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

Download Case Study - "Actionable Insights On Procedures For A Global Top 10 Company In The Cardiovascular Market"

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

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