Data is being collected and shared everywhere these days- from the apps on your phone, to your favorite social media sites, and even the wearable technology that's become commonplace. Yet all this data is virtually meaningless unless it can be analyzed and put to actionable use. Until now, Sales leaders haven't had that kind of data in their field.
Now, Xactly Insights, fulfills that need by providing an empirical, data-backed view into what best-in-class incentive compensation looks like, combined with the ability to compare performance and pay to the market with a click of a button. Experienced sales leaders know that they must use smart strategies to effectively compete and win in today’s fast paced marketplace.
Incentive compensation through commissions, bonuses, and SPIFs are imperative in order to focus sales teams and boost their performance. By using Xactly Insights, you can build more competitive pay plans, increase performance across your sales team, boost your ability to attract and retain top performers, and recruit new talent.
Now that you know some of the many benefits, let's look at some use cases for Xactly Insights:
1. Attracting Top Talent
Sales leaders are always looking for ways to attract top sales reps to accelerate sales performance and build high-growth teams. Xactly Insights offers a real-time look at plan results, and can be used as evidence of a company’s ability to achieve corporate goals and reward sales accordingly at any time – throughout both the year and in specific recruiting cycles.
Most companies will try to sell prospects on all of the benefits of joining their company. Xactly Insights offers empirical proof as to why choosing a company would be beneficial for a prospect.
Once a sales organization acquires rock-star reps that are consistently hitting or surpassing their goals, the new challenge is making sure you keep them. Xactly Insights offers real time visibility into plan results, and can be used as part of the sales performance management program.
Sales management can evaluate the performance of sales reps against their peers, but also can leverage the data as a baseline for bonuses, pay increases, or promotions – either during merit cycles or any time of the year.
Xactly Insights is an empirical source that can be used to show your sales reps why it is beneficial to stay with the company, as a tool to reward, and also as a way to coach reps to achieve and earn more.
3. Keeping Your Edge
Sales leaders are constantly concerned with whether or not their teams are competitive – not only with one another, but with the larger market as well. Each month as companies close their books, sales management can track their ongoing achievement and gauge where they are in relation to the competition.
If a company is behind the market, they can run programs or contests and provide coaching to assist in accelerating both sales and the earnings of their teams.
4. Making Directional Plan Adjustments
While large scale plan changes may be necessary, there are indicators that can provide companies a glimpse into the opportunity to make small adjustments that will positively impact sales outcomes.
As companies close their books monthly, sales management can track their ongoing achievement and payouts to gauge where they are in relation to the competition. They can use this to evaluate whether to run specific contests or SPIFs (sales performance incentive funds), as well as to give them clarity around the need for quota adjustments.
Xactly Insights provides the transparency necessary to allow companies to be agile in their plan evaluation. No longer do companies need to wait until the end of the year to evaluate their performance and make impactful changes.
5. Aligning Sales Goals with Corporate Objectives
Leadership should be evaluating plan effectiveness to ensure that their sales compensation is motivating the desired behavior from their sales teams and aligning with corporate goals. Annually, companies should look at their plans and outcomes to evaluate if plan changes are needed, and to allow time for rolling out the plan and socializing it with sales.
To optimize performance, a company has to be open to changing their approach to sales compensation – especially if they are not getting the desired behavior from sales. Xactly is the only company in the industry capable of this cross-industry and cross-company analysis.
This data, consisting of tens of thousands of incentive plans, and hundreds of thousands of sales reps, is available for our customers to use to enable their analysis of performance vs. peers, motivate their sales teams with empirically tested plan measures, and optimize their incentives.