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.

9 Creative Sales Incentive Ideas for Retail Employees

Xactly

Learn how retailers can motivate sales associates with these creative incentive ideas. Incentive Compensation Sales Coaching and Motivation

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?

How to Increase ROI of Sales Incentive Compensation with Automation

Xactly

Discover how automating incentive compensation management (ICM) can improve the ROI of sales compensation. Incentive Compensation Sales Performance Management

What is a SPIF (Sales Performance Incentive Fund)?

Xactly

A SPIF, or special performance incentive fund, is a short-term sales incentive used to drive immediate results. Incentive Compensation Sales Coaching and Motivation

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.

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. Redefine sales roles.

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

Xactly

As part of our Friends of Xactly (FOX) Community, we spoke with sales compensation leaders about their journeys in sales compensation and best practices. Customer Story Incentive Compensation

16 Sales Incentives to Keep Your Team Engaged and Motivated

Xactly

Keeping sales reps motivated is a year-round process. As a sales leader, you should always be thinking of new ways to motivate your sales team, focus on closing deals, and keep reps’ eyes on the prize…literally and figuratively. Getting SPIFs Right as Sales Incentives.

5 Tips for Designing Successful Sales Incentive Compensation Plans

Xactly

Few leading indicators are more predictive of a company’s future sales performance than its incentive compensation plans. While multiple factors influence the effectiveness of your sales incentive compensation plans, 5 tips stand out: 1.

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).

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

Incentive Gift Cards Continue to Delight

Sales and Marketing Management

Author: SMM Research from the Incentive Gift Card Council (IGCC) and the Incentive Research Foundation (IRF) shows the majority of U.S. they can be used for both short-term and long-term incentive efforts?—?adds Digital delivery continues to grow in incentive gift card use.

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. Lidia Sakarapani, head of sales and marketing at Principal.

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Calculating the ‘Just Right’ Value for Incentives

Sales and Marketing Management

Author: Tim Houlihan Most incentives are paid out between 3 and 10 percent of the income earned during the incentive period. Matching Incentive to Your Corporate Culture. Track Incentive Results. The same rigor must be applied to your incentives.

Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. The event had 2 interweaving themes of excellence of plan design and the contribution which Sales Performance Management technology can make through operational excellence but also predictive analytic insights. Sales Incentive Design.

Calculating the ‘Just Right’ Value for Incentives

Sales and Marketing Management

Author: Tim Houlihan Most incentives are paid out between 3 and 10 percent of the income earned during the incentive period. Matching Incentive to Your Corporate Culture. Track Incentive Results. The same rigor must be applied to your 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.

How to provide short-term sales incentives and long-term results

RingDNA

Today’s sales environment is vastly different from what it was just a few years ago. The post How to provide short-term sales incentives and long-term results appeared first on RingDNA Inside Sales Software & Enterprise Telephony for Salesforce.

The power of incentive programs lies in their structure

Sales and Marketing Management

Author: Tim Houlihan The best incentives have open budgets, meaning anyone who qualifies can win. Open budgets tend to lead to improved morale due to the general ability for reps to feel like they have a chance at winning and that will lead to more sales. based sales forces.

How to Design an Incentive Compensation Plan That Works

Sales Benchmark Index

Article Sales Strategy SBI for SMB comp planning compensation plan plan sales comp sales compensation

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. Author: RICHARD SMITH, ZS MANAGER.

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

Xactly

As part of our Friends of Xactly (FOX) Community, we spoke with sales compensation leaders about their journeys in sales compensation and best practices. Customer Story Incentive Compensation

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.

The Case for Team-Based Sales Incentives

Xactly

Historically, sales performance incentives have been focused on individual recognition. Plans like individual sales quotas are designed to reward, recognize, and help retain high achievers, as well as motivate the average and below average performers to go above and beyond.

Stop Avoiding layered Incentives (and Learn to Love Them)

Sales and Marketing Management

Teaser: Most channel marketers have a dysfunctional relationship with layered incentives. They know that incenting sales-driving behaviors, such as training and product demo, can make a partner feel more personally invested in selling their products. Issue Date: 2014-11-21.

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

Xactly

Learn about ZS’s sales compensation process and how they’ve partnered with Xactly to help customers improve performance. Customer Story Incentive Compensation

X Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Nuance Communications)

Xactly

The sales planning process can become quite complex, especially when it comes to designing sales compensation plans. Ultimately, the new compensation and incentive plans must successfully motivate the right sales behaviors to achieve goals, all while driving growth.

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. 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.

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”.

Leveraging Kaizen Principles for Incentive Compensation Management

OpenSymmetry

Our customers are seeing long-term success with implementing enterprise Incentive Compensation Management and Sales Performance Management solutions for their organizations. The post Leveraging Kaizen Principles for Incentive Compensation Management appeared first on OS Blog.

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. Author: TIM HOULIHAN Maybe we’ve met.

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.

10 Incentive Travel Facts You Can Put To Good Use

Sales and Marketing Management

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. 

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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.

7 Steps to a Quota-Busting Sales Force

Sales Benchmark Index

Article Sales Strategy allocate territories incentive plan lead nurturing maximize selling time quota busting sales quota talent development

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[Infographic] 2018 Mid-Market Study on Sales and Incentives

Xactly

Compensation and incentive pay plays a big role in the success of a sales organization. Incentives drive sales behaviors, but when reps get paid incorrectly, it can lead to some big problems, specifically rep turnover.

Optimize Incentive Compensation With Integrated Sales Performance Data

Xactly

Incentive Compensation Management (ICM) solutions help companies manage their sales compensation plans and calculate commission payments. Today’s ICM solutions are aimed at optimizing more than just sales compensation, focusing on end-to-end sales performance management (SPM).

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. Communicate these objectives to sales reps and realize viable steps towards their achievement.