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? Isn’t my objective to grow sales or meet the numbers handed down to me from senior leadership? Part and parcel to that success is the deployment of effective sales incentives.

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.

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.

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.

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 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. We are moving from incentive travel to ‘Instatravel.’

Travel 120

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.

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. Email, at a team meeting, at a private check-in like this one, etc.). Sales Incentives

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.

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. Meet The Expert – Robert Walters, Commissions System Manager. Customer Stories Incentive Compensation

The Meetings and Events Whisperer

Sales and Marketing Management

Teaser: Ray Bloom is the founder and chairman of IMEX Group, which organizes the largest worldwide exhibitions for the incentive travel and meetings industry, including IMEX America, which is scheduled for Oct. Issue Date: 2016-09-01. Author: Paul Nolan.

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

10 Incentive Travel Facts You Can Put To Good Use

Sales and Marketing Management

Author: SMM On April 6, leaders from across the meetings and events industry came together to support the second annual Global Meetings Industry Day (GMID). GMID events were held across the globe to demonstrate the measurable impact that meetings have on businesses, economies and communities. firms over $1MM in revenue use incentive travel to motivate their people and partners. firms spend over $14B annually on incentive travel. 

Travel 169

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”.

Setting Sales Up for Success to Meet Quota

Xactly

Incentive Compensation Sales Performance Management Sales PlanningSee how you can improve quota attainment with these tips to set up sales for success.

Quota 73

3 Best Practices For Conducting A Successful Sales Meeting

MTD Sales Training

In the recent post, “The 3 Worst Practices For Conducting A Successful Sales Meeting,” I highlighted the three main DON’Ts for a successful sales meeting: DON’T. While this important “DO” seems obvious and easy, it’s usually not the case in most sales meetings.

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.

Five Bottom-Line Benefits for Incentive Compensation for Retailers

OpenSymmetry

It goes beyond just selling and meeting quotas; it is building a trusting relationship, which in turn increases the chance of repeat purchases. With the help of incentive compensation management solutions, retailers are able to increase market share and drive the desired sales behavior.

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?

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. Meet The Expert – Robert Felberg, CoreSite. Customer Stories Incentive Compensation

Ten 2017 Sales Kick-Off Meeting Ideas

Your Sales Management Guru

Ten 2017 Sales Kick-off Meeting Ideas. . While working with a client last week it became obvious that we are moving into the time to finalize 2017 budgets, compensation plans and something most sales managers don’t take enough in developing their 2017 Sales Kick Off meeting.

Sales Incentives, Awards, Lead Follow Up and Sales Effectiveness

Understanding the Sales Force

If they get above that # they get a bonus of $250 per meeting. This incentivizes them to book meetings that are probably not the best qualified. Dave Kurlan wrote: They should receive the incentive only if the opportunity makes it as far as 2 nd base in the sales process.

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

OpenSymmetry

Your organization cannot let a record-breaking retail holiday season go by without maximizing the benefits of incentive compensation to: Motivate sales teams. The post [Webinar Wrap-Up] Incentive Compensation in Retail: 5 Bottom-Line Benefits appeared first on OS Blog.

Five tips for holding a productive sales team meeting

Nutshell

Most people find meetings to be a painful experience—and not without reason. Meetings often lack an agenda, purpose, or direction, and on top of that, they’re usually inconveniently scheduled and easily get off track. Salespeople typically detest meetings because they take time away from what they’d rather be doing: calling prospects, scheduling appointments, and closing deals. Make the Meeting Convenient. Ensure Your Meetings Are Purposeful.

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. Meet The Expert – Helen Rendos, Wolters Kluwer.

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. Consider some or all of the following: Most new meetings scheduled.

Wells Fargo: The True Cost of “Unchecked Incentives”

OpenSymmetry

To further illustrate this point, a recent class action lawsuit filed by six former employees claims they were fired or demoted for refusing to open fake accounts to meet a quota of opening 10 new accounts per day, alleging that it was “impossible to consistently meet a quota without engaging in ‘gaming’” or cheating the system. What kind of behavior do current incentive compensation plans promote?

Sales Incentives Aren't the Only Motivator. How One Company Got Rid of Them

Hubspot Sales

In sales, it can incentivize reps to work harder to close more deals, meet their numbers, and even adapt to new sales tech. If set correctly, incentives can have a positive effect on your team's behavior. The reality is that most companies offer sales incentives — we at HubSpot do, too.

CRM for Credit Unions: Managing Referrals & Incentives in Sugar

SugarCRM

It’s mission-critical to be respectful of their time and avoid repeating offers, it’s crucial to make sure your employees get credit for their incentives fulfilled and key to be able to track referrals related to these offers. Incentives in Sugar.

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. Meet The Expert – Randall Lee – Allergan.

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

Xactly

The resulting incentive plan must develop a compensation process that will motivates the right sales behaviors to achieve goals, all while driving growth. Meet The Expert – Padmaja Chavali, Palo Alto Networks.

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. Meet The Expert – Randall Lee – Allergan.

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

Xactly

A strong incentive plan drives sales behaviors that help companies grow and achieve their goals. Successful sales compensation plans require a balance between motivating incentives and revenue-driving factors, but that doesn’t mean it needs to be a stressful, time-consuming task.

Sales Incentives: What Works and What Doesn’t?

The Brooks Group

By adding in a few carefully selected sales incentives, you can capitalize on this competitive streak and really get your team to race full speed towards sales goals. Sales incentives can be broken down into three categories. Tangible Sales Incentives. Adventure Sales Incentives.

7 Ways to Improve Weekly Sales Meetings

DialSource

Does the thought of a weekly meeting send a shiver down your spine? A recent study by Atlassian forces managers to face the facts: 47% of meeting-goers complained that meetings are the number one time-waster in the office. Shouldn’t You Be in a Meeting?

Sales Compensation Planning: Everything to Consider in 2019

Xactly

The start of a new year comes with a new sales plan—and that means you must reassess your sales capacity needs , align and balance sales territories , and create a sales incentive plan that drives sales performance. How to Develop a Sales Incentive Compensation Plan (with Templates).

How to Setup a Commission Plan in Six Steps

Xactly

Download our "Ultimate Guide to Sales Compensation Planning" for incentive best practices and everything you need for a sales comp plan design project. Formulate your new plan around the successful elements and structure incentives for new goals similarly. Incentive Compensation

The 12 Step Compensation Plan Design Process

Xactly

You need to start pulling together internal data from your incentive compensation management system, data from your CRM, and finally, information from financial teams on profitability and product revenues. Incentive Compensation Sales PlanningHappy comp planning season!

Sales Performance Management 101 for HR: Keeping Employees Motivated Through Compensation Transparency

OpenSymmetry

In situations where staff are underperforming, HR needs the ability to put plans in place to improve performance or, in the worst-case scenario, have evidence available should an employee not be meeting the required level of performance. Incentive compensation management systems, a core piece of SPM solutions, can automate calculation of sales commissions, bonuses, and MBOs, as well as directly linking each of these variable payments to the associated performance metric.

Sales Performance Management 101 for Finance: Know the Cost of Your Investment in Sales

OpenSymmetry

The sales team produces a large body of disparate information which needs to be collected, converted into a suitable format and analysed to build out forecasts and leverage incentive compensation for peak sales performance. Lack of visibility not only leads to poor results from incentive compensation initiatives, but it could cause future financial and legal issues if payments are inaccurate.