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.

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. Software implementations or new development work usually encounters unforeseen hurdles.

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. Finally, 70-80% of companies will have no or at best inflexible technology to support incentives.

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?

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?

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.

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.

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. Software Sales. Have you translated an organizational goal to an employee objective?

The Criticality of SPM Technology

OpenSymmetry

While, incentive compensation administration is still a main piece, the broader SPM technology concept is expanding more holistically to include other key aspects which directly impacts how a sales team might perform, including talent development, sales enablement, and territory and quota management.

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Bridging the Gap Between Sales and Finance

Xactly

If your company takes the initiative and automates their incentives and commissions process, you’ll easily remedy the main point of contention between Sales and Finance and bring your organisation closer together as a whole. A commission plan with too many incentives is sure to end badly.

Why You Need Social Influencers

Sales and Marketing Management

builds social influencer marketing programs based upon its core objectives as well as what others want to know. Do you offer an incentive that “moves the needle?” Department of Commerce, B2B companies spend twice as much on incentives as their B2C counterparts.

Understanding the Fundamentals of Effective Sales Rep Management

Xactly

While this may sound like a huge task to overcome, it can be done much more efficiently and effectively with sales rep management software. Consider your sales incentive plan –it works in the same way. A little can go a long way with incentives.

Xactly Extends AI Based Sales Planning with Acquisition of OpsPanda

Xactly

As the forerunner in cloud-based incentive compensation management (ICM), Xactly identified data as a key performance driver from the very start. Align corporate revenue objectives with sales and quota planning.

Designing Sales Compensation Plans for Sales Managers (With Examples)

Xactly

For reference, here is a sample compensation plan of a Sales Manager role typically used for a Software as a Service company (learn more about the software sales commission plan, here ). Annual Target Incentive.

Transforming Enterprise Sales Organizations With AI/ML

Xactly

Previously, sales performance management (SPM) has typically been categorized as solely focused on incentive compensation management (ICM) and sales compensation planning. Sales compensation is vital to sales success and company growth.

Show Me the Money! A Guide to Creating a Scalable Sales Compensation Plan

Openview

Simply put, if your compensation plan is largely tied to your sales organization’s ability to achieve specific objectives and targets, then everyone will be incentivized to perform the kinds of revenue-driving activities that yield those results.

Agreeing To Disagree May Work at the Thanksgiving Table, But Not in Business

Sales and Marketing Management

Alignment is a higher state: everyone from senior executives to individual contributors marching in lockstep toward the same objectives, with the same mutually agreed-upon game plan; and it’s critical for most high performing teams. Match up incentives. So while it’s fair to have some incentive tied to key metrics that marketing people are focused on, in order to support and build alignment, it’s important that the majority of the incentives for marketing be based on revenue. .

Channel Sales for SaaS: What It Is, When it Works, and How to Build Your Own

Openview

Value-added Resellers (or VARs) purchase third-party software to sell to the end user at a markup bundled with added features, integrations, configuration or other professional services. In addition, they purchase third-party software to bundle with these services. Extra Incentives.

How to Create a Sales Plan: The Ultimate Guide

Hubspot Sales

A sales plan lays out your objectives, high-level tactics, target audience, and potential obstacles. For example, HubSpot salespeople might primarily sell marketing software to CMOs and sales software to sales directors. Objective: Acquire 20 Enterprise logos.

The Future of Finance: 10 Things CFOs Need to Consider About Technology

Xactly

Most “software” problems are truly data/analysis problems. Leaders will hear that current software needs to be replaced because metrics aren’t looking promising–“I need this software/tool to solve this problem.”

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5 Sales Culture Differentiators You Need to Know

ExecVision

Of course, it isn’t always so easy to tell where things are going awry with sales staff, because not all of their activities are so easily tracked — that’s where call intelligence software enters the equation, helping you establish visibility and seamlessly integrate vital legacy technology with current-day digital systems. Fair incentives. This guest post comes from Kayleigh Alexandra at Micro Startups.

Enterprise vs. Small Business: The Difference in Commission Structure

Xactly

Since sales is tasked with increasing revenues, incentives are an important part of achieving those goals. It’s important to structure your compensation plan with your end objective in mind. Furthermore, you want to have meaningful sales objectives.

Sales Performance Management: What It Is, And Why You Need It

The Brooks Group

A key objective of the Sales Performance Management process is to educate and motivate sales professionals to set their own goals—and reach these goals by following sales effectiveness best practices. SPM is Not Just About Incentives and Compensation Management.

