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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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.

Trending Sources

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.

“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.

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.

Survey Results Validate Need for Transparency and Automation in Incentive Comp

OpenSymmetry

As it relates to operational challenges pertaining to period-to-period incentive compensation processing, the following three challenges emerged from the survey results: Limited reporting. Overwhelmingly, the biggest challenge for survey respondents already on an ICM (Incentive Compensation Management) technology platform was a lack of reporting by which front-line sales reps can track their own progress. This would likely reduce drastically if on an ICM system.

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.

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.

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 .

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.

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.

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.

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 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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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.

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.

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

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.

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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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.

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.

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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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.

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.

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

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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.

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.

CRM Plus CPQ vs. The Sales Rep from Hell

Cincom Smart Selling

CRM systems provide a place for contact, customer and activity reporting. Once again, a requirement to use a CRM system is the best insurance against this. A CPQ system allows the rep to generate as many quotes as required. Each will reflect the exact functionality built into the system being quoted. Documenting the quotation in the CRM system will also add to the validity of the quotation. CRM and CPQ systems remember things exactly the way they were entered.

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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. The most valuable benefit for gamification may be the impact on adoption of the CRM system by new hires.

Finding the Right Sales Performance Management Vendor

OpenSymmetry

This year’s edition features organizations that expand across the broad spectrum of the SPM and Incentive Compensation Management (ICM) continuum and offers options to help provide transparency across the entire organization for sales related processes.

Creating the Ideal Performance Culture

Sales Benchmark Index

Systems Enhancement. A media organization recently created home grown CRM system. Accounts had to be entered in both systems, which required double the reporting. The homegrown system worked for tracking time and activity. Incentive Programs.

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Sales Tech Simplified: How to Turn Relationships Into Revenues with @ModelN

Smart Selling Tools

Enabling companies to maximize revenues with more effective pricing, discount and incentives programs. In this series, we ask tech executives to describe the why and how of their solution. We call it Sales Tech Simplified.

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.

Three Rules for Attracting and Retaining Top Sales Talent

Sales and Marketing

All incentive compensation management systems should adhere to three simple rules. All incentive compensation management systems should adhere to three simple rules. Issue Date: 2013-05-05. Author: Candace Arnold.

The Achilles Heel of CRM Adoption (and 2 Ways to Overcome it)

Smart Selling Tools

When reps are entering data into the CRM system, they are not talking with prospects. When they are logging call report notes into the CRM system, they are not talking with prospects. No more waiting for laptop systems to boot-up.

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10-Point Inspection for Top Sales Performance

Sales Benchmark Index

A strong leading indicator for a successful year is the impact of the reward system. Erik Charles is the Principal Incentive Strategist at Xactly Corp. In a recent webinar , Erik noted that: "The total outlay for Incentive Compensation in the U.S. January is over.

Build or Buy? A Vendor-Agnostic Evaluation for ICM

OpenSymmetry

Whether it involves sun-setting a legacy incentive compensation management (ICM) system or upgrading from loosely-structured spreadsheet systems, there comes a critical point in any IT modernization process where a decision must be made to refactor an aging system, move towards full replacement, or purchase an off-the-shelf solution to meet the needs of the business. Along with being interdependent, ICM systems are unique in that they are acutely temporal.

7 ways to Uncover the Real Meaning (and Proper Execution) of Sales Enablement

Smart Selling Tools

That is, they have best practice workflows built-into their systems so salespeople know where to focus, what to say, and what to send to each prospect based on where they are in the sales process. Type “definition of sales enablement” into the Google Search bar and you’ll get 63,900 results.

Smart Selling Visions: Up-Close with Top Revenue Leader K.V. Rao, CEO of @AvisoInc

Smart Selling Tools

What business decision-makers need is an effective decision-support system that empowers them to leverage their experience and judgment to make the best possible decision, given all the available information.