Incentives and Rewards: A Closer Look

Sales and Marketing Management

In short, more precision is better for rewards used with incentives, while less precision is better for rewards used with recognition. Incentives. Good incentives rely on high degrees of precision to generate motivation. Reps Benefit From Incentives.

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?

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

How Sales Leaders Can Motivate Younger Employees through Purpose-Driven Incentives

Sales and Marketing Management

Perhaps especially while the COVID-19 pandemic has placed a temporary hold on popular incentives like travel among this demographic, sales leaders can improve their incentive programs for younger employees by embedding a sense of purpose into their sales outreach.

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 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.

You’re Done with the Revenue Plan; What’s Next?

Sales Benchmark Index

New tools make the process easier, however the resource allocation decisions. “Hello 2019, we’ll be right with you!”. Most of my clients have been in non-stop planning meetings since mid-August and earlier. Long days of adjusting and readjusting budgets and expectations.

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. The post offers tools to make longer-lasting corrections, too. 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.

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.

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.

How The CEO Can Jump-Start The Customer Experience Transformation (CXT)

Sales Benchmark Index

As The CEO, you obsess about your Customer. You also know you need to transform your Customer Experience. You are aware that customer expectations have risen, however, your company has not evolved to address them. You are committed to CX.

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).

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.

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.

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

Smart Selling Tools

For them, it’s not enough to just have products that span the entire marketing and sales funnel. Their acquisition of Click-Tools also plays a key role. Click-Tools is an enterprise survey solution that was acquired by CallidusCloud in the fall of last year.

Inside the Mindset of Users and Non-users of Incentive Travel

Sales and Marketing Management

Teaser: When Sales & Marketing Management magazine and the SITE Foundation initiated a comprehensive survey on the use of incentive travel, they knew that some of the most illuminating information would come from non-users of this motivational tool. Issue Date: 2014-09-01.

Travel 191

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.

Wells Fargo: The True Cost of “Unchecked Incentives”

OpenSymmetry

Impossible-to-reach quotas, a high-pressure sales environment, and a lack of transparency throughout Wells Fargo’s sales organization. Last month, Wells Fargo CEO Jon Stumpf faced the House Financial Services Committee on Capitol Hill, where congressmen questioned the sales practices at Wells Fargo. This means that C-level executives may not have adequate visibility into the operations and practices of their sales team other than through basic reporting from sales managers.

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. Once you’ve put together your sales compensation team, you’re ready to dive into the plan design process. Or, keep reading for more sales plan ideas. Comp Planning Sales Comp

Top 10 Social Selling Tools

Zoominfo

Social selling is a sales technique that leverages social networking sites to identify prospects, build relationships, and ideally, close more deals. Social selling is more than just a hot trend, it’s an essential part of the modern sales process. Top Ten Social Selling Tools: 1.

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

Xactly

Building a successful sales compensation plan carries an incredible amount of responsibility for compensation planning teams. Sales Compensation Manager. Time in sales compensation: 20+ years. Sales Compensation Manager. Or, keep reading for more sales plan ideas.

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 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.

X-Factor Compensation Leaders: How to Be Incredible at Incentive Planning (Palo Alto Networks)

Xactly

Sales compensation is one of the most important components of sales planning. Sales operations and compensation professionals must compile a team to piecing together metrics and goals, which carries an incredible amount of responsibility. Time in sales compensation: 11 years.

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.

Hiring Sales Talent: A Tool to Help CEOs Get It Right the First Time

Sales Benchmark Index

Effective growth CEOs can balance working on short-term sales tactics and long-term business strategies. A theme emerged around how much time to spend “in” sales tactics. If you act as the de-facto VP of sales, you’re working in the business. A Tool for You.

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

Xactly

Sales compensation is an important part of a successful company. A strong incentive plan drives sales behaviors that help companies grow and achieve their goals. Position: Sales Compensation Manager. Time in sales compensation: 7 years.

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.

Sales Rewards: 5 Best Practices to Motivate Reps

Xactly

Sales rewards are a great tool to motivate reps. Implement these five best practices to encourage your sales team to improve and keep performance high. Incentive Compensation Sales Coaching and Motivation

The Secret Tool You Can Use to Close Way More Deals

Hubspot Sales

The deal plan should cover whatever your prospect suggests but will generally encompass the remainder of the sales cycle, how to sell the product internally, and the implementation of the product. In most sales situations, the biggest challenge is inertia. Sales Process

Tools 114

Top Ten Ways to Immediately Improve Sales Tool Adoption

The ROI Guy

You’ve worked hard to produce new value-focused tools, empowering your sales team to meet the growing challenges of today’s more empowered, skeptical and frugal buyer. So how do you achieve sales tool adoption in 2013?

Tools 76

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.

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.

Sales Performance Management 101 for Sales Reps: Getting the Sales Numbers You Need with the Right Technology

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. Effective SPM can be a game-changer for sales organisations as sales and performance information is readily available to the seller bringing trust, motivation and direction to the sales process.

[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.

Mo’ Adjustments, Mo’ Problems – and Mo’ Sales Comp Admins Won’t Solve Them

OpenSymmetry

How likely is your sales incentive plan going to be dead on arrival, riddled with holes caused by requests for changes and exceptions? At least three months prior to the new year, finance teams slave over intricate details and policies for sales incentive plans to make for a smoother payroll cycle next year. Best-in-class companies aim for fewer than 5% of the sales team receiving adjustments each pay period.

Sales Enablement vs. Sales Operations

Guru

Sales operations and sales enablement are both functions that aim to improve your sales performance. Alternatively, sales enablement means providing sales teams with the tools, training, support and feedback they need to effectively sell. sales enablement

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.

Crush communication siloes during your ICM implementation

OpenSymmetry

This made room for the client to make a game plan to share appropriate information to calm apprehensions and gain buy-in for the benefits they would receive from the tool. Incentive Compensation Sales Performance Management communication ICM Incentive Comp Incentive Compensation Management sales Sales Comp Sales Compensation sales performance management SPM

Sales Enablement vs. Sales Operations

Showpad

Sales operations (sales ops) and sales enablement are terms used often within an organization. But how do they contribute to sales productivity and overall business performance? Sales Enablement versus Sales Operations. Developing sales and revenue strategy.