Six Creative Sales Contest Ideas that Can Increase Sales Performance

Xactly

When you have the answers to the above questions, you can then customize your contest to reach your desired objectives. You should have no more than three objectives per contest. Anyone who reaches that objective can leave early on Friday.

How to Optimize Sale Territories for a Strategic Advantage

Xactly

Balanced territories allow you to set fair quotas, which have a huge impact on your incentive compensation and success of your salesforce. In fact, they achieve sales objectives 10 percent higher than the average. Effective territory design is the basis of strategic sales planning.

3 Best Practices For Conducting A Successful Sales Meeting

MTD Sales Training

You went over objections a dozen times and there seems to be nothing left to talk about when it comes to prospecting. You ask some questions of Steve and find that he is not correctly demonstrating how to run the Profit & Loss Reports of the accounting software.

6 Reasons Your Managers Need Sales Leadership Coaching

Mindtickle

Speak to your sales managers to find out what they would find useful, and ask your executives about the overall objectives. This information can be identified by bringing together information from several places, whether it’s from a CRM, sales enablement software or competitive intel.

Best 150+ Sales Tools: The Complete List (2019 Update)

Sales Hacker

And Yeah, It Goes Beyond CRM Software. Terminus is an account based marketing software that enables marketing and sales teams to run account-based marketing at scale. You can use NetSuite to make forecasts, upsell and manage compensation and incentives systems.

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Sales Team Gamification and the Virtual #SalesSummit

Smart Selling Tools

SPIFs (Sales Performance Incentive Funds) are commonly used to incentivize salespeople to sell more of a particular product in a given period of time. After-all, incentive-based compensation (commissions) is just a form of Gamification.

The Ultimate Guide to Hiring the Best B2B Sales Reps

Zoominfo

Question: What are some common sales objections you’ve received? Describe a time you were able to overcome a more difficult objection. Often, sales objections aren’t always what they seem.

B2B 65

23+ sales forecast templates (and how to use them the right way)

Close.io

Business Type: From startup to established business Key Lesson: In an early-stage software company, one of the hardest things to do is project new customers for the year. Imagine two sales managers walk into a room.

10 sales productivity tactics to close more deals

Close.io

Let’s talk about how to increase your sales productivity from an individual rep perspective, where those positive gains will then trickle up into making a direct impact on your team’s bottom line (this is the one of the most important objectives Close.io Financial incentives always help.

Are You a Bulldog? That’s What It Takes for Women in Sales

No More Cold Calling

The bulldog in question is Amy, director of sales strategy at a large B2B software company. She’s been there … as a customer of incentive compensation and a lover of performance management. Here’s what I’ve learned about selling from some top women leaders.

The Ultimate Guide to Channel Sales

Hubspot Sales

For example, HubSpot’s marketing agency partners help small businesses take full advantage of HubSpot’s marketing software. Although training a partner requires more time and resources, it also gives them an additional incentive to work with you. What is channel sales?

Sales Hiring Questions to Hire Better Reps

Zoominfo

Question: What are some common sales objections you’ve received? Describe a time you were able to overcome a more difficult objection. Often, sales objections aren’t always what they seem.

5 Tips to a Clean, Profitable Sales Pipeline for Inside Sales Managers

Sales Hacker

Using a weekly activity tracker software like LevelEleven in combination with the above pipeline reports lets you assess if a rep is ahead of or behind on opportunity generation. This article takes you through 5 crucial tips to efficiently manage your sales pipeline.

The Achilles Heel of CRM Adoption (and 2 Ways to Overcome it)

Smart Selling Tools

With Leveleleven, you can create a contest based on any Salesforce object. Whichever approach you choose, gamifying CRM through incentive-centered motivational strategies, or changing the game with newer and more versatile technologies, the end-result will be higher sales efficiency.

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The Secret Tool You Can Use to Close Way More Deals

Hubspot Sales

Once the prospect has invested time in creating a deal plan, they have more incentive to move forward so their work doesn’t go to waste. In HubSpot’s case, I check for previous purchases of enterprise software. Go straight to your blockers with the plan to air out all their objections.

Tools 99

How to Build a Successful Remote Inside Sales Team in 10 Steps

ExecVision

Our team sets goals on Monday mornings and fills out our ROA framework (Results, Objectives, Activities - from Cracking the Sales Management Code ) but your team can use OKRs or KPIs to accomplish the same objective. Incentive trips are great, but it’s important to host an event that includes everyone regardless of performance. Software like Ambition or Champ by InsightSquared which act as a virtual gong.