Incentive Compensation (IC) today continues to be a critical function in sales operations, and is one of the key levers for driving field force effectiveness. Expectations from sales compensation team leaders have now become more demanding. Priorities are changing at a rapid pace, with new customer types, new selling models, advent of new technologies and new data sources. They need to contemplate, data restrictions, cost pressures, and emerging global captive CoEs (Centers of Excellence). Sales compensation team leaders today need to be aware of best practices in incentive compensation management that drive high impact.
At the PMSA Annual Conference 2015, Asheesh Sharma, Senior Principal at Axtria will host a tutorial on the significance of an effective incentive plan design and analytics. With a proliferation of specialty brands, reduced access and multi-channel marketing, this tutorial will discuss the challenges and opportunities for an effective incentive plan design. The main areas which will be addressed are:
Incentive Plan Design Analytics in Specialty Brands:
Incentive plan designs and best practices differ in specialty markets and in small patient population situations. In these markets data challenges are more acute and there may be new data sources being used.
Impact on IC from Reduced Access and Multi-Channel Marketing:
Digital strategy is making advances from a more holistic Multi-Channel Marketing approach to reach health care professionals. The industry is also encountering drastically reduced access, something that is more pronounced in specialty markets.
Perspectives from Other Industries:
Incentive plan design and operations differ in various industries (financial services and banking, retail etc.) and hence the nuances of each industry need to be taken into account while designing an incentive plan.
The presentation at the upcoming PMSA conference, will discuss common design templates for incentive plans and new metrics to be contemplated. It also dwells on important elements to be considered when drawing up an incentive plan, like seasonality and data patterns in goal / quota setting, payout curve designs and best practice on financial risk analytics.
Suggested Readings: "The Axtria 5 Step Guide: Incentivize for Success"
Click Here To Learn More About Axtria Incentive Compensation Benchmarking Study – 2020 Results