We all know that in sales, the outcomes you get are the outcomes you incent. This is especially important for large field forces such as pharma, where a very large number of influencers are being targeted and sales compensation is computed based on terabytes of external data! Good incentive compensation (IC) plans combined with well administered execution can motivate the sales force and drive the right behaviors to align with corporate goals. But how do we know if the measures we’ve selected contribute to an intelligent incentive plan design?
Sales crediting and eligibility are two of the most common challenges that organizations face in managing their Incentive Compensation programs. Traditionally, these processes have relied on accurate alignment and roster data to determine the right individual to get sales credit, the absence of which causes incentive compensation & other downstream systems to wonder ‘what happened’ well after ‘it happened’.
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. An effective organization should be able to leverage incentive compensation as a strategic tool to drive performance and, as a result, increased revenues. With proliferation of data sources, technologies, selling models and cost pressures, priorities are changing rapidly. IC team leaders today need to be aware of best practices that drive high impact and keep sales organization aligned with corporate sales goals.
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.
In our previous blog, we discussed the significance of providing call plans to representatives. Continuing with our blog series on different dimensions of sales performance solutions to pharma companies, this blog will talk about the critical linkages between sales incentives and call planning.
Incentive Compensation is one the most important drivers for sales force productivity and effectiveness. Sales teams today continue to form a significant driver of a firm’s topline, and hence having an engaged sales force is critical for corporate success. Compensation budgets today are a significant spend for any firm, and hence gaining optimal ROI out of this spend is a topic of key research. There are many areas in an Incentive Compensation program that contribute to high impact.