SALES, SERVICE & CRM INCENTIVE COMPENSATION
|
|
- Aileen Adams
- 8 years ago
- Views:
Transcription
1 SALES, SERVICE & CRM INCENTIVE COMPENSATION by Peter Djokovich, President & CEO, Strategix Performance, Inc. In the early 1980 s, responding to increasing competition, businesses began investing millions of dollars in the implementation of Sales Cultures. The key objective was to sell more, and transform the old-style order taker approach into a more proactive cross-seller focus. The performance management strategies were basic, and focused on tracking productivity-oriented sales ratios to increase the quantity of products sold per customer opportunity. New product referral and sales incentive approaches also emerged. In the short-term, sales improvements were often dramatic. But a lot has changed since then. The longer-term impacts of the Sales Culture, primarily on employee morale and customer relationship profitability, turned out to be quite negative. Industry association and independent analyses concluded that sales initiatives based on quantities and productivity ratios (the cross-sell ratio and sales per employee per day ) typically resulted in 50% to 90% of customer relationships being unprofitable. Some studies showed that 100% of profits were being generated by only 10% of total relationships. For profit focused businesses, the Sales Culture didn t work. Sales ratios motivated employee behaviors and results that were frequently counter-productive for both the customer and the enterprise. For banks, this included breaking up single large accounts into multiple smaller accounts to inflate quantities, and account churning. Sales ratio also had little relevance to net-growth driven business strategies, little correlation with service quality and customer satisfaction, and provided a profoundly unpopular and inequitable basis for sales-based employee incentive programs. Sales ratios may have played an early role in the Sales Culture s emergence, but their limitations drove the development of a new generation of more business-relevant performance management solutions. Today, progressive business enterprises are opting for more realistic measures of sales values: not the quantity of products sold, but the value contribution to the organization of products sold and retained over time. Even more important for naturally customer-focused businesses, value-based product sales goals and incentives have been made a sub-element of a broader, more strategic focus on Service and Relationship Profitability: what many now call Customer Relationship Management (CRM). Since the mid-90 s, CRM has replaced the Sales Culture as the priority of marketing, sales, and service initiatives, and related employee incentive plans. Yet, even though CRM is a native priority for virtually all businesses, only a few are really making it work. Those that are, have learned that competitive advantage in sales and service does not come from processes, products, or CRM software. Competitive advantage comes from their workforce: while technologies enable business processes, and business processes enable employees, employees do the work and achieve the success. The field-proven reality of CRM is that it is the company s employees, not the company, that actually have the relationships with customers. In banking people bank with bankers, not with banks. In restaurants the food brings you in, the service brings you back. In health care, bedside manner matters. In every industry and segment,
2 September 15, 2001 Page 2. of 6. successful in the trenches CRM is about people: your customers, and your employees. CRM cannot succeed unless the organization s workforce is engaged, enabled and integrated into it. And, performance incentive compensation is a key element in making it happen. Here s how to succeed at it. Define Your Priorities, Make A Plan, Set Goals Although it seems obvious that enterprises should have a Business Plan, with goals, strategies, and action plans that reach down through lines of business to each employee, most don t. The bottom line is that every consistently successful human endeavor has a plan as its basis. Written or not, plans are the basis for actions. Priorities what the organization wants are the basis for the Plans themselves. Priorities are manifested in the organization s goals, strategies, tactics, policies, procedures, manuals, measurement, compensation, training, coaching, internal communications, and marketing. So, if Priorities are vague or contradictory, Plans will fail. Therefore, it is critical to be sure of your Priorities, and be sure that you don t have different Priorities that conflict, at any level. Being clear about Priorities and Plans for each employee and business unit, and ensuring their enterprisewide consistency, is essential to success. Not doing so has serious consequences. In a large Midwest U.S. bank, the brokerage and trust departments independently implemented sales incentive plans, without any inter-department coordination or higher-level oversight, and created an environment where 75% of all incentives paid were for portfolio dollars that trust and brokerage were pirating from each other s existing customer accounts. The results were a huge waste of incentive dollars, counterproductive internal competition, and lost credibility among confused and frustrated customers. When Priorities and Plans are clear and non-contradictory, employees positively respond to the organization s specific performance expectations of them. To succeed, every employee must know their specific goals, objectives, targets, budgets, strategies, and action plans; and their related accountabilities and responsibilities. Setting goals also means ensuring that employees really understand the business you re in, and how your enterprise actually makes money and spends it. Every employee needs full clarity about their contribution to and responsibility for the organization s Revenue Generation, Expense Generation, and Asset Growth activities. A sobering fact for most industries today is that upwards of 70% of employees do not know how their company makes money. How can an enterprise succeed if only three out of ten employees understand the business the organization is in, much less how it relates to them specifically? It cannot, and that is why it is essential to ensure that the workforce is informed. Written performance expectations or goals, typically represented as budgets, quotas, targets, and usually part of a Personal Performance Plan, are an explicit statement from the enterprise of what it takes to Succeed. The importance of
