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. No doubt everyone should be thinking about commissions, after all is in effect the cost of revenue.

Sales Tech Simplified: How to Turn Relationships Into Revenues with @ModelN

Smart Selling Tools

This week I interview Russ Chadinha , Senior Director Product Marketing of Model N Revenue Cloud. Nancy: Where does your solution fit in the Hierarchy of Revenue Needs ™? Russ: The Model N Revenue Cloud solutions fit in all layers of the Hierarchy of Revenue Needs.

Trending Sources

“Incentives Drive Behavior” Cracking the Code with Predictive Analytics #CALDC3

Smart Selling Tools

Additional revenue can be generated without the participation of a salesperson. CallidusCloud held their Connections conference last week at the Wynn in Las Vegas.

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.

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

OpenSymmetry

Improving the customer experience by just 10% can yield more than $1 billion in additional revenue. Your organization cannot let a record-breaking retail holiday season go by without maximizing the benefits of incentive compensation to: Motivate sales teams.

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. Just don''t base your contest on revenue.

Smart Selling Visions: Up-Close with Top Revenue Leader Adam Hollander, CEO of @FST_Games

Smart Selling Tools

So by the end of the contest, there’s only a small handful of reps even focused on the incentive (and of course a large portion of your team no longer motivated by it at all). Your top reps are self-motivated and don’t usually need an extra incentive to perform.

Should Marketing Be Compensated On Revenue?

Pointclear

Some have heard me say in interviews and on SLMA Radio that, pound for pound, marketers produce more revenue than anyone in their company. If this is true, and no one has refuted me yet, why isn’t marketing management (and everyone in the marketing department) compensated in some manner on revenue the same way sales people and sales management are paid? Total Revenue. Revenue just from sales leads generated by marketing. We kept coming back to total revenue.

Study Shows Dramatic Growth In Use of Incentives for Employees and Customers

Sales and Marketing

Teaser: A new study conducted by the Incentive Federation confirms that the non-cash incentives market is thriving with 74 percent of U.S. billion annually on incentive travel, merchandise and gift cards. billion annually on incentive travel, merchandise and gift cards.

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

OpenSymmetry

We also took a look at pay mix, which splits TTCC into two components: base salary and target incentive amount. Pay mix is expressed as a percentage split, with the first number representing the base salary and second number representing target incentive amount.

The Territory Optimization Revolution

OpenSymmetry

In the same way, salesforce effectiveness is made up of different elements – the right go-to-market strategy, salesforce organisation design, role definition and candidate selection, the right incentive design, and the right sales processes. New Concepts Driving Greater Performance .

Game the Plan – With Chris Cabrera

The Pipeline

Almost everyone in sales will tell you that incentives drive behaviour, but beyond that there is often little agreement among the pundits as to what the right incentive plan is. He also discussed that managing activity is the role of management not the incentive plan.

10 Incentive Travel Facts You Can Put To Good Use

Sales and Marketing

The Incentive Research Foundation (IRF), a private not-for-profit foundation that focuses its initiatives on pragmatic research highlighting the premise and the power of incentive and motivational programs, issued a list of 10 incentive travel facts to commemorate Global Meetings Industry Day. firms over $1MM in revenue use incentive travel to motivate their people and partners. firms spend over $14B annually on incentive travel. 

Five Keys to Accelerated Lead to Money

OpenSymmetry

A Lead to Money process also removes the barriers between Sales and Finance because Finance then has a clear roadmap/understanding into who is being targeted and how sales should be compensated as it relates to meeting revenue goals. Incentive Compensation Management.

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5 Key Issues with Sales Force Engagement & Motivation – It’s more than a Plan Design Issue

OpenSymmetry

The sales incentive program ownership can reside with HR, Sales, Finance or a combination of these groups. We also see many organizations instituting a ‘one company’ culture change project as a way of driving revenue growth or profitability.

OpenSymmetry Named in the First-Ever Inc. Best Workplaces Awards

OpenSymmetry

The minimum revenue required for 2015 is $2 million, in business at least three years, with full time employees count ranging between 5 and 500. Magazine Incentive Compensation Management sales performance management SPMMagazine Introduces the Inc. Best Workplaces Awards.

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

Smart Selling Tools

The first revenue-numbing fact is that 65% of a sales rep’s time is spent NOT doing what they are ultimately paid for—selling [1]. The more revenue you generate, the more commission dollars you’ll earn.

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How Do You Incentivise SaaS Sales?

OpenSymmetry

Software-as-a-Service (SaaS) is generally thought to be a challenge for incentive plan designers – but is this true – why is it important and what are some of the key considerations in getting the design right? Actual billed revenue is the most common approach.

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Social Selling and Big Data at the Upcoming Sales & Marketing 2.0 Conference #S20C

Smart Selling Tools

Delivering a Buying Experience That Increases Revenue and Customer Loyalty. Your Crystal Ball: What This Year’s Sales Incentives Tell You about 2013. Delivering a Buying Experience That Increases Revenue and Customer Loyalty.

Crush Your Number with the Right Compensation Plan

Sales Benchmark Index

Joining us for today’s show is Eric Schwab, a Chief Revenue Officer who knows a thing or two about revenue growth. Today’s topic is incentive compensation planning to hit your revenue goal.

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

The Pipeline

I think one reason is the message many sales leaders send their teams, and their peers in the revenue generation process. One obvious factor and lever is incentive. Sales Incentives Sales Process Sales Success Selling to Executives Tibor Shanto

Do “Refer a Friend” Programs Actually Work? Absolutely! Sometimes.

