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.

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.

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.

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

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.

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.

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.

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 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. A friend of mine speaks fondly of when her firm recognized her team (and their guests), some 20 years ago, for achieving a stretch objective.

Design and implement your best sales incentive ever

Sales and Marketing Management

You said you’ve built a lot of sales incentive programs as a manager, and, not to toot your own horn, but they have worked pretty darn well. With 20-plus years and more than 1,500 sales incentive programs under my belt, I’ve got some experience to share. Like all of us, sales managers get into ruts and here are some ideas to get you out of a rut and off to running your best sales incentive program?—?ever. Start with a measurable objective.?

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

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.

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.

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. Objective Management Group (OMG) won Gold for Top Sales Assessment Tool for the 2nd straight year!

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

Xactly

The planning process can fall victim to many obstacles , so it is important to build a team that is primed to tackle any hurdles and keep key executive and company objectives as the plan focus. First and foremost, your incentive plan must be aligned with your different sales roles.

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.

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. Specify The Goals and Objectives. It’s essential to analyze and set objectives, and set goals should specify the desired results. Avoid Altering The Incentive Plan. For a Sales Incentive Plan, Less is More.

4 Foolproof Ways to Beat Price Objections

Zoominfo

As a B2B sales rep, you already know objections are an unavoidable part of your job. Yet, as we explained in a recent blog post , there are many tips and tricks sales reps can use to bypass common objections during the sales cycle. Key Takeaways about Price Objections.

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. From there, do we have the Sales team in place to achieve objectives?

5 Great Responses to Price Objections

Growbots

But there’s no need to panic when you hear a price objection. In fact, a price objection can actually be good news — it may mean the buyer is serious about making a purchase and is just trying to negotiate a lower price. Do you have any effective responses to price objections?

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. From there, do we have the Sales team in place to achieve objectives?

Sales Leaders – You Get What You Ask For – Sales eXchange 237

The Pipeline

One obvious factor and lever is incentive. I have fund that companies who incent their sales people based on gross profits are consistently better aligned with their reps, and achieve mutually better results. By Tibor Shanto - tibor.shanto@sellbetter.ca.

When Is a 100 Day Plan Not the Right Next Step After the Deal Closes?

Sales Benchmark Index

5 primary 100 day program objectives are captured here in this. Purchasing companies comes with an expectation of a rate of return on a timeline. The 100 day plan is a generally accepted strategy and process for long-term value creation.

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).

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.

Incentives and bonuses aren’t the cure alone: Encouragement, listening and support are free

Mereo

Incentives and bonuses motivate sales professionals for good reason. A CSO can throw all the incentives and bonuses they want at their team to keep their top performers around, but that strategy alone will get costly. Good sales leadership: Speak to salespeople to the tune of incentives and rewards. Great sales leadership: Listen to your salespeople and support the growth of their individual qualities and career objectives.

Bonus vs. Commission: What’s the Difference?

Xactly

First and foremost, you need to incent your sales team to close deals. Without the right incentives and fair pay, performance will suffer. Because of this, creating a strong sales incentive plan can be a difficult task. This helps incent employees in all departments.

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

It's that time of year: “Call me back after the holidays.”

Jeffrey Gitomer

"Call me after the holidays" is the second most-heard objection in sales. Call me after the holidays" is not an objection. Stalls are twice as bad as objections. Offer incentives and alternatives. If you know this objection is coming, do something BEFORE it happens.

Sales Performance Management 101 for the Corporate Board: Why SPM Strategy is Critical for Sales Success

OpenSymmetry

Company objectives, values and mission drive the brand and the reputation of an organisation, but most of the time the behaviour of sellers is not linked to these company objectives because incentives are not aligned or are not delivered effectively. In some cases, this will be due to poor incentives plan design.

The MBO Bonus – Definition, Tips, and Considerations

Xactly

These bonuses pay employees based on individual tasks and thus, are highly motivating incentives. To be successful, these bonuses and objectives should stem directly from higher-level organizational targets. Align Corporate Goals to Individual Objectives. Definition of MBO Bonus.

How to Design a Sales Manager Compensation Plan (With Examples)

Xactly

In fact, the best way to ensure sales managers do their job well is by creating an incentive plan that drives the right behaviors. Download our "Ultimate Guide to Sales Compensation Planning" for incentive best practices and everything you need for a sales comp plan design project.

What is Draw Against Commission in Sales?

Xactly

Depending on your sales force structure and size, there are different sales commission structures that can be used in your incentive plan. It can also aid in continuous monitoring of current plans to ensure the right sales behaviors are being driven through the incentive plan.

MBO Examples to Kickstart Your Sales Team Engagement

Xactly

Management by Objectives, aka MBOs, are goals set for employees to improve overall sales performance, as agreed up on by sales manager and rep. Have you translated an organizational goal to an employee objective? Incentive Compensation Sales Coaching and Motivation

Sales Reps Love Their CRM!

Smart Selling Tools

Take the time to get to know their current situation, business objectives, and what value you and your solution(s) can bring them. Incentive compensation management. Sales reps love their CRM.

CRM 104

Sales Performance Management 101 for Sales Leaders: Maximising Performance of Your Sales Team Using the Right Technology

OpenSymmetry

SPM technologies like IBM Incentive Compensation Management empower Sales Leaders by providing real time pay for performance information. Sales Leaders have the information to ensure that incentive design rewards the top performers effectively leading to higher retention. For the mighty middle, Sales Leaders have the data to design incentives that encourages an extra 5-10% performance out of a group that can get complacent.

Is Your Compensation Plan Driving Sales to the Wrong Finish Line?

OpenSymmetry

Many Sales Enablement investments pay off in the course of 12 months or more; however, heads of sales departments have quarterly objectives, so they must somehow saddle and ride the horse at the same time. However, a new compensation plan that helps reps achieve their objectives faster or more easily will get reps on board, answering the basic question of, “What’s in it for me?” “Moving the needle” in terms of overall sales force performance is no mean feat.

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. Bowe claims this could be a source of the overdose crisis and a case of crossing the fine line between sales incentives and public health.

The Strategic Account Manager – How do you Compensate This Critical Role?

OpenSymmetry

Their business strategy and objectives were clearly defined; however, they faced a number of challenges, including their ability to cover the market, resourcing, and “juggling” multiple products.