3 September 15, 2001 Page 3. of 6. goals should not be underestimated; and they should be provided to every individual and team throughout the enterprise. A word of caution. When it comes to setting goals, be careful of what you ask employees to do, because they will give you exactly what they think you re asking for. For example, during the Sales Culture era, bankers wanted more revenue generation from their sales forces. They incorrectly deduced that a greater quantity of sales would derive more revenue, so they set goals to increase Sales Ratios. And, they got what they asked for: higher Sales Ratios. But, instead of opening a customer-requested single $100,000 one-year CD, employee s sold four $25,000 three month certificates, and then re-sold them for full sales credit every quarter-end. So, instead of being measured for producing a single $100,000 sale, they got year-to-date credit for producing sixteen sales for $400,000 total even though the bank generated no additional revenue. Sales quantities sky-rocketed, until bankers realized to their dismay that employees were re-selling the same dollars over and over again, with no real growth or revenue to the bottom line. Employees did what was asked for in the goals that were set: higher quantities per customer seen (even if it was the same customer and dollars). If the banks had wanted higher revenue and more profitable customer relationships, then goals should have been based on sustained revenue and customer portfolio value. Keep It Simple In the design of employee incentive programs, a critical objective must be: Keep It Simple. Why? If the employee doesn t understand the program, the program won t generate the desired results. Plainly stated, though it sounds rudimentary, Keep It Simple is a proven guideline for what has worked in the real world. Practically, you should be able to explain to an employee their incentive plan in one to three minutes. If you can t completely explain the plan within this general timeframe, it is more than likely that the plan is too complicated for complete and useful understanding. Overly complex plans create so much uncertainty that employees almost immediately relegate them to irrelevance. Simplicity reinforces workforce success. Paying Out Incentives: Sales vs. Relationship, Individual vs. Team Another basic management rule extends to incentive plans: don t hold people accountable for what they don t control. This means you should avoid complex multi-tier programs that tie incentive awards to results in which employees don t have direct participation. Typically, depending on the type of market within which they work, sales and service employees have some mix of responsibilities for new account/relationship acquisition, existing account/relationship retention, ongoing customer service quality, and other day-to-day operational roles. In creating an incentive plan, collaborate with employees to define their three to five Critical Job Factors (CJF): those performance factors essential to job success, and identify reasonable improvement goals. Then, for each CJF, define a
4 September 15, 2001 Page 4. of 6. relative priority Weighting, so that Weightings of all Factors sum up to 100%. Weightings quantify the relative Priority of each CJF, where some are more important than others. Don t let any Factor have a Weighting of less than 10%, since those that do get ignored because of their relative insignificance. Exhibit A. SAMPLE INCENTIVE PLAN WEIGHTING MATRIX PRODUCT REFERRAL TO OTHER LINES OF BUSINESS PRODUCT SALES REVENUE PRODUCTION CUSTOMER RELATIONSHIP PORTFOLIO MANAGEMENT SERVICE QUALITY & CUSTOMER SATISFACTION TOTAL INDIVIDUAL 10% 30% 0% 10% 50% TEAM 0% 0% 40% 10% 50% TOTAL 10% 30% 40% 20% 100% For employees whose role it is to refer or generate new product sales, incentives should be based on the relative value of the products referred and/or sold during a period of time (month or quarter), considering the product s term, and its tangible contribution to the company s revenue and profit. These results are parallel to an enterprise s Income Statement: revenue generated during a period. Thus, for banks, selling a long-term high-yield asset (or low cost liability) is relatively more valuable than one that is short-term and low-yielding (or high cost); and the higher the balance, the relatively more valuable still. For employees whose role it is to manage customer relationship portfolios, incentives should be based on the relative value of the portfolios at a recurring point in time (month-end or quarter-end), based on revenue and/or profit contribution value of the specific products, their terms, and their amounts, in the managed portfolio. These results are analogous to the enterprise s Balance Sheet: portfolio values at the end of a period. By combining Sales and Relationship measures, the company incents not only what it sells, but what it retains over time. Generally, because individuals generate them, referral and sales incentives are usually individual in nature. Whereas, because it is often difficult to assign each customer to one specific relationship manager, relationship portfolio-based incentives are usually team or group in nature. Employees that participate in both product sales and relationship management activities, in both individual and team capacities, should have an incentive plan and related incentive budget distribution that reflects the relative Weighting of each as a percent of their total job responsibilities (as shown in Exhibit A.). Avoid Co-Worker Competition A frequent oversight, and one with substantial negative impacts, is creation of incentive plans that motivate direct competition between co-workers. Of course, in some obvious cases, this is the desired result. However, for the vast majority of incentive plans, co-participant competition will disrupt desired standard work behaviors, warp desired
