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

Sales and Marketing Management

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. The study also reveals that half of this market is driven by smaller businesses (between $1 million and $10 million in annual revenue), whose budgets may be tighter, but whose total volume generates $39 billion annually. Issue Date: 2013-10-22.

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Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. A familiar scenario that salesforces experience is the excitement and optimism of the new sales incentive launch, followed by the realisation that: New rules have been introduced which limit the kind of high payouts experienced last year which made the plan unaffordable. Be more strategic about incentives design, think more broadly about what will motivate and retain salespeople. Sales Incentive Design.

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25 budget-friendly sales incentives for the holidays

LevelEleven

Sales incentives can be tricky business. The good news is that studies show recognizing someone’s accomplishments is a better motivator than a reward with high monetary value. So your sales incentives don’t have to break the bank. Winter-themed sales incentives. Grab a copy of our December Contest ideas , then use these 25 inexpensive sales incentives to reward contest winners. Advice for Sales Managers Sales Incentives Work Contests

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16 Sales Incentives to Keep Your Team Engaged and Motivated

Xactly

Sales incentives are a great way to motivate your team and keep morale high. Your first line of motivation is your sales commission structure , but there are several different types of sales incentives you can use to further encourage your team. Special performance incentive funds, also known as SPIFs, are a popular approach to incentivize reps, but the question is the form of the incentive—cash or non-cash. Getting SPIFs Right as Sales Incentives.

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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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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. Time Study.

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Capturing the Yeti: Calculating and Optimizing the ROI of Your Sales Incentive Plan

OpenSymmetry

Much like the elusive yeti, the identification of Return On Investment (ROI) for a sales incentive plan is believed to exist by enthusiasts from the sales compensation design team, but met with much skepticism by others, namely the Finance department. So how do you prove the existence of ROI in your sales incentive plan proposal? So how do you measure the mysterious ROI of a sales incentive plan? Incentive design clearly has a major influence.

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

OpenSymmetry

Fred Sass, Worldwide Marketing Executive for the Sales Performance Management (SPM) division IBM and Laura Roach, Senior VP of Marketing and Customer Success, OpenSymmetry invited Erin Harris, Executive Editor of Integrated Solutions for Retailers to join them in sharing their expertise in securing market share through Incentive Compensation. The post [Webinar Wrap-Up] Incentive Compensation in Retail: 5 Bottom-Line Benefits appeared first on OS Blog.

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[Data Snapshot] 2018 Sales Compensation Best Practices Study

Xactly

In May 2018, Xactly partnered with WorldatWork to complete its annual Sales Compensation Best Practices Study to define the key trends and metrics for companies that want to plan and incent a top sales organization. Incentive compensation management is critical in enabling companies to drive the right sales behaviors, attain sales goals, and drive growth. This 2018 study reveals the trends that you can stake your company’s comp strategy on.

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Heavy Hitter Sales Blog: Personality Study of 1000 Top Salespeople.

HeavyHitter Sales

Personality Study of 1,000 Top Salespeople-Harvard Business Review. In addition, tests were administered at Presidents Club meetings (the incentive trip that top salespeople are awarded by their company for their outstanding performance). Listed below are links to weblogs that reference Personality Study of 1,000 Top Salespeople-Harvard Business Review : About. Heavy Hitter Sales Blog. Recent Posts. A Salespersons Most Important Competitive Weapon.

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[Webinar Recap] Enhance Your Workforce Culture and Sales Performance through Incentive Compensation

Xactly

In the recent 2018 mid-market sales incentive study, CFO Alliance reviewed the relationship between Sales and Finance departments—and how this partnership can positively impact a company’s revenue potential. In a recent webinar with CFO Alliance, we reviewed the findings of the study. The study in review was distributed to more than 7,000 CFO Alliance members. According to the study, there are several critical takeaways that department leaders should consider.

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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. In a recent survey with Salesforce and the CFO Alliance, we found that when faced with incorrect compensation payments and increased turnover, 50 percent of companies don’t adjust their forecasting or compensation plans.

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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. Let’s take a look at all three, and discover the incentives that work the best, as well as the ones that just aren’t as effective. Tangible Sales Incentives. What Doesn’t Work: Cash is King, but it’s not always the best idea for a sales incentive.

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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. Let’s take a look at all three, and discover the incentives that work the best, as well as the ones that just aren’t as effective. Tangible Sales Incentives. What Doesn’t Work: Cash is King, but it’s not always the best idea for a sales incentive.

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

Mereo

Incentives and bonuses motivate sales professionals for good reason. A Gallop study revealed that 50% of employees leave their company to get away from their bosses. 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. Good sales leadership: Speak to salespeople to the tune of incentives and rewards. But great sales leadership calls for more than monetary rewards.

