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
Contact us at insights@axtria.com with any questions.
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Click Here To Learn More About Axtria Incentive Compensation Benchmarking Study – 2020 Results