Sales Incentive Optimization

OpenSymmetry

The Journey to Sales Incentive Optimization. Be more strategic about incentives design, think more broadly about what will motivate and retain salespeople. Deploy technology that will optimize sales incentive operations and provide predictive insights for the future.

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. This ensures the system is prepared to handle all expected outputs. Big Results come from Small Changes.

Renew Your Vows with The CRM System

Sales Benchmark Index

One of the biggest purchases a Sales Department makes is the CRM system. Companies that have successfully implemented a system tout benefits like: Increased rep productivity. Integration of multiple systems to automate routine tasks. And the system is buggy on rollout.

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Optimal Incentive Compensation Plan Design for Successful Implementation

OpenSymmetry

In the second scenario, the organisation has a strong HR or Sales leader driving the project who wants to look at a simplified process or wants a simplified incentives landscape before they start automating. We typically come across 2 scenarios with regard to plan design and automation.

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

Smart Selling Tools

The concept is to have the system be greater than the sum of its parts, and to have the system do much of the heavy lifting. As an example, the system might identify an opportunity to cross or upsell based on the data of the system.

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. Reps reworking discounts and promotions endlessly to game the comp system.

Part 1 of 3: Flawed Reporting Ruins a Flawless System

OpenSymmetry

“If a commissions management system works flawlessly and no one is able to interpret the reports, does it make an impact” What’s the reporting experience like for your end users? Often, our clients’ wish lists include accurate incentive calculations and models that run efficiently, and stop there. As sales and incentive comp systems are being built, reporting may be an afterthought.

Sales Incentive Program Management as a Profit Center for CFO’s of Large Channel Members and Distributors

Sales and Marketing

Author: George Kriza, CEO, MTCPerformance For most large resellers or distributors, sales incentive programs for internal sales teams get little attention from top financial executives inside their organizations. The opportunity to benefit from successful sales incentives programs are there, executives just need to understand how to uncover them. Most multibillion-dollar reseller and distributor organizations attract millions of incentive dollars.

Incenting the Reseller of the Future

Sales and Marketing

Teaser: As systems and networks become more complex, customers don’t just need a salesperson, they need a consultant — and are more than willing to pay a fee for this expertise. Issue Date: 2015-02-27.

Band Aid Management Or Sales Management Operating System?

Partners in Excellence

We have to have a Sales Management Operating System. This framework/Operating System, provides both a structure and context with which leaders can look at and assess overall organizational performance. It provides the structure, tools, systems, processes to everything we do.

Determining a Successful Sales Incentive Plan

Sales Tips & Techniques

A sales management team needs to consider what the point of a sales incentive plan actually is prior to constructing one, as many leaders tend to forget why this type of system is implemented in the first place. The idea behind a sales incentive plan is that representatives may need motivation to increase their productivity and raise the number of outgoing calls that they make each day.

IBM ICM Users, Rejoice: v10 is Here

OpenSymmetry

You may have heard of the IBM ICM (Incentive Compensation Management) Version 10 release and all of its bells and whistles. The biggest benefit of the move to a web-based system, however, is that future v10 upgrades will be continuous and seamless, meaning less IT oversight and immediate access to enhancements as soon as they’re released. Incentive Compensation Sales Performance Management IBM ICM Incentive Comp Incentive Compensation Management upgrades

SPM Transforms the Career Path from Admin to Analyst

OpenSymmetry

In this fourth post, we discuss how sales compensation administrators can streamline the incentives management process using SPM technology and in doing that transform their role from an administrative function to a business and analytical function. manually calculating commissions and bonus, updating spreadsheets or bespoke systems for pay plan modifications, and managing queries and disputes about payments.

Sales Performance Management 101 for Finance: Know the Cost of Your Investment in Sales

OpenSymmetry

The sales team produces a large body of disparate information which needs to be collected, converted into a suitable format and analysed to build out forecasts and leverage incentive compensation for peak sales performance. Without a robust system in place that can connect finance and sales, this can be extremely time-consuming with little control and little yield.

Crush communication siloes during your ICM implementation

OpenSymmetry

Evaluate the current structure for communication within your organization, the overall readiness of each stakeholder group for the new platform, and the future state processes and ownership of the new system. Ultimately, the perception of the system causing drastic change was increased to the client’s stakeholders because half of them didn’t know what the new system would mean for them or their jobs.

Sales Performance Management 101 for HR: Keeping Employees Motivated Through Compensation Transparency

OpenSymmetry

Incentive compensation management systems, a core piece of SPM solutions, can automate calculation of sales commissions, bonuses, and MBOs, as well as directly linking each of these variable payments to the associated performance metric. Incentive Compensation Sales Performance Management commissions ICM Incentive Comp Incentive Compensation Management sales Sales Comp Sales Compensation sales performance management SPM

Sales Performance Management 101 for the Corporate Board: Why SPM Strategy is Critical for Sales Success

OpenSymmetry

Company objectives, values and mission drive the brand and the reputation of an organisation, but most of the time the behaviour of sellers is not linked to these company objectives because incentives are not aligned or are not delivered effectively. In some cases, this will be due to poor incentives plan design. The time and cost required to deploy a new SPM system has reduced significantly in recent years whilst the functionality and impact has increased ten-fold.