5 September 15, 2001 Page 5. of 6. business processes, foster distrust and uncertainty, and poison morale. Instead, incentive plans should target employee s competition vs. their goals; their own business as usual. Incentive plans oriented towards If I Win You Lose will have poor overall results. Win-Win oriented approaches in goal-setting and pay-outs should be fostered and rewarded within the framework of the plan. Manage Incentives, Don t Let Them Manage You One of the biggest misconceptions business leaders have regarding recognition and incentive plans is that if we set up this plan, it will solve all of our problems, drive us to achieve our goals, and manage us to success. Frankly, it doesn t work. Since market conditions and resulting Priorities deviate further from their initial conception as time passes, a non-evolving incentive plan will cause irreparable damage to the personnel, resources, and social fabric of the enterprise. To ensure ongoing plan relevance and effectiveness, and to insulate against their potential harm, incentive plans should be subject to a formal, ongoing review and enhancement process. Train and Develop Skills and Expertise One of the reasons many incentive programs fail is that employees don t yet have the skills to achieve and exceed the goals that are set for them. It is essential that each employee receive the skill and competency training and development they need to succeed. Employees also need to have job-appropriate learning opportunities in which to transform received knowledge into applied expertise: also known as Experience. (continued) Measure & Report Results To keep employees adaptable to Priority changes over time and to communicate actual results, an automated performance measurement and incentive reporting system (a.k.a. tracking ) is essential. The old adage that what gets measured gets done is true because measurement and reporting systems are explicit statements from the enterprise on how Success is happening, or not. In addition to being universally accessible (ideally through low-cost true browserbased platforms), and highly flexible, measurement systems should be both accurate and timely, so employees have full confidence in the results: The Strategix Performance Manager is exactly that solution. How Much To Pay The objective of performance incentives is to stimulate performance to exceed business as usual. Total compensation for employees should exceed market averages when performance exceeds market averages. A reliable general rule is that for every six dollars of net revenue improvement or expense reduction resulting from beyond business as usual employee performance, an organization should add one dollar to the total incentive budget. This makes incentive
6 September 15, 2001 Page 6. of 6. programs essentially self-funding, and pay-outs related directly to the tangible benefit generated from improved performance. Getting & Keeping Long-Term Advantage Successful business enterprises now know that sustained competitive advantage doesn t come from new products (that competitors can easily copy), or from innovative technologies (that competitors can acquire and install). Long-term competitive advantage comes from the workforce when employees are engaged, enabled and integrated into the execution of coherent business priorities and plans. Success happens when the workforce is doing the right things (priorities), with the right tools (technologies), the right ways (processes). Performance incentives, intelligently conceived and implemented, provide dramatic and continual improvements in results by motivating employees to execute on desired priorities with relevant processes, and rewarding them for their successes. * * *
Making the Business Case for Your Incentive Program. The content of this presentation is the property of the Incentive Marketing Association.
Making the Business Case for Your Incentive Program The content of this presentation is the property of the Incentive Marketing Association. 1 Making the Business Case for Your Incentive Program Developed
More informationCRM and Relationship Profitability in Banking
Corporate Technology Solutions CRM and Relationship Profitability in Banking A White Paper by Haitham Salawdeh 1. Executive Overview... 3 2. It is the relationships that count... 4 3. Sharing Profitability
More informationBusiness to business (B2B) corporations with strong cash. Merger and Acquisition Success: The Sales Force Integration Imperative
S A L ES & M A R K E TING INSIGHTS Merger and Acquisition Success: The Sales Force Integration Imperative Michael B. Moorman and Ladd Ruddell Business to business (B2B) corporations with strong cash reserves
More informationImplementing an effective sales compensation plan. Accion Venture Lab
Implementing an effective sales compensation plan Accion Venture Lab Your sales compensation plan is a critical component of effectively growing your business Your sales staff will drive the growth of
More informationCRM SUCCESS GUIDELINES
CRM SUCCESS GUIDELINES Provided to You By: Integrated Sales Management, Inc. Helping You Grow! CRM Success Guidelines Customer Relationship Management (CRM) has evolved dramatically recently as many companies
More informationSales Performance Management: Integrated System or a Collection Disjointed Practices? Jerome A. Colletti Mary S. Fiss Colletti-Fiss, LLC
Sales Performance Management: Integrated System or a Collection Disjointed Practices? By Jerome A. Colletti Mary S. Fiss Colletti-Fiss, LLC Performance is your reality. Forget everything else. Harold Geneen,
More informationMaximizing Customer Retention: A Blueprint for Successful Contact Centers
