[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.

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. Don’t deprive your teams of these two important tools. Please don’t hold back using team incentives because of your concern over loafers and free-riders.

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. Product Launch Incentive.

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). Given the same sales tools, level of education, and propensity to work, why do some salespeople succeed where others fail? Heavy Hitter Sales Blog. Recent Posts. A Salespersons Most Important Competitive Weapon.

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The Ultimate List of B2B Marketing Tools

Zoominfo

In today’s blog post, we discuss 30 B2B marketing tools you can’t live without. Customer relationship management (CRM) platforms aren’t strictly sales tools. Slack also integrates with other tools in your marketing tech stack. Final Thoughts about B2B Marketing Tools.

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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. Tangible Sales Incentives. Adventure Sales Incentives.

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? The sales tools need to be integrated into sales’ daily world.

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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. News Case Studies

Is there a Way to Improve Sales Tool Adoption?

The ROI Guy

I n 2011 you 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. And you are not alone, as SiriusDecisions reports that the average company now spends a whopping $43K on marketing content and sales tools per salesperson per year. So how do you get the much needed sales tool adoption to occur in 20012. Align incentives 6.

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

OpenSymmetry

Without adequate tools in place, you may not know how your commissions or bonuses are calculated or how much you can earn in a quarter. Additionally, existing tools may not make it clear which clients or deals to focus on to maximise your earnings and which actions you can take to maximise impact and your performance and overall company performance. According to a recent study by SalesForce only 36% of the average salesperson’s time is spent selling.

MBO Examples to Kickstart Your Sales Team Engagement

Xactly

MBOs can be an extremely useful tool in addition to your sales commission structure because they give each rep individual goals to strengthen the overall sales organization. An MBO program is a great tool for driving the behavior of non-sales-related activities, too.

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.

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.) Compare their integrated CRM tools. Badgeville: Supercharge Your Sales Team case study.

Best Way to Reduce Discounting: Better Negotiating or Value Selling?

The ROI Guy

Recent studies indicate that the average discount levels has risen to 20% per deal (IDC), but we find that many solution providers would be happy if that were the level of discount they were providing. And Procurement is getting way more involved in every transaction, with specific incentives to extract discounts from every vendor proposal. There is more pressure than ever on suppliers to lower their prices and offer steep discounts.

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. Compensation Study ?

Creating the Ideal Performance Culture

Sales Benchmark Index

Reps must have the tools and support to win the big deals. Performance culture is studied in depth in our 2014 Research Tour. By signing up for the tour , you’ll receive the " Performance Culture Assessment " tool. It mapped to a proposal generating tool.

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10-Point Inspection for Top Sales Performance

Sales Benchmark Index

To make your assessment easy, SBI has created a 10-point Compensation Inspection tool. This simple, free, downloadable tool reveals the vital signs of your plan. Erik Charles is the Principal Incentive Strategist at Xactly Corp. Download the 10-Point Compensation Inspection tool.

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”.

For Sale, Not On Sale - The True Cost of Discounting and What to Do About It

The ROI Guy

Procurement specialists’ incentive pay is now directly tied to the discounts they can extract from each vendor. Mark Arman former VP of Business Development from ShoreTel launched an Alinean-powered TCO tool several years ago to get sales reps, channel partners and customers all focused on better communicating and quantifying the unique value of ShoreTel’s unified communications solutions, especially compared to status quo legacy and the competition.

2 Ways for Sales Operations to Improve the Sales Funnel

Sales Benchmark Index

In a study released by eMarketer, “US online ad spending will post growth well above 20% this year to reach nearly $40 billion.” Download the tool at this event to get started. According to their annual study of lead response behavior, InsideSales.com found that only 23.9%

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Why Product-Agnostic Content Wins in B2B Marketing

Sales and Marketing Management

Creators can include a lot of information beneath each video, but it’s important to put a compelling incentive and/or promotional link first since YouTube cuts off the majority of this text.

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Sales Leaders Can Close Big Deals in Q4 by Reducing Customer Risk

Sales Benchmark Index

Provide case studies that prove you can execute. Case studies help reduce your customer's fear of risk. They relate to the problem the customer in the study was solving for. This tool helps you do the following: Identify risks from the customer’s point of view.

The Missing Link Between Your CRM Investment and Sales Performance

Miller Heiman Group

In our 2018 Sales Operations Optimization Study conducted by CSO Insights, only 47 percent of respondents reported adoption rates of greater than 90 percent. In our 2018 Sales Operations Optimization Study, we also asked respondents to share which areas needed the most improvement over next 24 months. Less than 25 percent of respondents to our 2017 World-Class Sales Practices Study expressed a high degree of confidence in the data from their CRM system.).

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What Sales Leaders Need to Do to Hire and Evaluate Talent More Effectively

Miller Heiman Group

In 2018, just 54 percent of all sellers met their sales quotas, according to CSO Insight’s 2018-2019 Sales Performance Study. Furthermore, only 16 percent of sales leaders say they are confident they have the talent needed to succeed into the future, according to CSO Insights’ 2018 Sales Talent Study. According to the Buyer Preferences Study , only 23 percent of B2B buyers consider salespeople as a resource to solve a business problem.

