We’re all familiar with the saying, “The definition of insanity is repeating the same mistakes over and over again and expecting different results.” While it’s been attributed to Albert Einstein and a few others, no one knows who is truly responsible for this bit of wisdom. Maybe — just maybe — this quote should be attributed to a sales compensation expert.
Tagged Archives: sales compensation
So before you promise to send your top rainmakers on an all-expenses-paid trip to the rainforest, let’s break out the proverbial soap, scrub things off a bit, and gain some visibility into how well your current motivational tactics are working.
According to the IRS, about 33% of all employers make payroll errors that result in costly penalties. Compensation errors can also result in lack of compliance with the Fair Labor Standards Act (FLSA) and — you guessed it — more fines. Add to this the cost of overpayments and the cost of turnover when unhappy reps seek more accurate employers, and the price you pay for sales comp errors is high, indeed.
An end of first quarter check-in provides the visibility you need to assess your sales strategy and start winning now.
Be honest. How much time did you spend on Superbowl Sunday talking about the cost of a single advertisement, and whether or not it was worth the money? Probably a fair amount. Yet it’s quite possible your organization hasn’t given the same thoughtful consideration to how much it spends on a single sales deal.
The last mile of finance refers to all the steps a publicly traded company must take to close its books each quarter, including financial statement preparation, regulatory reporting, and investor report production. Accuracy during this time period is key — if you drop the baton, the ramifications can be significant.
Sales leaders must always come up with new ways to motivate their teams. From putting new spins on traditional sales contests to implementing gamification tactics into their overall strategies, managers know how important it is to take every opportunity to inspire their sales forces, because, let’s face it, not all reps hit quota. Regardless of [...]
Hell’s Kitchen, a reality TV cooking competition hosted by Chef Gordon Ramsay, has been my favorite show of late. In each episode, competitors quiver as Ramsay shouts orders and spews obscenities and blunt criticisms at them. When they’re given more tasks and criticism than they can handle, some contestants buckle under the pressure and lose [...]
Gamification—as we mentioned before—involves the use of game mechanics and game design in non-game scenarios. By 2016, Gartner estimates that gamification will be an essential element for brands and retailers to drive customer marketing and loyalty. (Source: Gartner) Sales organizations can also see this trend of gamification leading its marketing and loyalty programs as a [...]
A lot of our customers who previously used Excel as their main sales compensation solution say that ever since Xactly was implemented, they feel like they’re on vacation. Who knew that a solution to a slow sales compensation process could make someone feel like he were on an island in the Bahamas Joking aside, the [...]