Maximizing Customer Retention: A Blueprint for Successful Contact Centers Sponsored by Table of Contents Executive Summary...1 Creating Loyal Customers: A Critical Company Goal...1 Causes of Customer Attrition...2
More informationRewarding and Incenting Customer Service Representatives
Rewarding and Incenting Customer Service Representatives A guide to help you keep your customer service teams happy and providing consistently high quality service By Craig Bailey President Customer Centricity,
More informationInsurance customer retention and growth
IBM Software Group White Paper Insurance Insurance customer retention and growth Leveraging business analytics to retain existing customers and cross-sell and up-sell insurance policies 2 Insurance customer
More information10 Simple Rules for Improving Your Sales Compensation Plan
10 Simple Rules for Improving Your Sales Compensation Plan Mark Donnolo It s the time of year when many companies are deep into executing to their business plans, evaluating performance, and thinking ahead
More informationGE Capital Measuring success: Creating metrics that deliver the information you need
Measuring success: Creating metrics that deliver the information you need viewpoint Measuring success: Creating metrics that deliver the information you need Performance metrics can drive accountability
More informationMeasuring Business Impact in Human Resources. A Link Consulting White Paper March 2014
in Human Resources A Link Consulting White Paper March 2014 Many, if not all, business leaders readily agree that it is their employees who give them a competitive edge in the marketplace through strong
More informationUsing the Numbers and Incentive Compensation to Encourage Profitable Employee Behavior
Using the Numbers and Incentive Compensation to Encourage Profitable Employee Behavior Margaret Kane President and CEO Kane Bank Services 488 Hopkins Road Sacramento, CA 95864 916-488-0660 www.kanebankservices.com
More informationHow To Get Started With Customer Success Management
A Forrester Consulting Thought Leadership Paper Commissioned By Gainsight April 2014 How To Get Started With Customer Success Management Table Of Contents Four Actionable Steps To Setting Up Your Customer
More informationBriefing Paper. How to Compete on Customer Experience: Six Strategic Steps. www.syn gro.c om SynGro SynGro 2013 2013 Tel: +44 (0 ) 15 06 5 92 2 24
Briefing Paper How to Compete on Customer Experience: Six Strategic Steps How to Compete on Customer Experience: Six Strategic Steps Voice of the Customer as a term has come to reflect the growing understanding
More informationSetting smar ter sales per formance management goals
IBM Software Business Analytics Sales performance management Setting smar ter sales per formance management goals Use dedicated SPM solutions with analytics capabilities to improve sales performance 2
More informationIS IT POSSIBLE THAT WHAT YOU LEARNED ABOUT COACHING IS WRONG?
» WHITE PAPER IS IT POSSIBLE THAT WHAT YOU LEARNED ABOUT COACHING IS WRONG? SOMETIMES DIFFERENT IS BETTER THE TRUTH ABOUT WHO TO COACH & HOW TO ASSESS THEIR PERFORMANCE Tom Stanfill, CEO ASLAN Training
More informationTalent Management: A Critical Review
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 16, Issue 9.Ver. I (Sep. 2014), PP 50-54 Talent Management: A Critical Review Prathigadapa Sireesha, Leela
More informationSales & Marketing Services & Strategy
Sales & Marketing Services & Strategy Planning Development Implementation Our Approach We have a passion for helping companies make sales and marketing easier. We want you to receive first class solutions
More informationManagement Update: The Importance of Developing a CRM Strategy
IGG-10302002-03 J. Kirkby Article 30 October 2002 Management Update: The Importance of Developing a CRM A customer relationship management (CRM) strategy states how to turn a customer base into an intangible
More informationMKT 3525 SALES MANAGEMENT FINAL
MKT 3525 SALES MANAGEMENT FINAL Chapter 3: Territory Management Sales opportunity management - Generating new accounts - Managing existing accounts - Sales versus profits - Personal time management A process
More informationHow CRM Software Benefits Insurance Companies
How CRM Software Benefits Insurance Companies Salesboom.com Currently, the Insurance Industry is in a state of change where today's insurance field is becoming extremely complex and more competitive. As
More informationOrganization transformation in times of change
Organization transformation in times of change Insurance is sold, not bought is a phrase of unknown attribution, but common wisdom for decades. Thus, insurers and most financial services organizations
More informationWhy Your CRM Process is Destroying Your Team s Prospecting and How to Fix It
Proof of Prospecting Why Your CRM Process is Destroying Your Team s Prospecting and How to Fix It When implementing any kind of sales improvement program, most sales organizations understandably focus
More informationSales Process White Paper
The objective of this white paper is to explain the value of implementing and managing consistent sales processes. The data included in the white paper has been taken from a variety of sources including
More informationRESEARCH NOTE THE FUTURE OF SALES PERFORMANCE MANAGEMENT
May 2013 Document N75 RESEARCH NOTE THE FUTURE OF SALES PERFORMANCE MANAGEMENT T H E BO TTOM LI NE Sales managers have faced the same challenges since long before CRM applications were invented. However,
More informationA Practical Guide for Selecting and Implementing Customer Relationship Management Solutions
CRM Roadmap for Technical and Industrial Companies: A Practical Guide for Selecting and Implementing Customer Relationship Management Solutions By Daniel Bormolini Selltis, L.L.C. Copyright 2003 Selltis,
More informationCEO Skills: The CEO as Coach
Growth Resources Business Results & Personal Development for CEOs & Executives CEO Skills: The CEO as Coach Growth Resources Inc. - Clay Garner - 847-208-8709 Marcy Calkins - 847-542-3486 - mcalkins@growthresource.com
More informationLeadership, Attitude, Performance...making learning pay!