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. Subscribe to our blog for more articles on streamlining your incentive compensation and current tips and trends in the field.

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. 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.

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 .

Outstanding in the Field: ICM Self-Service Enablement for Field Reps

OpenSymmetry

As mentioned in my previous blog , Incentive Compensation Management (ICM) solutions have moved far beyond being an automated calculator for determining commission and bonus incentives. Depending on the functionality provided with the respective ICM solution, the field can have robust entry capabilities allowing the request to flow through to the system without further manual intervention, which results in more timely outcomes. We live in the user experience economy.

OpenSymmetry Releases 2016 SPM Vendor Guide

OpenSymmetry

The 2016 SPM Vendor Guide is an information resource that provides organizations an introduction to the leading suppliers of Sales Performance Management systems and solutions.

Mylan Sold Its Soul – Will Your Sales Team?

OpenSymmetry

From executive compensation and incentive strategies to the legislative framework, we will dissect this case to address the fact that this is not just a problem plaguing Big Pharma, but any entity that drives people within the organization to a goal through incentive compensation. Mylan’s Executive Compensation Structure – The Incentive Plan that Started It All. The principle demonstrated in this high profile case is that incentives undoubtedly drive behavior.

The Criticality of SPM Technology

OpenSymmetry

While, incentive compensation administration is still a main piece, the broader SPM technology concept is expanding more holistically to include other key aspects which directly impacts how a sales team might perform, including talent development, sales enablement, and territory and quota management.

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Five Keys to Accelerated Lead to Money

OpenSymmetry

In fact, the same report finds that roughly 50% of organizations that have both implemented and automated a Lead to Money system can expect to see both organizational maturity and business impact. Incentive Compensation Management.

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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.

The Right Reward System is Worth Its Weight In Gold?Or Balloons?

Paul Cherry's Top Sales Techniques

Blog Home < The Right Reward System is Worth Its Weight I… Sales & Management Tips. The Right Reward System is Worth Its Weight In Gold?Or Be creative with your company’s reward system, and phenomenal results will follow. But the incentive isn’t the balloons themselves, it’s what they symbolize: the outward recognition of their accomplishments. More Free Stuff | Email Us | Get Started Now!

Flawless Execution Starts With Strategic Planning: A Roadmap for January 2017

OpenSymmetry

On the OpenSymmetry blog, we’re starting 2017 with fresh perspectives on what it takes to evaluate, implement, and leverage incentive compensation solutions to make the biggest impact on a company’s bottom line. In the next two months, we’ll be focusing on topics about building the framework for evaluation and pre-implementation processes for incentive compensation solutions. Strategy ICM Incentive Compensation roadmap Sales Comp Sales Compensation

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

OpenSymmetry

In this case, “they” are the inevitable errors that creep into manually-managed compensation systems. Sales Performance Management CallidusCloud Commission Incentive Compensation Sales Comp Sales Compensation Shadow Accounting spreadsheets

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.

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. Meeting the Change Readiness Challenge.

Why Reps Hate Asking for Referrals Just as Much as Cold Calling

No More Cold Calling

I use the referral system I developed 20 years ago. I recalled that my best business had always come from referrals, so why shouldn’t my team adopt a referral system? I tried coaching, I tried demonstrating, and I tried setting goals and incentives.

Crawl, Walk, Run – Three Small Steps for a Successful ICM Implementation

OpenSymmetry

As I work with companies to weigh different best-of-breed Incentive Compensation Management (ICM) platforms that might be optimal for their situations, I frequently witness companies grasp the robust capabilities of these solutions and immediately try to start sprinting to that ideal end state straight out of the gate. After the system was in production and stable, the focus would shift to providing other functionality to support field self-service with streamlined workflow processes.

Why Automate Sales Compensation Management

OpenSymmetry

The need to automate territory and quota management will be driven by the dependency of the incentive plan on more complex quota setting and territory alignment challenges.

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. One important aspect is when companies have automated incentive compensation management.

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? The third is above target incentive structure.

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

OpenSymmetry

One Forrester research report shows companies using a Contract Lifecycle Management system have seen an increase in customer renewals to 73%! Incentive Comp: Develop incentive programs that drive behaviors and revenue that lead to more closed deals while reducing errors in payouts.

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Rewarding Your Best Customers

The Sales Leader

Instead of offering rewards and incentives to new customers, why not reward your loyal customers? Instead of offering rewards and incentives to new customers, why not reward your loyal customers?

Rewarding Your Best Customers

The Sales Leader

Instead of offering rewards and incentives to new customers, why not reward your loyal customers? Instead of offering rewards and incentives to new customers, why not reward your loyal customers? Podcast Series: The Sales Leader 3D Sales Training System client attraction Colleen Francis Engage Selling Solutions Lead Up! Sales Coaching optimizing sales selling The Sales Leader

3 Training Tips to Maximize Your Sugar Deployment

SugarCRM

To help, we are launching a new blog series that addresses the primary hurdles we hear from customers as they embark on getting the most out of that shiny, new CRM system. When you deploy a new CRM, it’s wise to assume one thing: your team won’t have the time or energy to learn the new system on their own. Enabling your team to get a handle on how to do the basics will make a huge difference in the long-term value you get from the system.