Compensation Plans for Top Performers
Randy Seidl
Board Member | CEO | CRO | Executive Recruiter | Sales Community Leader | Advisor | Consulting
Compensation plays a key role in motivating A players.
A well-structured compensation plan aligns with company culture and sales priorities, and ensures simplicity and effectiveness in driving sales force performance across territories and products.
And ultimately hinges on clear and attainable financial incentives.
Use the link below for a Sales Community FREE year membership:
?? Get access to exclusive events, content, and tips and tricks from the top CRO's
???? Sales Community WINTER FREE Promo ????
Tech Sales Insights LIVE
Join Randy next Thursday, February 15th at 12:30PM EST for our next episode of Tech Sales Insights LIVE featuring Mohamad Ali , COO of IBM Consulting at IBM :
This episode is sponsored by The Alexander Group, our GTM & Sales Compensation Partner. Alexander Group provides revenue growth consulting services to the world’s leading sales organizations. When clients need to grow revenue, they look to Alexander Group for data-driven insights, actionable recommendations, and results.
"Sales is really a two-act play. The first act is getting the customer interested, answering the 'why change' question. The second act is dealing with the cold feet moment in the sale, navigating indecision after initial interest."
?????????? → For those of you who have been following the show, we'd love it if you could leave us a review on Apple Podcasts! You can find it at the bottom of the Tech Sales Insights page in the Apple Podcast app.
Check out our previous episodes here: Tech Sales Insights LIVE
From Our Sponsors
The Alexander Group
Improve Account Expansion in 2024
For technology companies, account expansion is critical to profitable revenue growth.
As we head into 2024, Alexander Group Principal Luke Mraz shares New Year's resolutions for technology companies that your organization can use right now to expand your customer relationships and increase revenue growth moving forward.
AuctusIQ
领英推荐
When Is a Good Time to Assess Sales Reps?
In the sales world, assessing sales representatives’ performance is crucial for ensuring sustainable business growth, so all companies should assess sales reps at some point. However, determining the optimal timing for such assessments is a nuanced task that requires careful consideration.
Check out the key factors that influence when it is a good time to assess sales reps and why this process is integral to the success of your sales team here!
TechTarget
Formulating Eye-Catching Subject Lines
In email marketing, subject lines are the first part of your message that readers encounter. After all, if your subject line doesn't grab their attention, then your readers won’t open your email or click through to access your content, a product demo or other offer – and they’ll never see your fine-tuned copy and CTAs.
Are you feeling the pressure to make your subject lines pop? Check out more here!
Humantic AI
Selling Is Evolving. Are You?
Humantic AI is a Buyer Intelligence platform for revenue teams.
Top revenue teams use Humantic's Personality AI to identify early adopters, help their BDRs personalize outreach and enable their AEs with vital customer insights for every deal.
Try a free-trial for your personality?profile & those you are?selling to today here!
Randy's Tips to Sell More ?? Excerpts from Your Go-To Sales Advisor
Compensation
What the Idea Is: To your “A” players, even though it’s more than money (it’s also the challenge and the camaraderie), what it really comes down to is how they are paid. They want to know if they made quota and if they are making President’s Club.
Why It Is Valuable: It creates a clear line from the products to the compensation plan, and it’s simple for the sales person to understand and excel.
How It Works: Culture is important; you have to design your compensation plan within the framework of your company. The easier and more understandable you can make the simplicity of a sales plan and use that to direct energy, the better it can be.
When you have a leverageable sales force across several regions selling fifty products, how do you create a compensation plan that incentivizes people to execute? You need to keep it simple, with just two to three components.
The most important component is that the enterprise needs to figure out what its sales priorities are; it cannot be everything. Make it what it needs to be, with one or two components that are needed to meet goals, then add a new component that needs to help something grow really fast. You can use a carrot or a stick, or both.
You will know it is working if your organization has met its revenue and margin goals and if you meet your quota achieving distribution. It acts as a sort of bell curve; what is the optimal number of reps who need to make quota? Did you set them up for success?
Great insights! It's important to remember that core performers are the true backbone of a sales team. Considering them is crucial, but it can significantly complicate your compensation plan. If only there were a logic-based platform to streamline creating compensation plans...
What key factors do you prioritize when designing such plans, Randy Seidl?
K2View - Energetic Leader Focused on Innovation, Business Transformation, Collaboration and Team Success
9 个月Randy great topic. A well-structured plan is key in the success of organizations. Creating alignment and ensuring the operational expense curve can support a compensation plan that retains top-performers is essential to create velocity and sustain competitive advantage.