AP Leadership, Attitude, Performance...making learning pay! Customer Relations LAP 2 Performance Indicator: CR:016 Know When to Hold Em Nature of Customer Relationship Management Built to last Keep em
More informationWin 'Em & Keep 'Em The Four Imperatives to Maximize Maintenance Contracts
Win 'Em & Keep 'Em The Four Imperatives to Maximize Maintenance Contracts Introduction Maintenance contracts and service agreements are a win-win for both field service companies and their customers. Customers
More informationManagement Update: The Eight Building Blocks of CRM
IGG-06252003-01 S. Nelson Article 25 June 2003 Management Update: The Eight Building Blocks of CRM Customer relationship management (CRM) represents the key business strategy that will determine successful
More informationCustomer Centricity in Banking: Driving Revenue and Loyalty. Developing the 21st century workforce TM
Customer Centricity in Banking: Driving Revenue and Loyalty Developing the 21st century workforce TM In today s hypercompetitive banking environment, most financial-services firms are overlooking the one
More informationCustomer Segmentation and Profitability
Customer Segmentation and Profitability Building Loyal, Profitable Customers S O L U T I O N P A P E R : FINANCIAL SERVICES SOLUTION PAPER: FINANCIAL SERVICES Customer Segmentation and Profitability Building
More informationPST bares the truth about performance management myths & reality (#1 of 3)
PST bares the truth about performance management myths & reality (#1 of 3) Setting up a performance management system can deliver tremendous results. We ve seen it deliver hundreds of millions of dollars
More informationThe Right Choice for Call Recording Call Recording for Customer Retention and Superior Service
Call Recording for Customer Retention and Superior Service An OAISYS White Paper Table of Contents Leveraging Superior Service in a Down Economy...1 Tracer: The Professional Interaction Management Solution...1
More informationDIGITAL ROADBLOCK: Marketers struggle to reinvent themselves. March 2014. Copyright 2014 Adobe Systems Incorporated. All rights reserved.
DIGITAL ROADBLOCK: Marketers struggle to reinvent themselves. March 2014 Copyright 2014 Adobe Systems Incorporated. All rights reserved. Methodology Online survey among a total of 1,004 U.S. marketers
More informationWhy Marketing Automation is a Must-Have For Every B2B
Why Marketing Automation is a Must-Have For Every B2B VP of Sales Robert M. Walmsley President and CEO, Tailwind Strategies In the age of Internet marketing there is no salesmarketing alignment issue more
More informationImproving Employee Satisfaction in Healthcare through Effective Employee Performance Management
Improving Employee Satisfaction in Healthcare through Effective Employee Performance Management Introduction The following quotes are comments made by HR professionals from U.S. healthcare providers who
More informationONBOARDING: EARLY ENGAGEMENT THROUGH RECOGNITION
O.C. Tanner Company White Paper ONBOARDING: EARLY ENGAGEMENT THROUGH RECOGNITION Why Today s Best Companies are Using Recognition to Foster New Hire Engagement and Lower Turnover In today s competitive
More informationALTERNATIVE FUNDING SOURCES FOR YOUR BUSINESS
ALTERNATIVE FUNDING SOURCES FOR YOUR BUSINESS Alternative Funding Sources Poor financial management is one of the biggest reasons why more than half of small businesses don t survive. This is particularly
More informationA better way to calculate equipment ROI
page 1 A better way to calculate equipment ROI a West Monroe Partners white paper by Aaron Lininger Copyright 2012 by CSCMP s Supply Chain Quarterly (www.supplychainquarterly.com), a division of Supply
More informationto success To be successful in today s highly competitive tourism industry, you must attend to each of the following areas.
