But the increase in productivity is the most powerful benefit. It is not at all unusual to see productivity gains of 30% in the first year sales representatives are given a choice of compensation plans.
There are six heuristics that are recognized as being widely used in our daily lives, and a lot of them are relevant here…
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To help determine a company's true profitability, here are the first three questions we ask brokers:
The following tips can help you design compensation packages that will motivate your sales force managers most effectively.
When you follow this five-step process, you can design a compensation strategy that supports your business plan, positions your company successfully against competitors, and allows you to recruit and retain the sales force you need.
No matter how generous the plans are, representatives are going to feel that "the other guys have a better deal."
See how much you know about sales force compensation – take the following 10- question quiz. Answers are given at the end... if you have any questions please contact us!
Don't be intimidated if you pay less. Three-quarters of the time, sales associates leave a company for reasons other than money. Explain your value proposition; stress the services that you offer and the strengths of your firm.
In our work with hundreds of sales organizations, we see many making the same mistakes with regard to their top producers. To keep from losing your best sales reps, here's how to avoid these common pitfalls.