan Design

Xactly

Really, the focus should be on how you can improve sales performance with well-designed incentive plans. ” VP Finance: “Reps want to earn incentives monthly so you need to have monthly quotas which are less accurate. The reality is that sales incentive plan (SIP) design should be a collaborative effort and need to take into account quota setting accuracy. of Target Incentive Paid for Each 1% of Quota Achievement. and 3 times their target incentive.

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

OpenSymmetry

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. Currently, the most common workflow solution in place is the company’s email server, with the best case scenario of having group email accounts so requests don’t get dropped if an individual is out of the office. Evaluate your current system for incentive compensation management.

Avoiding Rejection: 5 Steps to Smooth User Adoption for an ICM System

OpenSymmetry

Be clear about each user group that will be interfacing with the new system. Remember, each user group is likely performing varying, distinct tasks in the system; what may be helpful for one group could detract others, so make it relevant! Strategy ICM Incentive Comp Incentive Compensation Management user adoptionI was once a post-it junkie.

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. For example, Corporate Integrity Agreements (CIAs) were implemented by the DoJ as a way to curtail off-label drug promotion which forced companies to ensure their sales incentives encouraged proper compliance. Bowe claims this could be a source of the overdose crisis and a case of crossing the fine line between sales incentives and public health.