Steps to success To be successful in today s highly competitive tourism industry, you must attend to each of the following areas. Getting assistance In establishing and developing your tourism business,
More informationTransforming the Way to Market, Sell and Service
Customer Relationship Management (CRM) Transforming the Way to Market, Sell and Service Agenda I. CRM definition and overview II. Getting started with CRM Initiatives 2 1 What is CRM? Customer Relationship
More informationStatement for the Record. On Behalf of the AMERICAN BANKERS ASSOCIATION. Before the. Antitrust Tax Force. Committee on the Judiciary
Statement for the Record On Behalf of the AMERICAN BANKERS ASSOCIATION Before the Antitrust Tax Force Committee on the Judiciary United States House of Representatives May 15, 2008 Statement for the Record
More informationMigrating from Managing to Coaching
a ValueSelling Associates Migrating from Managing to Coaching How to bring out the best in sales teams and increase bottom lines The role that frontline sales managers play in coaching to the right skills,
More informationMaximize your sales teams performance to ensure they exceed their targets
Maximize your sales teams performance to ensure they exceed their targets Strategic Sales Team Development Programme Carlene Jackson Carlene@vantage-strategies.com (44) 1273 778 505 www.vantage-strategies.com
More informationQualities of a High Perf o r m a n c e Finance Executive: An Aggregation of Skills. John Trakselis, Principal M. Wood Company
Qualities of a High Perf o r m a n c e Finance Executive: An Aggregation of Skills John Trakselis, Principal M. Wood Company In tough times, Finance executives of all ranks (Controllers, Assistant Treasurers,
More informationBusiness Intelligence for Intelligent Business Decisions
Business Intelligence for Intelligent Business Decisions Seth Preus Executive Summary As the insurance industry becomes increasingly competitive, insurance companies are searching for ways to increase
More informationCRM Excellence Award Winner: BCAA
Case Studies, A. Sarner Research Note 5 December 2002 CRM Excellence Award Winner: BCAA A project to capture and consolidate member data grew into a winning customer relationship management initiative
More informationThe 5 Essential Drivers of Successful Sales Compensation Plans
The 5 Essential Drivers of Successful Sales Compensation Plans By Thomas B. Wilson President, Wilson Group, Inc. Consider this story: A sales person arrives in a small foreign country that is a new market
More informationBaldrige Core Values and Concepts Customer-Driven Excellence Visionary Leadership
Baldrige Core Values and Concepts These beliefs and behaviors are embedded in high-performing organizations. They are the foundation for integrating key performance and operational requirements within
More informationThe Business of Wealth Management Important decisions we made, why we made them, and what it means to you
B A L L E N T I N E P A R T N E R S DECEMBER 2012 The Business of Wealth Management Important decisions we made, why we made them, and what it means to you How it all began (back when I knew nothing about
More informationThe incentive compensation plan is one of
Team selling: getting incentive compensation right By Michael B. Moorman managing principal ZS Associates Inc. and Chad Albrecht associate principal ZS Associates Inc. The incentive compensation plan is
More informationRegulation and compensation. Dodd-Frank white paper
Introduction into compensation management This section will introduce some of the key challenges for the sector, and hint at a possible solution using technology 1 Compensation management in focus This
More informationHow to Improve Customer Loyalty in Small Business
Achieve Customer Loyalty with Hosted CRM Software Salesboom.com Customer satisfaction is important to any small business and is shown through clients repeatedly coming back to you due to your service.
More informationTwelve Initiatives of World-Class Sales Organizations
Twelve Initiatives of World-Class Sales Organizations If the economy were a season, we are looking at an early spring after a long, hard winter. There is still uncertainty that it is here to stay, but
More informationChapter 3: Strategic CRM
Chapter 3: Strategic CRM Overview Topics discussed: CRM perspectives The components of strategic CRM Steps in developing a CRM strategy Case Study: CRM implementation at International Business Machines,
More informationThe Missing Link: Driving Business Results Through Pay-for-Performance. For Small & Midsized Businesses. Copyright 2007 SuccessFactors, Inc.
The Missing Link: Driving Business Results Through Pay-for-Performance. For Small & Midsized Businesses Copyright 2007 SuccessFactors, Inc. I. Introduction More successful small and mid-sized companies
More informationSAleS COMPenSATiOn By Michael Vaccaro, Deloitte Consulting LLP
8 2011 The Magazine of WorldatWork How to Lead Your SAleS COMPenSATiOn By Michael Vaccaro, Deloitte Consulting LLP team to SucceSS Sales compensation practitioners can help their teams succeed by thinking
More informationCloud Sales Management System. Compensation Strategy
Cloud Sales Management System Click Here to View a Presentation of the Compensation Strategy The 1st Component of a Profitable Sales & Customer Growth Solution The Job Description Strategy 1. Improves
More informationA Sustainable Strategy for System Dynamics
