The Complete Guide to Sales Force Incentive Compensation

The Complete Guide to Sales Force Incentive Compensation

Author: Andris Zoltners

Publisher: AMACOM

Published: 2006-08-07

Total Pages: 511

ISBN-13: 0814429726

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A well-designed and implemented incentive program is an essential tool for building a motivated, highly effective sales force that delivers the results you need. Incentive programs are seductively powerful but complicated instruments. Without careful planning and implementation, they can be too stingy to motivate, too complex to understand, too quick to reward mediocre results, and too difficult to implement. The Complete Guide to Sales Force Incentive Compensation is a practical, accessible, detailed roadmap to building a compensation system that gets it right by creating motivating incentives that produce positive outcomes. Packed with hundreds of real-life examples of what works and what doesn't, this important guide helps you: Understand the value of building an incentive plan that is aligned with your company's goals and culture. Avoid the common trap of overusing incentives to solve too many sales management problems. Measure the effectiveness of your current incentive program, employing easy-to-use tools and metrics for pinpointing its weak spots. Design a compensation plan that attracts and retains successful salespeople, including guidelines for determining the correct pay level, the best salary incentive mix, the proper performance measures, and the right performance payout relationship. Select an incentive compensation plan that works for your organization -- then test the plan before it is launched. Set territory-level goals that are fair and realistic, and avoid overpaying the sales force or demoralizing salespeople by having difficult goals or not fairly assigned. Create and manage sales contests, SPIFFs (Special Performance Incentive for Field Force), and recognition programs that consistently deliver the intended results. Manage a successful transition to a new compensation plan and build efficient administration systems to support your plan. Filled with ready-to-use formulas and assessment tools and a wealth of insights from frontline sales managers and executives, The Complete Guide to Sales Force Incentive Compensation is your hands-on, easy-to-read playbook for crucially important decisions.


Compensating and Motivating Salesmen

Compensating and Motivating Salesmen

Author: Richard C. Smyth

Publisher:

Published: 1969

Total Pages: 200

ISBN-13:

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Guide to wage payment systems for the salesperson in the USA, with particular reference to wage incentives in the manufacturing industry - covers labour cost calculations, transport costs, employees attitude and motivation, administrative aspects, labour contract, etc.


A Practical Approach to Sales Compensation

A Practical Approach to Sales Compensation

Author: Doug J. Chung

Publisher:

Published: 2020-06-04

Total Pages: 64

ISBN-13: 9781680836844

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A Practical Approach to Sales Compensation takes readers through the evolution of academic research on sales compensation. By examining the relevance of existing research, it provides practical guidance on the design of an effective compensation system. Furthermore, the monograph discusses how recent technological advances in artificial intelligence (AI) and machine learning (ML) shape sales strategy transformation and, thus, sales compensation systems of the future. After an introduction, Section 2 illustrates a practical outline for designing a sales compensation system and the associated dilemma that organizations often face. Section 3 examines the theoretical foundations of effective sales compensation structures and their validity--in particular, application of the principal-agent theory, which derives optimal compensation systems under the presence of agents' moral hazard. Section 4 addresses recent developments in field research: randomized field experiments jointly conducted by academics and organizations as well as structural econometric methods using micro-level performance and compensation data. Section 5 illustrates how advances in technology affect organizations' sales strategies and, thus, the challenges and opportunities in utilizing compensation structure to motivate salespeople.


Compensating the Sales Force: A Practical Guide to Designing Winning Sales Compensation Plans

Compensating the Sales Force: A Practical Guide to Designing Winning Sales Compensation Plans

Author: David J. Cichelli

Publisher: McGraw Hill Professional

Published: 2003-09-22

Total Pages: 235

ISBN-13: 0071435972

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Compensating the Sales Force is a uniquely jargon-free, how-to guide to all major sales compensation concepts and formulas. Using real-world examples, guru David J. Cichelli: Helps readers select the right compensation strategy for their firm Provides step-by-step guidance to implementing various approaches Simplifies the mathematical formulas that are a thorn in most manager's side


The Future of Sales Compensation

The Future of Sales Compensation

Author: Steve Marley

Publisher:

Published: 2016-02-15

Total Pages:

ISBN-13: 9780985343651

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Written by the world's leading sales compensation experts, ZS Principals Chad Albrecht and Steve Marley, The Future of Sales Compensation explores and explains how best-in-class sales compensation programs might look in the future. The book includes forward-looking insights that will help managers think differently about how they design, implement, communicate, and support their sales comp plans.


Sales Management

Sales Management

Author: Earl D. Honeycutt

Publisher: Psychology Press

Published: 2003

Total Pages: 334

ISBN-13: 9780415300438

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Designed to prepare upper-level undergraduate and graduate business students for work in the exciting field of global sales management, this text focuses upon the managerial and cross-cultural aspects necessary for leading the global sales force.


What Motivates Me

What Motivates Me

Author: Adrian Gostick

Publisher: The Culture Works

Published: 2014-09-30

Total Pages: 213

ISBN-13: 0996029710

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What Motivates Me will help readers align the work they do every day, for the rest of their lives, with what truly motivates them. It also includes a code to the Motivators Assessment. This is not a personality test, but a scientifically valid assessment that digs straight to the core of what motivates you at work. The book also features a set of thought-provoking exercises to help readers sculpt their jobs with 60 powerful strategies. After analyzing the results of 850,000 interviews, the authors sought to discover why so many people are not as engaged and energized as they could be at work. They found those who are happiest and most successful are engaged in work that aligns with what motivates them. What Motivates Me offers an extensively tested method to help readers identify their core motivators and figure out the disconnects between their passions and their current work, and guides all those searching for joy and engagement by asking the important questions - “What motivates me?” and “What can I do about it?”


