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.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. Where do you think pharmaceutical sales compensation plans are headed?

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).

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. 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.

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. Allergan is a leading pharmaceutical company headquartered in Dublin, Ireland.

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

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. Allergan is a leading pharmaceutical company headquartered in Dublin, Ireland.

Mylan Sold Its Soul – Will Your Sales Team?

OpenSymmetry

Just last year, in 2015, CEO Martin Shkreli of Turing Pharmaceuticals was under fire for buying the drug Daraprim from Impax Laboratories and raising the price from $13.50 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.

The Science of Motivation

Sales and Marketing Management

Sales manager: I’d like to know what rewards the reps would like for our next incentive. Or maybe you think that incentives have run their course and it’s time to drop them altogether. If you’re thinking of asking your reps what will make the best prize in the incentive program, stop. Are incentives obsolete? A recent Harvard Business Review article1 noted that it’s time to move past incentives for sales reps because the way sales are made has changed.

What is the Best Commission Strategy to Motivate Sales Reps?

Xactly

There are many variables to consider, such as the customers in your market, the scope of the territories you’re accessing, your product offerings and sales cycles, the specific demands of your industry, and the skill and experience of the sales reps, among others.

Performance Platforms

Sales and Marketing Management

With those numbers in mind, if you are a sales manager, HR director, marketing manager or other executive charged with increasing employee engagement or driving customer loyalty, what tools do you think make sense to use as your starting point? Not your father’s incentive program. “We Everybody wants to be able to predict the future, and a lot of the marketing and HR departments we serve can’t get everything they need from their own IT shops, so they ask us for help.

Tips for Voicing Your Values When You’re Asked to Bend Morals

Pipeliner

Professional development in sales and marketing has a similarly checkered ethical history. Marketing and sales organizations are hives for conformity and group think: “Quit giving excuses!” “I If you’ve worked in sales or marketing even a short time, you have probably heard similar sentiments. Little wonder why so many marketing and sales professionals find it nauseating to rock the organizational boat. It wasn’t warp-speed market disruption.

Companies Must Care How Revenue is Earned

Pipeliner

VW’s 2014 annual report reported revenue this way: “The Volkswagen Group continued its successful course in fiscal year 2014, again generating record sales revenue and operating profit in an ongoing difficult market environment. Companies get away with it because marketers know the power of the word revenue. We don’t care if our pharmaceutical price hikes make life-saving medications unaffordable (Turing).