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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“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.

Trending Sources

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.

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.

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.

Wells Fargo: The True Cost of “Unchecked Incentives”

OpenSymmetry

To further illustrate this point, a recent class action lawsuit filed by six former employees claims they were fired or demoted for refusing to open fake accounts to meet a quota of opening 10 new accounts per day, alleging that it was “impossible to consistently meet a quota without engaging in ‘gaming’” or cheating the system. Yet companies need to pay close attention to their compliance-monitoring systems in order to prevent violations of the law and abusive practices.”

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.

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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.

It's Time to Change the Automotive Customer Satisfaction Survey System

The 1to1 Media Blog

Customer satisfaction scores are also used by car manufacturers to reward dealerships with financial incentives and for automakers to flaunt their results over rivals. When an auto customer buys or leases a vehicle at a car dealership, it''s common for the salesperson to ask the customer to give them the highest possible marks in the customer satisfaction survey that''s soon to follow.

Avoiding Rejection: 5 Steps to Smooth User Adoption for an ICM System

OpenSymmetry

In a previous job, my strong aversion to learning a new and seemingly complicated CRM system was a much higher barrier than keeping track of all my accounts on post-it notes, meticulously arranged in rows on my desk. After a couple weeks of using this makeshift post-it system, I was called into a meeting with my manager who told me that, whether or not I liked it, I had to get trained in the CRM system and the post-its needed to be gone. I was once a post-it junkie.

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 .

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.

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.

Xactly News, 100 Express Customers, Incent 7.1 and Conversation with Xactly’s CEO

LeapComp

However, what I’m the most excited about are the enhancements to Xactly Incent Version 7 which launched a few months ago. Quota and Rate Table Effective Dating: This enables companies to manage incentive program changes at the time and point of need. Xactly Incent 7.1:

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.

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

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.

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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. Meeting the Change Readiness Challenge.

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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.

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.

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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.

Four Tips to Encourage You to Grab for the Gold Ring: Incentivizing Yourself to Higher Productivity

The Productivity Pro

That’s the whole incentive.” Stack’s clients include Cisco Systems, Wal-Mart, and Bank of America, and she has been featured on the CBS Early Show and CNN, and in the New York Times. Business Productivity Performance Personal Productivity Time Management Tools & System

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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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.

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.

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Sales Alignment with Company Strategy Part-1

Pipeliner

Among other things, they do this through two core performance management practices: sales compensation incentives and performance reviews. Notice the message here: “go forth and multiply” because any customer is a good customer with this incentive plan.

Sales Alignment with Company Strategy Part-2

Pipeliner

Here, metrics should encourage reps to vet the top part of the funnel carefully so they don’t spend months chasing the wrong prospects, while management provides reps with the means and incentives to manage the lengthy sale and renewal process for the right prospects.

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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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.

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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[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.

Insurance Incentive Compensation Management Applications

LeapComp

Insurance companies are often a world apart in incentive compensation. The other companies profiled were CSC (Exceed), CSC (PerformancePlus), MajescoMastek, McCamish Systems, and SAP.

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.

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.

Your 12-Step Action Plan For A Great Sales Demo

Pipeliner

Offer the prospect an incentive for partaking in the demo. If the prospect has been testing out your product or service before the demo, monitor their activity to uncover the extent to which they understand your system. in the past engaging in system upgrades in the middle of a demo!