A Sustainable Strategy for System Dynamics A Socratic Dialogue Greenwood Strategic Advisors AG Zugerstrasse 40 CH-6314 Unterägeri, ZG Telefon +41 41 754 7447 Telefax +41 41 754 7448 www.greenwood-ag.com
More information--- FOR IMMEDIATE RELEASE ---
--- FOR IMMEDIATE RELEASE --- TIBURON RELEASES UPDATED RESEARCH REPORT ON TRENDS IN SUCCESSION PLANNING, FIRM VALUATIONS, & THE GROWING ACQUISITION MARKET FOR FINANCIAL ADVISORS -- Report addresses the
More informationThree Attributes of Every Successful Merchant Services Program-20140604 1602-1
Three Attributes of Every Successful Merchant Services Program-20140604 1602-1 [Start of recorded material] [Starts Mid Sentence] thank everyone that s joined the call today. I know everybody is busy with
More informationBUILDING A BETTER PERFORMANCE MANAGEMENT SYSTEM QUARTER
BUILDING A BETTER PERFORMANCE MANAGEMENT SYSTEM QUARTER 1, 2005 Performance management, an organization s approach to developing, recognizing and rewarding employee performance, is a widely discussed and
More informationUnderstanding the ROI of Marketing Automation ERIC WEBB
Understanding the ROI of Marketing Automation ERIC WEBB Contents What is Marketing Automation?... 4 Could Marketing Automation Benefit Your Company?... 5 Understanding the Real Value of Automation... 6
More informationThe Charitable Remainder Trust & Charitable Lead Trust. Presented by: Jeffery T. Peetz Woods & Aitken LLP
The Charitable Remainder Trust & Charitable Lead Trust Presented by: Jeffery T. Peetz Woods & Aitken LLP The Charitable Remainder Trust The charitable remainder trust is a popular and time-tested method
More informationUnleashing your power through effective 360 feedback 1
Consulting with organizations that are committed to being an employer of choice. Unleashing your power through effective 360 feedback 1 What is feedback? Feedback is input from others. It reflects the
More informationVaricent View. Conversations on Incentive Compensation: The Changing Role of Finance in Pay for Performance
Varicent View Conversations on Incentive Compensation: The Changing Role of Finance in Pay for Performance The Changing Role of Finance in Pay for Performance Functions As companies reevaluate their compensation
More informationSales Coaching Achieves Superior Sales Results
Sales Coaching Achieves Superior Sales Results By Stu Schlackman Sales Coaching Achieves Superior Sales Results Why Sales Coaching? As a sales leader your days go by quickly. You are constantly multi-tasking,
More informationTHE PLANNING OF A CUSTOMER RELATIONSHIP MANAGEMENT PROJECT: REQUIREMENTS AND OPPORTUNITIES
THE PLANNING OF A CUSTOMER RELATIONSHIP MANAGEMENT PROJECT: REQUIREMENTS AND OPPORTUNITIES Professor PhD Adriana OLARU Lecturer Alexandru CAPATINA Dunărea de Jos University of Galati, Romania Abstract:
More informationView Point. Customer Centric banking: A 360 degree view. Abstract. - Ashok Gopinath, Navdeep Gill
View Point Customer Centric banking: A 360 degree view - Ashok Gopinath, Navdeep Gill Abstract Banks today are moving back to basics, shifting attention from complex product offerings to developing greater
More informationCUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS: WHY THEY FAIL, HOW TO SUCCEED
White Paper CUSTOMER RELATIONSHIP MANAGEMENT SYSTEMS: WHY THEY FAIL, HOW TO SUCCEED BY JOSEPH PRZYBYLA AND ANN PARKER In collaboration with Michael Warren of Stanton Allen In any business be it a Fortune
More informationSponsored by. Contact Center Analytics Empower Enterprises
Sponsored by Contact Center Analytics Empower Enterprises Table of Contents Executive Summary... 1 The Changing Mission of Contact Centers... 1 Contact Center Goals... 1 Contact Center Analytics... 2 What
More informationThe High Performer Sales
The High Performer Sales ManagerS AND THEIR Seven Characteristics accela.com.au 1 The High Performer Sales ManagerS AND THEIR Seven Characteristics What characteristics have high performing sales managers
More informationMa r k e t i n g RO I :
Ma r k e t i n g RO I : playing to win On the profit scorecard, ROI is the measure that counts. By James D. Lenskold There is no better example of events measured by winners and losers than sports games.
More informationCRM The Critical Cog in Today s Business Strategy
CRM The Critical Cog in Today s Business Strategy An Eagle Creek Software Services White Paper, 2012 While CRM has become a well known, overused acronym, it still remains a truly under leveraged concept.
More informationWhy Accountability Matters
PREVIEW GUIDE Why Accountability Matters Table of Contents: Sample Pages from Leader s Guide...pgs. 2-8 Program Information and Pricing...pgs. 9-10 Leader s Guide Can We Count on You? CRM Learning s Can
More informationExecuting a Successful SPIF
Executing a Successful SPIF BEST PRACTICES, TIPS, AND TECHNIQUES SPIFs are a great way to generate enthusiasm and mindshare, promote market adoption of a new solution, incent the sales of a specific combination
More informationAchieve Contact. Pipeline Articles www.contactcenterpipeline.com
tech line / jan 2013 Achieve Contact Center Goals through Strategic Synergy and Realism To get funding, align technology, business and operations strategies, and show how the technology can deliver. By
More informationHOW TO. to Executives. You know that marketing automation is the greatest thing since sliced bread. After all, what else can help you...
