All Insights Case Study Comprehensive Field Force Incentive Compensation Program For A Medical Device Company

    Comprehensive Field Force Incentive Compensation Program For A Medical Device Company

    Incentive Compensation Program

    Comprehensive Field Force Incentive Compensation Program For A Medical Device Company

    Axtria met with the sales and marketing teams to determine brand prioritization, and modeled multiple incentive metrics.

    Comprehensive Field Force Incentive Compensation Program For A Medical Device Company

    Situation

    • U.S. based medical device manufacturer
    • Field based incentive payments were not consistent with corporate goals and budgets
    • No set standards for monitoring success

    Challenges

    • Sales and Marketing leadership differed on priorities and call cycle
    • Multiple marketing spiffs were affecting incentive plan balance
    • Many overlapping opportunities to earn money on similar objectives
    • No formal approval process in place to ensure timely and accurate payments

    Approach

    • Axtria met with the sales and marketing teams to determine brand prioritization
    • Modeled multiple incentive metrics and made recommendations on best practices
    • Included opportunities for other program features such as ‘President’s’ Award, Top Sales Awards, Attrition Reduction kickers,  and other motivational programs
    • Reviewed and received buy-in from senior management
    • Created a multi-layer process for approving and ensuring timely payments to all field associates
    • Developed and implemented a thorough training program to warrant understanding along with ‘tip’ sheets on how to maximize earnings

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    Field Force Incentive Compensation Program for Medical Device Company


    Result

    • Incentive payments became proportional to overall sales achievement
    • Sales effectiveness and comprehension of the incentive program improved considerably
    • The new incentive compensation program successfully aligned corporate objectives of senior leadership with the sales teams

     

    Contact us at insights@axtria.com with any questions.

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    Learn More linkClick Here To Learn More About Axtria Incentive Compensation Benchmarking Study – 2020 Results