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

OpenSymmetry

By automating the process, SPM technologies like IBM Incentive Compensation Management empower salespeople and sales managers to effectively identify areas to maximise sales and earnings in each sales period. According to a recent study by SalesForce only 36% of the average salesperson’s time is spent selling. Incentive Compensation Sales Performance Management commissions ICM Incentive Comp Incentive Compensation Management sales Sales Comp sales performance management SPM

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Gain exclusive insights into global B2B Sales and Marketing research by contributing to study

The Ultimate Sales Executive Resource

In 2005, MathMarketing and MarketingProfs set the debate about alignment alight when they published the findings of their global study on Sales and Marketing alignment. There are some fantastic incentives for you to participate. As a participant in this landmark study, you will also receive an invitation to attend their exclusive Sales and Marketing Alignment summit , hosted by MathMarketing CEO Hugh Macfarlane.

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How to Stop Losing Good Reps Over Commissions

Smart Selling Tools

Studies show that it takes three years on average for the average sales rep to reach peak performance. According to a study by Maestro, the average cost to replace a rep is $115,000. Hushly Embed Sales Commission Automation Sales Commissions Sales Cookie Sales IncentivesHow to Stop Losing Good Reps Over Commissions. Three years is a considerable amount of time, so good reps should be seen as the result of a major investment.

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LeadGnome Case Study: QuickMobile By Cvent Mines Email Replies To Enhance 75%+ of Existing Leads

LeadGnome

A new case study reveals how QuickMobile by Cvent leveraged LeadGnome’s reply email mining service to update existing leads with fresh data and generate new leads at a low CPL. the category-defining reply email mining web service, recently published a case study showing how QuicKMobile by Cvent , a leading provider of mobile event apps for meetings and conferences, used LeadGnome to update 192,468 existing leads and generate 48,897 new leads with a cost per lead (CPL) of $0.36.

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The Psychology Behind Unexpected Rewards

Sales and Marketing Management

Scientific studies show that unexpected incentive rewards stimulate areas of the brain connected to behavior development and learning. With stay-at-home mandates causing what many reference as the “groundhog day” effect, your sales team is the perfect audience for incorporating surprise rewards as part of a sales incentive program to keep remote teams engaged and company morale high. In short, surprise incentive rewards are powerful because they’re universal.

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A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. For example, Corporate Integrity Agreements (CIAs) were implemented by the DoJ as a way to curtail off-label drug promotion which forced companies to ensure their sales incentives encouraged proper compliance. Bowe claims this could be a source of the overdose crisis and a case of crossing the fine line between sales incentives and public health.

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MBO Examples to Kickstart Your Sales Team Engagement

Xactly

With 70 percent of employees not fully engaged ( according to a recent study ), nearly three out of four of your sales reps are more or less “checked out”—which is a big red flag for missing sales quota. Watch the webinar, "How Best-in-Class Companies Approach Incentive Comp” to learn compensation best practices and see how with 13+ years of empirical industry pay and performance data from Xactly Insights is helping companies strengthen their sales compensation plans.

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A Forthcoming Shift of Pharmaceutical Sales Compensation Plans?

OpenSymmetry

In some cases, incentive compensation (IC) methods have evolved to align with new regulations regarding specific sales metrics. For example, Corporate Integrity Agreements (CIAs) were implemented by the DoJ as a way to curtail off-label drug promotion which forced companies to ensure their sales incentives encouraged proper compliance. Bowe claims this could be a source of the overdose crisis and a case of crossing the fine line between sales incentives and public health.

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A Little [Healthy] Competition Transforms Individuals into Superstars

LevelEleven

The number of blogs, articles, and studies on the benefits of contests to motivate your team are endless (there are even a couple of blogs from us on the topic). This is great because the studies don’t lie. Advice for Sales Managers Gamification Contest Ideas Designing Sales Contests Employee Engagement IncentivesPeople are competitive. Contests not only push your team to do their best, they also make the workday fun and challenging.

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Guest Blog: The Secret World of Shadow Accounting and How to Eliminate It

OpenSymmetry

While there are few formal studies of the practice, it’s not hard to imagine a salesperson devoting an hour a week to tracking commissions. According to studies, 88 percent of all spreadsheets contain errors , and the larger the spreadsheet, the more likely it is that it contains an error. Sales Performance Management CallidusCloud Commission Incentive Compensation Sales Comp Sales Compensation Shadow Accounting spreadsheets

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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. Gartner studies quantify the impact – 5-10% increase in sales [1] , greater than 50% reduction in resourcing to manage sales compensation. Incentive Compensation Management implementations may only be initiated in one division.

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Improving the Sales Organization’s Change Readiness

OpenSymmetry

Many companies underestimate the change challenge and respond only tactically with the emphasis being on a quick response to a challenge often seen through rushed amendments to the incentive plan or hiring new people. Required level of change – Understanding the degree of internal change required including sales organization, incentives design, business process change, and some most significantly technology change. Meeting the Change Readiness Challenge.

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How To Incentivize Your Sales Team to Hit Their 2020 Goals

Sales and Marketing Management

It’s no secret that by setting effective sales incentives and pay structures you can dramatically increase your team’s success rate. Each team member is motivated by different incentives, the magazine says: Stars seem to knock down any target that stands in their way, but may stop working if a ceiling is imposed. Sales performance incentive funds (SPIFs) are an incentive that rewards a salesperson immediately for making a sale.

