Rethinking Sales Incentives

The Pipeline

As part of a series of posts dealing with areas you should consider, better yet reconsider, going in to the New Year, today we look at incentive. While there are other expenses, commissions/incentives, are the most direct “payment” you pay for bringing in revenue. While there have been variations, updates and paint over through the years, little has changed in how and what you pay for. Read the piece here: Rethinking Sales Incentives Then comment below.

Is Your Incentive Plan Driving Activity or Performance?

The Pipeline

Sales pundits love to talk about change, and there is no shortage of opportunity brought about by the changes we face today. But having been at the game for a while the one thing that never changes is the view and approach to incentive or commissions. And while it is easy to get people to agree that incentive drives behavior, it is a bit less easy to validate. Is your incentive plan driving activity or performance? By Tibor Shanto.

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Employee Incentives: How to Drive the Behavior You Want

Xactly

Employee incentives drive behavior and performance. Learn how to motivate your employees effectively and design incentives that are aligned with company goals. Incentive Compensation Sales Coaching and Motivation

Incentives and Rewards: A Closer Look

Sales and Marketing Management

Her research points to important aspects of how rewards, the signals they send and their efficacy are affected by precision. In short, more precision is better for rewards used with incentives, while less precision is better for rewards used with recognition. By precision, she’s referring to specificity or how the reward aligns with an exact amount or value. A highly imprecise reward is a day at the spa or a dinner for two or a trip to Hawaii. Incentives.

How to Increase ROI of Sales Incentive Compensation with Automation

Xactly

Discover how automating incentive compensation management (ICM) can improve the ROI of sales compensation. Incentive Compensation Sales Performance Management

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. Researchers have confirmed that paying too little is insulting and paying too much can cause reps to choke. Finding the sweet spot for an incentive is like how Mama Bear’s porridge was juuust right. The best duration of an incentive is no longer than 90 days.

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. This is why incentives are so helpful. .

How to Design an Incentive Compensation Plan That Works

Sales Benchmark Index

Article Sales Strategy SBI for SMB comp planning compensation plan plan sales comp sales compensation

10 sales incentives that actually motivate sales teams

Zendesk Sell

Not all sales incentives are created equal. A gift card to a chic boutique might motivate one sales rep but bore another. 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. Start by getting to know the individuals on your sales team. Tickets to concerts or sporting events.

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

Sales and Marketing Management

Author: Leeatt Rothschild Younger employees are committed to the issues they’re passionate about. They expect their employers to care, too. Here’s how to inspire your millennial and Gen Z sales reps using mission-driven prospecting gifts and employee recognition.

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. To figure out what the best amount of the award should be, consider starting with the midpoint of the average (7 percent) and make minor adjustments from there. Matching Incentive to Your Corporate Culture. Track Incentive Results. The same rigor must be applied to your incentives.

Save President?s Club: How to Adapt Your Sales Recognition & Incentives Strategy

Sales Hacker

The post Save President’s Club: How to Adapt Your Sales Recognition & Incentives Strategy appeared first on Sales Hacker. Sales Management Webinars

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

Xactly

Customer Story Incentive CompensationAs part of our Friends of Xactly (FOX) Community, we spoke with sales compensation leaders about their journeys in sales compensation and best practices.

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

Sales and Marketing Management

Author: Rick Garlick and Bob Nelson Several years ago, a company came up with a creative way to recognize its top performing employees. 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. This usually leads to a couple of different scenarios.

Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. Compensation and benefits professionals are under pressure to provide guidance to achieve great plan design. So often the response from businesses to the plan design challenge is tactical and just focused on getting something in workable in place by the start of the new performance year. Payout will continue to be late and inaccurate because the SPM technology has not been fixed. Sales Incentive Design.

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. To figure out what the best amount of the award should be, consider starting with the midpoint of the average (7 percent) and make minor adjustments from there. Matching Incentive to Your Corporate Culture. Track Incentive Results. The same rigor must be applied to your incentives.

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

Xactly

The sales planning process can become quite complex, especially when it comes to designing sales compensation plans. From building a team to analyze metrics and company goals, the job carries a large amount of responsibility. Ultimately, the new compensation and incentive plans must successfully motivate the right sales behaviors to achieve goals, all while driving growth. Fortunately, sales compensation planning doesn’t have to be a tiresome, drawn-out process.

16 Sales Incentives to Keep Your Team Engaged and Motivated

Xactly

As a sales leader, you should always be thinking of new ways to motivate your sales team, focus on closing deals, and keep reps’ eyes on the prize…literally and figuratively. Whether you’re encouraging reps to close out the quarter or year strong, or kicking off the start of a new fiscal year, keeping reps engaged is key to achieving goals and hitting revenue numbers. Sales incentives are a great way to motivate your team and keep morale high.

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

Xactly

Customer Story Incentive CompensationAs part of our Friends of Xactly (FOX) Community, we spoke with sales compensation leaders about their journeys in sales compensation and best practices.

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

Sales and Marketing Management

Author: Leeatt Rothschild Younger employees are committed to the issues they’re passionate about. They expect their employers to care, too. According to a survey from management consulting firm Korn Ferry, 63% of millennials said the primary purpose of businesses should be improving society instead of generating profit. Here’s how to inspire your millennial and Gen Z sales reps using mission-driven prospecting gifts and employee recognition.

