Achieving World-class Sales Compensation Design: How to Assess Your Plan Performance
We all agree that effective sales compensation is key to delivering sales and business strategy and that it is costly to get wrong. Your business may be pushing through a new strategy, restructuring, experiencing problems in delivering profitable growth, or a successful business wanting to ensure that everything is optimal. What is clear is that for each of these situations you need to know how effective your current sales compensation plans are performing.
The smart practice is to use a set of analytics that will test the effectiveness of your sales compensation plans. Using these outputs, you can address any major redesign or tweaks required to consistently deliver high sales performance.
Outside of major strategic or management change, it is still important to have a regular cycle of comp plan assessment and review. Sales strategy does not stand still, and compensation plans need to be aligned with the selling priorities and behaviors required of the salesforce. Data availability and technology support is a critical part of this process and it is important to know how these factors can support the analysis and review process.
- How to assess plan performance and the level of analysis and review required
- Analytical options, assessment criteria and approaches and process
- Implications for plan redesign
- The role and importance of data and technology support