The Pros and Cons of Incentive Trips for Sales Teams
In our experience, travel rewards usually work when you want to improve your sales team’s performance. When you plan out these trips, you’ll probably see some great results – businesses that use travel incentives consistently see their sales increase by about 18% and get more than double their money back on the investment. These experiences […]
What Are The Different Types of Sales Incentive Structures?
Money conversations motivate your sales team. A well-placed incentive structure can get your team fired up to close more deals and crush their targets! You’ll see the results in your revenue and team morale. Your sales reps want clear and easy goals with rewards that match their effort. Commission structures light a fire under your […]
What is ASC 606 and How Does It Affect Sales Compensation?
ASC 606 is a set of rules that have changed how companies report earnings. It affects even the sales department, changing how they figure out bonuses. Companies now have to change their technique to recognize earnings. I’m talking about a small change but an important shift that plays into how they predict their earnings and […]
Sales Commission Spreadsheets: Efficacy, Templates & Alternatives
Do you ever find yourself swamped by the difficulty of working out sales commissions with complicated spreadsheets? Don’t sweat it; it’s a problem lots of people face. In today’s fast-moving business world, old-school, error-filled spreadsheets just don’t cut it – especially for growing businesses. As your company expands, so does the difficulty of calculating sales commissions; it’s […]
Solving Retail Slumps: Incentive Programs as Sales Catalysts
The world of retail can be complex, with many factors at play, including the likes of online competition and the shifting preferences of customers. What was once a thriving business can quickly hit a phase of poor sales, or what we often call a “slump.” This might be a hard pill to swallow, but downturns […]
Sales Incentives: 6 Tips for Your Business
Running a business can be a real challenge, regardless of what industry you’re in. Whether you’re a startup, an established small business, or a Fortune 500 company, keeping things on track is never easy. Between production, R&D, human resources, marketing, design, accounting, and all of your other departments, it’s a lot to manage (even if […]
What is an MBO Bonus, and How Can It Improve Sales Performance?
Sales managers always search for new and innovative ways to motivate their teams. While one of the most obvious ways to incentivize salespeople is by rewarding them for reaching specific sales targets, this isn’t always the best option. One alternative to traditional incentive plans is offering MBO bonuses. These can be particularly useful when you […]
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 […]
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 […]
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 […]
