Sales Compensation Software Guide: How Does It Work?
Sales compensation plays an essential role in motivating your sales team, aligning sales strategies with business objectives, and driving performance. At the same time, managing and calculating commissions and incentives can be a time-consuming, complicated task that is very susceptible to human error. For this reason, many organizations turn to sales compensation software to automate […]
Enhancing Incentive Compensation and Strategies for Pharma Sales Teams
Pharma sales is a tricky industry to manage. It’s regulated, in that many forms of advertising are either restricted or tightly controlled, which can put a damper on many of the usual strategies a sales team might use. Nevertheless, pharmaceutical companies want their sales teams to be as effective as possible. A common way to […]
Incentivized Training: How It Can Maximize Your Sales Potential
When you hear that the average organization spent over $2,000 a year on training each sales team member last year, you would assume they know what they’re doing. And with a total of more than $70 billion spent each year, it does seem axiomatic that “good training….increase[s] performance and sales. Academic Research in Action certainly […]
12 Types Of Commission Structures For Your Sales Team
If you ask a salesperson why they chose sales as a profession, many will say it’s because they love the face-to-face interactions with their customers. Some may say they simply believe in the product or service they’re selling. While that may be true for some, the reality is most salespeople love what they do because […]
FAQ: What Are The Pros and Cons of Straight Commission Plans?
At its core, an organization’s sales commission structure determines how much each individual sale will be worth to its salespeople. Sales leaders need to consider factors like how much budget they can allocate to commissions, how much they will pay for different levels of sales output, base salaries of employees, and any potential bonuses or […]
18 Sales Contest Ideas and Names to Motivate Your Team
When you think about sales competition, most people immediately imagine the greatest rewards will go to those with the highest sales. While that mindset is understandable, it may be somewhat shortsighted. Rewarding top performers will motivate them, but what about the rest of the team? What about those who work hard but know they won’t […]
10 SPIFF Program Examples to Boost Your Sales Performance
If the term “SPIFF program” is new to you, you’re not alone. So what is it, and does your business need one? SPIFF is an acronym that stands for: Sales Performance Incentive Fund. And if you caught that technically, this spells “SPIF,” you’re absolutely right. For some reason, an extra “f” is added to the […]
Volume Incentive Rebate Programs: Examples, Benefits & More
The bottom line of incentive programs can be summed up like this, “Incentives are aimed at behavior modification, plain and simple.” According to Ben Wider in his 2019 book, “Sweeten the Pot: How to Leverage Incentives and Rebates to Drive Loyalty and Increase Profits.” Earning 4.7 out of 5 stars, the book has 85% 5-star […]
What is a “Draw Against Commissions” in a Sales Rep Team?
The sales industry is filled with terminology and processes that can be difficult to understand, especially for new sales reps. One such term is “draw against commission,” a compensation structure used by many companies to pay their sales reps. In this blog post, we’ll take a closer look at draw against commissions, how they work, […]
OTE Guide: What is The “On-Target Earnings” Sales Model?
The “on-target earnings” (OTE) model is an increasingly popular sales model that has been adopted by many organizations. OTE is an attractive model for sales reps because it allows them to easily calculate their base salary based on achieving their designated quota. The OTE is calculated based on the quota or target number the sales […]