No More Cold Calling

B2C incentives work like magic. But in the B2B world, incenting people to provide referrals isn’t the no-brainer sales strategy that it is for consumer-facing companies. Should You Give Incentives for Customer Referrals? What About Incenting Salespeople? Incent or not.

The Relationship between Mixology and Sales Performance Management

OpenSymmetry

The second aspect is ensuring the right incentive plans and processes are in place. This aspect includes making sure incentive plan design effectively aligns business strategy and seller motivation, optimizing processes and workflows.

[Webinar wrap-up] 5 Keys to Accelerated Lead to Money

OpenSymmetry

Incentive Comp: Develop incentive programs that drive behaviors and revenue that lead to more closed deals while reducing errors in payouts. All of this needs to be linked by a targeted incentive regime that drives it all together.

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

OpenSymmetry

Companies must make these types of Sales Enablement investments to remain competitive and meet revenue expectations. Uncategorized Commission ICM Incentive Compensation Incentive Compensation Management Plan Design sales performance management“Moving the needle” in terms of overall sales force performance is no mean feat.

ASC 606: The Impact on Sales Commission Part 2 of 2

OpenSymmetry

In my previous blog on the ASC 606: Revenue Recognition topic from the Financial Accounting Standards Board (FASB), I provided some background to the new regulation and covered some potential impacts to those in sales comp and sales ops-related roles. We’ll examine the action items to consider to ensure you aren’t caught off guard if your internal accounting teams require more detailed compensation-related data from your team to remain compliant to these new revenue recognition rules.

ASC 606: Ready or Not, Here It Comes Part 1 of 2

OpenSymmetry

ASC 606 – Revenue Recognition: Ready or Not Here It Comes. The focus of this 2-part series is to provide some insights into the background of the ruling and considerations specifically for those in the sales compensation field regarding direct impacts to how you assess and calculate incentive compensation. The ultimate objective was to outline a common way to recognize revenue for all contracts with customers across international standards.

2018 Sales Compensation Planning

Your Sales Management Guru

Some pay commission based on sales, while others only pay on margin; still others blend both with incentives and special bonus plans. Revenue/Quota: Compensation is based on sheer volume achieved over the previous sales period or on a percentage of a quota achievement.

The 13 Least Known Sales Technologies

Velocify

In fact, given a list of current sales technologies, high-growth companies were more familiar with 95% of the categories listed than flat or declining revenue companies, which on average, were 56% more likely to be unfamiliar with each technology. 6) Incentives and Commissions.

Just Out! Our Top 20 Sales Tech Vendors to Follow at Dreamforce #DF17

Smart Selling Tools

ModelN @ModelN Model N is a global leader in Revenue Management, maximizing revenue with quoting, contracting, pricing, rebating, channel and compliance solutions. Dreamforce 2017 is just around the corner. Nov.6-9 in gorgeous San Francisco.

The Ins & Outs of Variable Pay Compensation Structure for Sales Teams

Sales Hacker

I wish I could say it’s all about incentives, but the truth is a bit more nuanced than that. Determine Additional Incentives (With Caution). That is to say the goals (revenue, profit, customers, etc.) Step 7: Determine Additional Incentives (With Caution).

4 Sales Ops Lessons from the NFL

Sales Benchmark Index

Many variables influence making your revenue goals. However, without setting up the right performance conditions, revenue goals won’t be met. Incentive pay is a lever that must align with strategy. Suppose Rodgers was paid an incentive every time he threw an interception.

Why Cost per Lead is a Bad Way to Measure Your Return on Lead Generation Efforts

Pointclear

Shifting to Outcome-based Accountability and Revenue Metrics. Some trends in the industry: Marketing’s mission includes direct responsibility for a higher portion of revenue. Tie B2B lead generation activity to overall revenue and profits.

Looking to enhance sales lead performance? Put process before technology.

Pointclear

Then implement the workflow that encourages both sales and marketing to be acccountable for their role in revenue generation. Metrics: Measure your success in a meaningful way that incents quality, value, and seamless conversion. When it comes time to exploring how you can increase lead generation ROI, that is, produce better leads more cost effectively, move "technology" to the bottom your to-do list.

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SalesGlobe Expands Sales Performance Management Solutions with OpenSymmetry Partnership

OpenSymmetry

Expanding upon SalesGlobe ’s sales incentive design, territory and segmentation, and quota methodology practices, a new partnership with OpenSymmetry will allow us to help clients make the most out of a sales performance management solution. Together, OpenSymmetry and SalesGlobe will address areas of sales performance to lower cost, increase visibility, accurately forecast revenue, and manage risk.

Why a Customer-First Approach Is Essential for Company Growth

Velocify

The Sales Incentive for Prioritizing Customer Needs. A customer-first approach is essential for company growth, and sales reps that put the customer’s needs first are rewarded with loyal customers, industry credibility, respect and referral business.

SLAMMED! Sales Mgmt Boot Camp

Your Sales Management Guru

We hear these comments all the time: Our revenues are flat. Compensation and incentive strategies. Slammed! Sales Management Boot Camp- 8 weeks, online. We have too much to do, we don’t have time to build a sales organization.

How to Assess and Sequence Your Sales Initiatives

Sales Benchmark Index

The company’s revenue is in the $700M range. I completely lost the battle on the 2014 revenue number” he said. “My Dan cites the example of a sales VP facing a decline in revenue. Let’s incent everyone to sell more new logo business” he said.

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.

How To Fix Your Sales Problems In The Right Order

Sales Benchmark Index

He told me revenue was declining. Let’s incent everyone to sell more new logo business” he said. Incenting new logo business will only further frustrate the sales force. Example: We know in the above organization that revenue is declining. A Sales VP called me last month.