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Serving Others Never Goes Out of Style

Sales and Marketing Management

Helping others as a team is invigorating and bonding, which is why corporate social responsibility (CSR) continues to be a popular component of offsite meetings and incentive travel programs. While figures from the Incentive Travel Industry Index show that inclusion of CSR in incentive events is lower overall than last year, the 24-month scenario and regional story are quite different. Author: Paul Nolan Helping others is energizing.

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Workplace Wellness Can Deliver a Healthy ROI

Sales and Marketing Management

The company, which has been named one of the best places to work in Georgia by Georgia Trend Magazine, incorporates education, contests and incentives into its benefits program, adopting a holistic approach to helping workers be happier and healthier. Numerous studies report the return on investment for employers is significant and clear. Ultimately, 111 workers met the criteria to be included in the study. Using incentives wisely.

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4 Reasons I Don’t Pay for Referrals

No More Cold Calling

Should you offer incentives to Referral Sources? For a 2010 report from the Wharton School of Business, researchers Christophe Van den Bulte, Bernd Skiera, and Philipp Schmitt studied data that an anonymous German bank gathered on nearly 10,000 of its customers over 33 months. They point to several studies that illustrate the shortfalls of incentivized referrals. Incentive referral programs may work in business-to-consumer situations. Incent or not.

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The importance of collaboration in a remote world

PandaDoc

A Stanford study showed that just the invitation to work with others could fuel motivation. The ant’s incentive to collaborate was to survive. Reward these incentives after hitting shared goals. Collaboration is the single most important ingredient to a successful project. “97%

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Experiences Edge Out Stuff for Relationship-Building

Sales and Marketing Management

When it comes to rewarding top performers, numerous studies show that experiences have an edge over material gifts in terms of memorability and strengthening the relationship between the giver and the recipient. After reviewing numerous studies into gift giving, Mogilner and Chan discovered that “when recipients receive an experience, regardless of whether they share in that experience with the gift-giver, they feel more connected to the gift-giver as a result.”.

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The Science of Motivation

Sales and Marketing Management

Sales manager: I’d like to know what rewards the reps would like for our next incentive. Or maybe you think that incentives have run their course and it’s time to drop them altogether. If you’re thinking of asking your reps what will make the best prize in the incentive program, stop. Are incentives obsolete? A recent Harvard Business Review article1 noted that it’s time to move past incentives for sales reps because the way sales are made has changed.

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3 Ways Technology Can Streamline Your Sales Performance Management Strategy

Sales and Marketing Management

Instead of spending weeks attempting to understand how many more sales an associate needs to meet his or her quota, advanced technology can deconstruct the process to deliver clear goals and real-time updates, as well as implement incentive programs. Sales incentives are meant to attract and retain top talent, keeping them engaged in their work. Real-time reports and incentives provide another level of transparency and reduce admin costs, improving relationships across all channels.

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How to Avoid Wasting Money on a Compensation Assessment

Sales Benchmark Index

Rinse and Repeat: The Annual Comp Study. The standard comp study may be dangerously inadequate. Software Firm: The annual Employee survey is overflowing with negative comments about the incentive plan. Propose a Solution: Conduct a compensation study and redesign the plan. Unfortunately, HR's usual solution to sales comp problems is a one-size-fits-all tool – the compensation study. Fixing the problem was not easy, but it did not require a compensation study.

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Sales Managers – Why Isn’t Goal Setting Easy?

Anthony Cole Training

Or, if you want to use incentive travel/excursions to motivate people to higher levels of performance, you raise the bar required for people to qualify for the “President’s Club” trip. I have inquired about incentives and changes in overall production of a sales team. Specific, difficult goals led to higher performance than did nonspecific, “do your best” goals in 90% of the studies they reviewed in which the goals could be assumed to have been accepted by the subjects.

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Gamification: The Secret to Accelerate Onboarding

Sales Benchmark Index

Incentive Compensation: Sales people are “coin-operated.” These include recognition, incentives, interpersonal support, and clear goals. See below for links to case studies.) Read the case studies and watch the video demos of their solutions in action. Badgeville: Supercharge Your Sales Team case study. Bunchball: Preventing Death by PowerPoint case study. Hoopla: ConnectAndSell case study. LevelEleven: HiredMyWay case study.

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The Secret to Sales Rep Motivation

Steven Rosen

The researchers at MIT in a 2005 study for the Federal Reserve Bank concluded that : As long as the task involved only mechanical skills, bonuses and rewards work. But once the task required “even rudimentary cognitive skills” a larger incentive “ led to poorer performance”. Other studies have supported these findings yet sales leaders have continued to use higher incentives to drive performance. By Steven A. Rosen.

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10 Sales Statistics You Should Know in 2019

Xactly

Industry and planning-specific statistics also help guide sales planning and incentive compensation. Nearly 50% of companies fail to measure and adjust financial forecasts and plans to account for the residual impact caused by sales force attrition ( 2018 Mid-Market Sales Incentive Study ). Sales statistics are a variety of metrics that provide insight into your sales organization’s health.

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