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? Q: Why should I, as the sales manager, have a goal? Isn’t my objective to grow sales or meet the numbers handed down to me from senior leadership?

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 resulting plan is your map to driving sales objective attainment for the year ahead.

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. In my years as a sales leader, I've learned the ins and outs of effective motivation. These four strategies will increase the impact of your incentives. Sales 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.

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. Are the strategic objectives clear?

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.

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.

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

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.

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. From medical device sales to telco call centers, teams play a critical role in pre- and post-sales efforts, especially when getting the job done requires effective, high-speed interaction.

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. Specify The Goals and Objectives. Avoid Altering The Incentive Plan. Sales Incentiv

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 ABCs of Compensation Planning: How to Build Better Incentive Plans

Xactly

The sales compensation planning process can be complex, and unfortunately, sometimes a headache. 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.

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.

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.

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.

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. B2B Sales

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.

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

The Pipeline

Price is a ‘big’ subject for all in sales, right from those developing product, to marketing, all in the sales organisation, and as important as any, the customer. One obvious factor and lever is incentive. By Tibor Shanto - tibor.shanto@sellbetter.ca.

5 Great Responses to Price Objections

Growbots

If salespeople got a dime for every time they heard that, they wouldn’t need a job in sales. But there’s no need to panic when you hear a price objection. We’ve learned at Straight North that there are a number of ways to respond to price objections. for Sales.

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

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.

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. Enter sales compensation planning.

Sales Reps Love Their CRM!

Smart Selling Tools

Sales reps love their CRM. In fact, who doesn’t love a good forecast session with their sales manager? Not only that, sales reps see tremendous value in the information reported back to them from the CRM. Sales reps do not love their CRM and see little value in it.

CRM 104

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.

What is Draw Against Commission in Sales?

Xactly

Commissions play a key role in your sales compensation plans, driving sales behaviors and motivating reps to hit their quota. Depending on your sales force structure and size, there are different sales commission structures that can be used in your incentive plan.

Bonus vs. Commission: What’s the Difference?

Xactly

Sales compensation is a balancing act. 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.

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

OpenSymmetry

In this six-part blog series OpenSymmetry and IBM outline the impact of Sales Performance Management (SPM) Technology on each area of the business including Sales, HR, Finance and Executive Management. In this sixth and final post, we discuss how SPM can support the Board of an organisation by providing visibility and transparency on their investment in sales. In some cases, this will be due to poor incentives plan design.

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

Xactly

When it comes to sales compensation planning, you can never start prepping too early, right? One of the most important things to consider when designing plans are the different roles on your sales team. Constructing Commissions in a Sales Manager Compensation Plan.

How to Setup a Commission Plan in Six Steps

Xactly

Motivating your sales reps is one of the key factors of sales success. In most sales organizations, the sales commission plan is the best way to do this. Your sales commission plan is a portion of your sales compensation plan. Optimize Your Sales 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. And, they can have a big impact on sales team engagement and motivation. How MBOs Affect Sales Team Engagement and Motivation.

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

OpenSymmetry

In this six-part blog series OpenSymmetry and IBM outline the impact of Sales Performance Management Technology on each area of the business including Sales, HR, Finance and Executive Management. In this second post we focus on the sales leader. Effective SPM supports sales leaders in the development and implementation of sales plans by providing key data and metrics on past and current sales performance of their sales organisation.

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

Mereo

Incentives and bonuses motivate sales professionals for good reason. But great sales leadership calls for more than monetary rewards. So, unfortunately, it is safe to say salespeople leave their job to get away from their chief sales officer. 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. Encourage your entire sales team.

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.

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. Two of the most hated phrases in sales. Call me after the holidays" is not an objection. Stalls are twice as bad as objections. Offer incentives and alternatives. Objections

A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

Sales in the pharmaceutical industry has been a rigid and consistent business. Tactics may have changed, but for the most part these sales teams still run on a commission or quota based metric determined by well-planned territories.

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

OpenSymmetry

“Moving the needle” in terms of overall sales force performance is no mean feat. Sales Enablement – yes, big S, big E – is becoming an increasingly important function of many sales organizations, charged with increasing productivity, typically through the effective application of investments in people, technology, process and content. So where does a sales VP place their bets? The post Is Your Compensation Plan Driving Sales to the Wrong Finish Line?

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

OpenSymmetry

Today’s organizations are more complex; they sell through multiple channels, have complicated coverage models, and network of sales roles to sell their products, services, and solutions. We completed a sales compensation plan audit for a telecommunications company last year.