HOW TO Sell Marketing to Executives Automation You know that marketing automation is the greatest thing since sliced bread. After all, what else can help you... 1 making inroads with the corner office
More informationAn Executive Primer To Customer Success Management
A Forrester Consulting Thought Leadership Paper Commissioned By Gainsight April 2014 An Executive Primer To Customer Success Management Table Of Contents We Live In A Subscription Economy Learn To Manage
More information7 Steps to Superior Business Intelligence
7 Steps to Superior Business Intelligence For several years, it has been common knowledge that for growth and profitability, a company must offer pre-eminent customer service and to do so, it requires
More informationAMERICAN EXPRESS FORCE SUCCESS
AMERICAN EXPRESS USING E XTRA INCENTIVES TO DRIVE SALES FORCE SUCCESS AMERICAN EXPRESS USING EXTRA INCENTIVES TO DRIVE SALES FORCE SUCCESS When she was managing a team selling exhibition space at business-to-business
More informationThe top 10 secrets to using data mining to succeed at CRM
The top 10 secrets to using data mining to succeed at CRM Discover proven strategies and best practices Highlights: Plan and execute successful data mining projects using IBM SPSS Modeler. Understand the
More informationA winning strategy for workers compensation management
A winning strategy for workers compensation management Introduction Unfortunately, workers compensation too often becomes a battleground between employees and employers. This article uses an analogy of
More informationDesigning better employee benefits
McKinsey on Health Care An in-depth look at the challenges facing senior managers Published by The McKinsey Quarterly June 2005 Lloyd Miller Adopting a product developer s approach to designing a benefits
More informationLead Management Services Purpose-built lead management processes and systems from the experts: OppSource
Lead Management Services Purpose-built lead management processes and systems from the experts: OppSource Lead Management Services Purpose-built lead management processes and systems from the experts: OppSource
More informationVoice of the Customer: How to Move Beyond Listening to Action Merging Text Analytics with Data Mining and Predictive Analytics
WHITEPAPER Voice of the Customer: How to Move Beyond Listening to Action Merging Text Analytics with Data Mining and Predictive Analytics Successful companies today both listen and understand what customers
More informationHow To Motivate Employees To Integrate Marketing
Motivating Employees to Embrace Integrated Marketing A White Paper developed exclusively for based on results of the PMA/Northwestern University ROI of Integrated Marketing Research Project Research Results
More informationThe ROI of Customer Acquisition: Aligning Marketing & Sales
The ROI of Customer Acquisition: Aligning Marketing & Sales Table of Contents Best Practice #1: Build and implement ongoing email lead nurturing programs. Best Practice #2: Leverage inbound tactics to
More informationSales Compensation and Incentives
Sales Compensation and Incentives Question: What are the goals of a compensation plan? Goals of Compensation Motivate AE s to exceed revenue targets Motivate sales of multiple products Drive sales behavior
More informationGetting more value from a divestiture. a relentless focus on human capital
Getting more value from a divestiture a relentless focus on human capital IN THE WORLD OF M&A, SUCCESSFUL ACQUISITIONS REQUIRE KEEN ATTENTION TO PEOPLE-RELATED ISSUES. HOWEVER, THE FLIP SIDE OF M&A, THE
More informationThe Objectives of a CRM Strategy
Tutorials, J. Kirkby Research Note 23 October 2002 What Is a Customer Relationship Management Strategy? A CRM strategy states how to turn a customer base into an intangible asset for market valuations.
More informationWhat is a Structured Settlement? Straight talk about structured settlements
Woodbridge Structured Funding LLC What is a Structured Settlement? Straight talk about structured settlements Learn more about structured settlements: Why settled personal injury cases are often paid out
More informationThe Heart of the Matter: The Challenge of Customer Lifetime Value
CRM Forum Resources http://www.crm-forum.com The Heart of the Matter: The Challenge of Customer Lifetime Value Valoris Abram Hawkes Copyright Valoris Abram Hawkes, 2000 THE HEART OF THE MATTER: THE CHALLENGE
More informationWhat is a Structured Settlement: WOODBRIDGE STRUCTURED FUNDING, LLC
2014 What is a Structured Settlement: WOODBRIDGE STRUCTURED FUNDING, LLC STRAIGHT TALK ABOUT STRUCTURED SETTLEMENTS WOODBRIDGE STRUCTURED FUNDING, LLC Learn more about structured settlements: Why settled
More informationLeveraging Data the Right Way
Leveraging Data the Right Way Use It or Lose It Unless organizations use information to drive action, Big Data or any data is more of a liability than an asset. The bottom line: Just get started. Here
More informationfmswhitepaper Strategies to Increase Fee Revenue By Achim Griesel Senior Executive Vice President, Haberfeld Associates
fmswhitepaper Strategies to Increase Fee Revenue By Achim Griesel Senior Executive Vice President, Haberfeld Associates Unique Insights Implementation Guidance Strategic and Tactical Direction Immediately
More informationResults-Based Training for Motivated Financial Advisors
small group coaching Results-Based Training for Motivated Financial Advisors Who It s For Altius Learning offers small group coaching to financial advisors ready to step up to the next level. In the same
More information10 Steps to Building a More Profitable Construction Business. Leslie Shiner, MBA Sage Certified Consultant
10 Steps to Building a More Profitable Construction Business Leslie Shiner, MBA Sage Certified Consultant Introduction is a pragmatic approach to developing business practices that result in greater profitability.
More information