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

Xactly

Learn about ZS’s sales compensation process and how they’ve partnered with Xactly to help customers improve performance. Customer Story Incentive Compensation

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. Some see it as a black art, while others, usually sales people, see it as something to manipulate, hence the expression ‘gaming the plan’. One aspect of the incentive where the pendulum of opinion swings back and forth is between simplicity and complexity of a plan.

How to Use Compensation Benchmarking to Make Your Number

Sales Benchmark Index

As Summer wraps up and a successful third quarter draws towards a close, it’s time for sales leaders to start looking towards 2020 and beyond as part of the annual planning process. Amongst the plethora of reports and discussions to.

How to Run a Killer Sales Incentive Contest

Understanding the Sales Force

Also yesterday, in my article on the importance of rallying cries , I promised to discuss incentive programs. Incentive programs are still very powerful as long as you make sure they don''t last for more than 90 days. Everyone must believe that they can win the contest, there should be more than 1 winner, and the rewards must be motivating enough for them to go into overdrive to win one. Let''s begin with how you get them to believe they can win.

How to Use Non-Cash Rewards to Motivate Employees

Xactly

Learn how to use non-cash rewards as a motivating incentive for your sales team. Incentive Compensation Sales Coaching and Motivation

How to Make Sure You Aren’t Paying 10 People for One Deal

Sales Benchmark Index

Article Corporate Strategy Private Equity and Activist Investor Sales Strategy SBI on Demand compensation compensation planning incentive plan pay too many sales sales comp sales compensation sales incentive sales reps

Sales Team Roles and Responsibilities: How to Compensate Accordingly

Xactly

Learn everything you need to know about designing incentive compensation plans for different sales roles on your team. Incentive Compensation

5 Steps to Simplify Your Sales Incentive Plan

MarketJoy

An ideal sales incentive plan should be simple. It helps sales representatives to understand the correlation between their performance and their payout. Simple sales incentive plans are easy to administer and offer motivation. How to simplify your sales incentive plan. Here are a few tips on how to simplify your sales incentive plan: 1. A focused target is easier to understand and attain. Sales IncentiveShare.

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

Xactly

From territory planning to sales team organization, to sales coaching and leadership strategies to sales compensation planning, each element helps to create a strong sales plan. 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. Luckily, it doesn’t have to be time-consuming.

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

Xactly

Luckily, with the right tools, sales operations can reduce the stress and time it takes to design, test, and implement a new compensation plan, and they can work to maintain and tweak the plan throughout the year. Before you start building out the specifics of your plan, ensure that you have a strong team comprised of key players to drive the plan design process. Once you’ve put together your sales compensation team, you’re ready to dive into the plan design process.

How to Get Sales and Customer Service Teams Working Together

Zendesk Sell

This is a great thing for customers, and it’s a great thing for businesses that want to build long-term relationships with those customers. But this shift towards relationships and away from mere transactions has also revealed one of the fundamental problems in how we think about sales and customer service. The customer service team’s priority, on the other hand, is usually to reduce the number of conversations they have every day. Time to resolution.

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

Xactly

Those tasked with creating a plan must develop a process and incentive plan that will motivate and encourage the right sales behaviors to achieve goals, all while driving growth. Finding the right mixture of compensation requirements is no easy feat, but luckily, it doesn’t have to be a time-consuming task. Prior to Wolters Kluwer, she was the director of sales compensation for Garter for 15 years. How did you get your start?

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. That’s probably because they don’t realize a huge opportunity to drive millions of net profit dollars straight to the bottom line, while at the same time underwriting compensation for the sales team. Currently attracts $5mm of incentive programs annually.

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

How to Really Motivate Your Sales Team in 2021

Sales Hacker

We’ve rounded up an awesome panel of sales leaders who spend their time unlocking the secrets to sales team motivation. And yeah, they’ve come up with super cool incentive programs… but they also know that high-performing sales teams require more than that.

How to Rollout and Analyze Sales Compensation Plans Year Round

Xactly

Learn how to create successful sales compensation plans with the right planning team and setting up a process for continuous analysis. Incentive Compensation

How to Craft a Successful Sales Environment

Hubspot Sales

Practices were strict, physical training was mandatory, and we were encouraged to ask for anything we needed to prepare for tournaments — extra reps, a specific food or drink, even a certain playlist on our iPods. How do you measure it? Incentive-Based Sales Environment.

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

Xactly

From compiling a team to piecing together metrics and goals, the job carries an incredible amount of responsibility. 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. Finding the right mixture of compensation requirements is a balancing act, but luckily, it doesn’t have to be a stressful, time-consuming task.

The complete introduction to Incentive Compensation for Sales

Anaplan

For companies that employ salespeople, figuring out how to compensate them is an ongoing challenge. There are a host of variables that need to be taken into account—products, customers, geography, competitors, and performance history, among others—all of which can change rapidly, and all of which can be complicated.

How to Improve Your SaaS Sales Compensation Plan

Xactly

Incentive CompensationYour software sales comp plan is up & running, but you're falling short. Now what? Learn more about tuning up your SaaS compensation plans.