The Sales Acceleration Formula

The Sales Acceleration Formula

Author: Mark Roberge

Publisher: John Wiley & Sons

Published: 2015-02-24

Total Pages: 227

ISBN-13: 1119047072

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Use data, technology, and inbound selling to build a remarkable team and accelerate sales The Sales Acceleration Formula provides a scalable, predictable approach to growing revenue and building a winning sales team. Everyone wants to build the next $100 million business and author Mark Roberge has actually done it using a unique methodology that he shares with his readers. As an MIT alum with an engineering background, Roberge challenged the conventional methods of scaling sales utilizing the metrics-driven, process-oriented lens through which he was trained to see the world. In this book, he reveals his formulas for success. Readers will learn how to apply data, technology, and inbound selling to every aspect of accelerating sales, including hiring, training, managing, and generating demand. As SVP of Worldwide Sales and Services for software company HubSpot, Mark led hundreds of his employees to the acquisition and retention of the company's first 10,000 customers across more than 60 countries. This book outlines his approach and provides an action plan for others to replicate his success, including the following key elements: Hire the same successful salesperson every time — The Sales Hiring Formula Train every salesperson in the same manner — The Sales Training Formula Hold salespeople accountable to the same sales process — The Sales Management Formula Provide salespeople with the same quality and quantity of leads every month — The Demand Generation Formula Leverage technology to enable better buying for customers and faster selling for salespeople Business owners, sales executives, and investors are all looking to turn their brilliant ideas into the next $100 million revenue business. Often, the biggest challenge they face is the task of scaling sales. They crave a blueprint for success, but fail to find it because sales has traditionally been referred to as an art form, rather than a science. You can't major in sales in college. Many people question whether sales can even be taught. Executives and entrepreneurs are often left feeling helpless and hopeless. The Sales Acceleration Formula completely alters this paradigm. In today's digital world, in which every action is logged and masses of data sit at our fingertips, building a sales team no longer needs to be an art form. There is a process. Sales can be predictable. A formula does exist.


Compensating the Sales Force, Third Edition: A Practical Guide to Designing Winning Sales Reward Programs

Compensating the Sales Force, Third Edition: A Practical Guide to Designing Winning Sales Reward Programs

Author: David J. Cichelli

Publisher: McGraw Hill Professional

Published: 2017-11-24

Total Pages: 352

ISBN-13: 1260026825

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Leverage the full power of your sales force with a cutting-edge compensation program Salespeople are motivated by many things—and how they’re paid tops the list. Sales compensation is one of the best tools for motivating any sales force and thus maximizing business revenue. Do you have strategically aligned sales compensation plans or are your pay plans holding back your sales force? Compensating the Sales Force has helped thousands of business leaders worldwide create sales compensation programs that drive sales performance, increase revenue, and trigger business growth. Now, this new edition brings you fully up to date with new approaches for a business landscape where product/solution objectives and customer needs are in constant in flux. Sales guru David Cichelli provides everything you need to build an incentive plan that delivers real financial results. He takes you step-by-step through the process of setting target pay, selecting the right performance measures, and establishing quotas. You’ll learn everything there is to know about: •Why job content drives sales compensation design •Methods for calculating formulas for payout purposes •The roles of quota allocation, sales crediting, and account assignment •Compensating a complex sales organization and global sales teams •Administering, monitoring, and measuring the effectiveness of the program An indispensable resource for anyone involved in sales compensation—from CEOs and sales managers to HR personnel to IT professionals—Compensating the Sales Force provides all the tools you need to design and implement a sales compensation plan that increases profits―and drives the sales team to exceed sales targets.


Insight Selling

Insight Selling

Author: Mike Schultz

Publisher: John Wiley & Sons

Published: 2014-04-30

Total Pages: 263

ISBN-13: 1118875060

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What do winners of major sales do differently than the sellers who almost won, but ultimately came in second place? Mike Schultz and John Doerr, bestselling authors and world-renowned sales experts, set out to find the answer. They studied more than 700 business-to-business purchases made by buyers who represented a total of $3.1 billion in annual purchasing power. When they compared the winners to the second-place finishers, they found surprising results. Not only do sales winners sell differently, they sell radically differently, than the second-place finishers. In recent years, buyers have increasingly seen products and services as replaceable. You might think this would mean that the sale goes to the lowest bidder. Not true! A new breed of seller—the insight seller—is winning the sale with strong prices and margins even in the face of increasing competition and commoditization. In Insight Selling, Schultz and Doerr share the surprising results of their research on what sales winners do differently, and outline exactly what you need to do to transform yourself and your team into insight sellers. They introduce a simple three-level model based on what buyers say tip the scales in favor of the winners: Level 1 "Connect." Winners connect the dots between customer needs and company solutions, while also connecting with buyers as people. Level 2 "Convince." Winners convince buyers that they can achieve maximum return, that the risks are acceptable, and that the seller is the best choice among all options. Level 3 "Collaborate." Winners collaborate with buyers by bringing new ideas to the table, delivering new ideas and insights, and working with buyers as a team. They also found that much of the popular and current advice given to sellers can damage sales results. Insight Selling is both a strategic and tactical guide that will separate the good advice from the bad, and teach you how to put the three levels of selling to work to inspire buyers, influence their agendas, and maximize value. If you want to find yourself and your team in the winner's circle more often, this book is a must-read.