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.

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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.

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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.

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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.

270

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).

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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.

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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

377

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.

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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.

209

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.

161

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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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.

57

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.

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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.

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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.

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

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. Customer Stories Incentive CompensationSales planning entails many important factors.

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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

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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. . So why do sales leaders overlook something as important as a sales incentives program?

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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.

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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”.

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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.

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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.

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Incenting the Reseller of the Future

Sales and Marketing Management

Issue Date: 2015-02-27. Author: Dan Hawtof, Vice President of Business Solutions, Global Channel, Blackhawk Engagement Solutions.

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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. The opportunity to benefit from successful sales incentives programs are there, executives just need to understand how to uncover them. Most multibillion-dollar reseller and distributor organizations attract millions of incentive dollars.

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5 Steps to Simplify Your Sales Incentive Plan

MarketJoy

An ideal sales incentive plan should be simple. 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. The sales incentive plans should align with the company’s specific goals and objectives too. Avoid Altering The Incentive Plan. The incentive plan should align with the company goals. Sales IncentiveShare.

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Choice: The Key Ingredient In Your Incentive Program

Sales and Marketing Management

Issue Date: 2017-02-13. Author: Craig DeWolf. Teaser: People like to be in charge of their own decisions. That holds true in the programs designed to motivate their work performance as much as anywhere else. People like to be in charge of their own decisions.

209

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.

203

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. 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.

241

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

Xactly

The planning process entails more than just your compensation plan, but at the very core, strong sales incentive plans address three main considerations. First and foremost, your incentive plan must be aligned with your different sales roles.

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Five Bottom-Line Benefits for Incentive Compensation for Retailers

OpenSymmetry

With the help of incentive compensation management solutions, retailers are able to increase market share and drive the desired sales behavior. Incentive Compensation helps: Improve sales performance by aligning sales behavior with business goals to improve efficiency.

75

Gamification Is Already Part of Your Incentive Program

Sales and Marketing Management

Teaser: In incentive marketing, there’s a great deal of chatter about gamification, but the thinking behind it can get pretty murky and it’s important to understand how this “must have” really works. In incentive marketing, there’s a great deal of chatter about gamification, but the thinking behind it can get pretty murky and it’s important to understand how this “must have” really works. Issue Date: 2014-05-02. Author: Susan Adams.

206

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.

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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.

182

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. At Xactly, we want to provide a simplified incentive compensation planning process.

97

Study Shows Dramatic Growth In Use of Incentives for Employees and Customers

Sales and Marketing Management

Teaser: A new study conducted by the Incentive Federation confirms that the non-cash incentives market is thriving with 74 percent of U.S. billion annually on incentive travel, merchandise and gift cards. billion annually on incentive travel, merchandise and gift cards.

247

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

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.

81

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.

232

Optimal Incentive Compensation Plan Design for Successful Implementation

OpenSymmetry

In the second scenario, the organisation has a strong HR or Sales leader driving the project who wants to look at a simplified process or wants a simplified incentives landscape before they start automating. We typically come across 2 scenarios with regard to plan design and automation.

54

How the Board Affects Growth Through Executive Compensation

Sales Benchmark Index

What separates the great companies that we work with? Fundamentally it is associated with good leadership, clear direction and strategic functional alignment.

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