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.

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 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. Open budgets tend to lead to improved morale due to the general ability for reps to feel like they have a chance at winning and that will lead to more sales. based sales forces.

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.

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).

Is your complex incentives plan holding you back?

Sales and Marketing Management

The same can be said for sales compensation. Incentive compensation plans are often far too complex. With this in mind, an incentive plan should be as simple as possible. A sales rep will become frustrated and ignore the plan. Author: RICHARD SMITH, ZS MANAGER.

5 secrets to channel incentive success

Sales and Marketing Management

Distributors can wield enormous power carrying thousands of products and generating billions of dollars in annual sales. companies spend over $17 billion on channel incentive awards each year, according to the Incentive Federation. The simple fact is, if your products are sold through independent distribution channels, you need strategies and tactics to influence your channel’s people to align their goals with your sales.

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 Secrets to Channel Incentive Success

Sales and Marketing Management

Distributors can wield enormous power carrying thousands of products and generating billions of dollars in annual sales. companies spend over $17 billion on channel incentive awards each year, according to the Incentive Federation. The simple fact is, if your products are sold through independent distribution channels, you need strategies and tactics to influence your channel’s people to align their goals with your sales.

Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. The event had 2 interweaving themes of excellence of plan design and the contribution which Sales Performance Management technology can make through operational excellence but also predictive analytic insights. Sales Incentive Design.

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. Know your audience: Profile the people in your sales audience. Are they already in other incentive programs, or is yours the only one they’ll see? For example, a channel program should never include a warehouse club in its incentive strategy.

The Case for Team-Based Sales Incentives

Xactly

Historically, sales performance incentives have been focused on individual recognition. Plans like individual sales quotas are designed to reward, recognize, and help retain high achievers, as well as motivate the average and below average performers to go above and beyond.

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.

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

Sales Hacker

Good sales leaders are always on the hunt to bring in new talent that can help a business grow. 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.

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 (CoreSite)

Xactly

Sales planning entails many important factors. 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. Position: Sales Operations.

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. Today’s ICM solutions are aimed at optimizing more than just sales compensation, focusing on end-to-end sales performance management (SPM).

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”.

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.

You’re Done with the Revenue Plan; What’s Next?

Sales Benchmark Index

“Hello 2019, we’ll be right with you!”. Most of my clients have been in non-stop planning meetings since mid-August and earlier. Long days of adjusting and readjusting budgets and expectations. New tools make the process easier, however the resource allocation decisions.

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. Communicate these objectives to sales reps and realize viable steps towards their achievement.

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.

Sales Incentives, Awards, Lead Follow Up and Sales Effectiveness

Understanding the Sales Force

Understanding the Sales Force by Dave Kurlan Today I had the following email exchange: Subject: Question on Comp. Sales complains that the leads suck. We have the sales process dialed in and we are training on it now.

How to Run a Killer Sales Incentive Contest

Understanding the Sales Force

Understanding the Sales Force by Dave Kurlan Yesterday, we had a fairly sizable snowstorm that dumped a foot of snow and it reminded me of this article from last winter. Also yesterday, in my article on the importance of rallying cries , I promised to discuss incentive programs.

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

Xactly

The sales compensation planning process can be complex, and unfortunately, sometimes a headache. Once you’ve put together your sales compensation team, you’re ready to dive into the plan design process. Or, keep reading for more sales plan ideas. Comp Planning Sales Comp

Five Bottom-Line Benefits for Incentive Compensation for Retailers

OpenSymmetry

One Wall Street Journal article reports that in 2014, the average turnover for part-time sales associates was 66%, while full-time was less at 27%, with the availability of benefits as the contributing factor to why full-time employees tend to stay.

The complete introduction to Incentive Compensation for Sales

Anaplan

Ideally, a company’s incentive compensation plans should … The complete introduction to Incentive Compensation for Sales Read More » Sales compensation management incentive compensationFor companies that employ salespeople, figuring out how to compensate them is an ongoing challenge.

7 Steps to a Quota-Busting Sales Force

Sales Benchmark Index

Article Sales Strategy allocate territories incentive plan lead nurturing maximize selling time quota busting sales quota talent development

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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. 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. Customer Satisfaction Incentive.

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

Xactly

Building a successful sales compensation plan carries an incredible amount of responsibility for compensation planning teams. Sales Compensation Manager. Time in sales compensation: 20+ years. Sales Compensation Manager. Or, keep reading for more sales plan ideas.

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

Xactly

Sales compensation plan can be a complex process. 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. Time in sales compensation: 4 years.

Optimal Incentive Compensation Plan Design for Successful Implementation

OpenSymmetry

In the first scenario, the eager software sales rep wants to expedite the project start and does not want to introduce any delays in their sales pipeline. Finance, Sales and HR all typically have different perspectives.

Inside the Mindset of Users and Non-users of Incentive Travel

Sales and Marketing Management

Teaser: When Sales & Marketing Management magazine and the SITE Foundation initiated a comprehensive survey on the use of incentive travel, they knew that some of the most illuminating information would come from non-users of this motivational tool. Issue Date: 2014-09-01.

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Is Now the Right Time to Pull the Compensation Trigger?

Sales Benchmark Index

Article Sales Strategy b2b sales sales compensation sales incentive pay sales incentive pay changes sales rep comp plans sales strategy sales variable compensation

[Webinar Recap] Enhance Your Workforce Culture and Sales Performance through Incentive Compensation

Xactly

Successfully motivating and optimizing sales performance can be a challenging task for any business. Sales and Finance leaders typically deal with limited insights, convoluted systems, and employee demands wherever compensation is concerned. Incentive Compensation.

Capturing the Yeti: Calculating and Optimizing the ROI of Your Sales Incentive Plan

OpenSymmetry

Much like the elusive yeti, the identification of Return On Investment (ROI) for a sales incentive plan is believed to exist by enthusiasts from the sales compensation design team, but met with much skepticism by others, namely the Finance department. So how do you prove the existence of ROI in your sales incentive plan proposal? So how do you measure the mysterious ROI of a sales incentive plan? Incentive design clearly has a major influence.

[Webinar Wrap-Up] Incentive Compensation in Retail: 5 Bottom-Line Benefits

OpenSymmetry

By retaining employees, enhancing customer service, and improving operational efficiencies, retail operations can increase sales performance and motivate sales teams while reducing valued employee turnover, thus securing a greater piece of the highly competitive retail pie.

Wells Fargo: The True Cost of “Unchecked Incentives”

OpenSymmetry

Impossible-to-reach quotas, a high-pressure sales environment, and a lack of transparency throughout Wells Fargo’s sales organization. Last month, Wells Fargo CEO Jon Stumpf faced the House Financial Services Committee on Capitol Hill, where congressmen questioned the sales practices at Wells Fargo. This means that C-level executives may not have adequate visibility into the operations and practices of their sales team other than through basic reporting from sales managers.

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

Xactly

Sales compensation is one of the most important components of sales planning. Sales operations and compensation professionals must compile a team to piecing together metrics and goals, which carries an incredible amount of responsibility. Time in sales compensation: 11 years.