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.

What is Incentive Compensation?

Xactly

Discover tips, best practices, and everything you need to know about incentive compensation. Incentive Compensation

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? Part and parcel to that success is the deployment of effective sales incentives.

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

9 Creative Sales Incentive Ideas for Retail Employees

Xactly

Learn how retailers can motivate sales associates with these creative incentive ideas. Incentive Compensation Sales Coaching and Motivation

10 Sales Comp Best Practices to Improve Your Incentive Plan

Xactly

Your sales incentive plan drives rep behaviors. Benchmarking Incentive Compensation Sales PlanningUse these sales compensation best practices to improve planning, quota attainment, and sales performance.

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

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. And it’s not just your sales partners who require incentives.

What is a SPIF (Sales Performance Incentive Fund)?

Xactly

A SPIF, or special performance incentive fund, is a short-term sales incentive used to drive immediate results. Incentive Compensation Sales Coaching and MotivationHere's what you need to know to use them.

4 Ways to Design Successful Sales Incentive Programs

Hubspot Sales

Nothing boosts your sales team's excitement and energy more quickly and reliably than an incentive. These four strategies will increase the impact of your incentives. Sales Incentives

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.

Trump understands the art of the incentive trip

Sales and Marketing Management

However, a story from Times Finance Editor David Enrich reveals that, while hustling to keep from defaulting on loans for his casino and real estate holdings in the early 2000s, Trump recognized the motivational power of incentive travel. That was just the incentive the sales team needed.

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 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.

Incentive Gift Cards Continue to Delight

Sales and Marketing Management

Author: SMM Research from the Incentive Gift Card Council (IGCC) and the Incentive Research Foundation (IRF) shows the majority of U.S. they can be used for both short-term and long-term incentive efforts?—?adds Digital delivery continues to grow in incentive gift card use.

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. Getting SPIFs Right as Sales Incentives.

The Allure of Incentive Travel

Sales and Marketing Management

Issue Date: 2015-09-01. Author: Paul Nolan. Teaser: It's the one business tool that never goes out of style, primarily because it drives results. It's the one business tool that never goes out of style, primarily because it drives results. read more

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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. Incentive Compensation Sales Planning

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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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.

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.

Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. Be more strategic about incentives design, think more broadly about what will motivate and retain salespeople. Deploy technology that will optimize sales incentive operations and provide predictive insights for the future.

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.

10 trends impacting incentive travel use

Sales and Marketing Management

Teaser: The Incentive Research Foundation, a nonprofit organization that funds research and fosters education on all aspects of the incentive travel industry, has identified 10 trends that will help users understand what’s in store for the future. Issue Date: 2015-01-01.

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The power of incentive programs lies in their structure

Sales and Marketing Management

Author: Tim Houlihan The best incentives have open budgets, meaning anyone who qualifies can win. The down side is that DTGT is much like commission, and if you’re already paying a commission on one of those factors, doubling up with an incentive won’t help. Recognition vs. Incentives.

Is your complex incentives plan holding you back?

Sales and Marketing Management

Incentive compensation plans are often far too complex. With this in mind, an incentive plan should be as simple as possible. He’ll focus on his work and hope the incentives pan out. A sales representative will spend too much time focused on the incentive plan.

Stop Avoiding layered Incentives (and Learn to Love Them)

Sales and Marketing Management

Teaser: Most channel marketers have a dysfunctional relationship with layered incentives. They know that incenting sales-driving behaviors, such as training and product demo, can make a partner feel more personally invested in selling their products. Issue Date: 2014-11-21.

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.

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

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. 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.

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. Incentive Compensation Sales Planning

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. Curbing the Complexity of Collaborative Incentives.

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.

Leveraging Kaizen Principles for Incentive Compensation Management

OpenSymmetry

Our customers are seeing long-term success with implementing enterprise Incentive Compensation Management and Sales Performance Management solutions for their organizations. The post Leveraging Kaizen Principles for Incentive Compensation Management appeared first on OS Blog.

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”.

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

Xactly

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

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.

Team incentives: 7 do’s and 2 don’ts

Sales and Marketing Management

Author: TIM HOULIHAN Do you avoid team incentives because you are worried about being fair? Teams perform better than individuals [ Kuhn, “Experiments on Motivation, Incentives and Rationality” 2007 ], and you and your bottom line can benefit from rewarding teams. Please don’t hold back using team incentives because of your concern over loafers and free-riders. Are you concerned about rewarding free riders when only a few strong dogs pull the sled? Worry no more.