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[Missed Connections]: Referral Selling Insights from February

No More Cold Calling

Technology is a great tool, but selling is still a person-to-person business. 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.

The Best Sales Managers Don’t Chase Revenue: 6 Steps to Get Goal-Setting Right

Sales Hacker

Goals also help assess the efficiency of tools and methods, and formulate strategies for improvement or growth. A widely cited study published by the Journal of Applied Psychology found that lack of clear goals is a major cause of student attrition. Tools.

How to Use Sales Compensation to Motivate Middle Performers

Xactly

Most of the time when I speak about the middle performers, it is because I am trying to convince a sales leader that there is value in focusing on the middle performers rather than explaining the sales incentive tools available to increase their performance.

3 Ways to Systematically Add High-Value Referrals To Your Sales Pipeline

Women Sales Pros

A recent study revealed 84% of people completely trust recommendations from people they know. Incentives: Non-monetary incentives are the better choice here, tied directly to your product or service (ex: priority support, added features, etc.).

The Sales Leader’s 10 Most-Viewed Blog Posts of 2018

The Brooks Group

Our community of subscribers has grown to over 17,000 and continues to be a valuable tool for readers around the world. 17 Creative Sales Incentives (Other than Money) to Motivate Your Salespeople. NOTE: Our sales training tools are designed to make your life easier.

30 of the Best SaaS Partner Programs (and Why They Are So Good)

Allbound

Study them, learn from them, and apply their best practices in your own partner programs. Shopify’s Partner Academy includes courses, study guides, and exams to help both developers and consultants make the most of the platform. Pantheon’s Hosting and DevOps Tools.

4 Tips for Selling to the Social Savvy Buyer

Zoominfo

In fact, a recent study suggests that 91% of B2B buyers are active and involved in social media, while 75% are significantly influenced by social content when forming their buying decisions ( source ). We know B2B decision makers are using social media to inform their buying decisions.

7 Tips for Retaining Your Best Salesperson

Growbots

This situation can be financially devastating considering a recent DePaul University study that found that the average turnover cost of a salesperson is $97,690. That same study found that half of the salespeople that leave a company voluntarily resign while 33% are involuntary dismissals and 22% are due to retirement. Most salespeople are driven by financial incentives. Offer non-monetary incentives as well. Provide the tools your salespeople need to succeed.

10-Point Inspection for Top Sales Performance

Sales Benchmark Index

To make your assessment easy, SBI has created a 10-point Compensation Inspection tool. This simple, free, downloadable tool reveals the vital signs of your plan. Erik Charles is the Principal Incentive Strategist at Xactly Corp. Download the 10-Point Compensation Inspection tool.

5 Pain Points a PRM Solution Can Help You Solve

Allbound

times shorter, according to a 2017 Aberdeen Group Research Study on channel partner marketing and sales. Instead of exchanging emails back and forth to retrieve a case study or content marketing piece, everything is readily available in the PRM 24/7/365.

The Missing Link Between Your CRM Investment and Sales Performance

Miller Heiman Group

In our 2018 Sales Operations Optimization Study conducted by CSO Insights, only 47 percent of respondents reported adoption rates of greater than 90 percent. In our 2018 Sales Operations Optimization Study, we also asked respondents to share which areas needed the most improvement over next 24 months. Less than 25 percent of respondents to our 2017 World-Class Sales Practices Study expressed a high degree of confidence in the data from their CRM system.).

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A Little Healthy Competition: Enabling the Competitive Nature of Sales

LevelEleven

When done right, social selling can be one of the most powerful tools at your reps’ fingertips, greatly increasing sales productivity and overall sales effectiveness. Studies show that 91% of B2B buyers are active and involved in social media.

6 Steps for More Compelling B2B Product Pages

Zoominfo

This requires some sort of incentive. In this instance, the incentive must be the value of your product. We also recommend including proof of value in the form of customer testimonials and case studies. Here’s why: Case studies and testimonials promote trust.

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10 sales productivity tactics to close more deals

Close.io

It’s an expression that’s taken on various different roles, definitions and interpretations over the years as new tools, methodologies, and techniques come to redefine modern selling with increasing regularity. Want all of our best sales productivity tools, content, advice and templates?

The Elephant In The Room, Sales Talent Management

Partners in Excellence

These things include your overall strategy, the systems, processes, tools, programs, and training. We put structures, processes, systems, tools, programs, training, metrics, incentives in place to help enable sales people to perform. CSO Insights Sales Talent Study).

Sales Forecasting Accuracy: How to Put Your Data to Work

Xactly

Watch the webinar, "The Risk and Reward of ASC 606," to discover the impact of ASC 606 to incentive planning and how the tactical need for better data can give companies a strategic advantage. Sales data.