Compensating new sales roles: how to design rewards that by Jerome A. Colletti

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By Jerome A. Colletti

An up to date version of a publication for revenues managers and for repayment experts. With a brand new concentrate on on-line revenues, this entire booklet explains the right way to layout and enforce a repayment plan that directs, motivates and rewards staff who practice successfully - "regardless" of revenues channels. Telesales and teleweb operations are the quickest starting to be fields in promoting - this ebook addresses find out how to compensate those new channels. The explosion in net revenues by myself (definitely a "new revenues role") makes this a very stable time for a moment variation. incorporated are new rules on tips to compensate revenues help employees, 50 examples of latest revenues roles and the way they translate into task definitions, and greater than 20 version repayment plans. A dual-audience booklet, this moment version should still attract either salespeople and compensaion professionals.

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39 How to Help Your Company Make the Transition from a Failed Plan to a New Plan 42 Summing Up 47 Chapter 3 How to Adopt New Sales Roles to Win and Retain Satisfied Customers 49 Compensation Is the Caboose, Not the Engine 52 The Sales Strategy Matrix: An Essential Tool for Aligning Sales Jobs with Company Objectives 55 How Companies Deploy New Sales Roles 58 The Five W's for Creating New Sales Roles in Your Company 60 Using the Five W's to Get Results: A Case Example 62 Five Steps for Initiating Productive New Sales Roles 68 New Sales Roles in America's Best Sales Forces 74 Summing Up 75 Part 2: Designing Compensation Plans for New Sales Roles 77 Chapter 4 A Blueprint for Linking Compensation to New Sales Roles 79 Sales Compensation: What It Is and What It Is Not 83 How to Link Compensation to New Sales Roles 86 Phase A: Clarify Sales Strategy 87 Phase B: Determine Financial Requirements 91 Phase C: Identify Performance Measures 93 Phase D: Develop Program Details 94 How to Create a Successful Sales Compensation Design Team 95 Summing Up 97 Page vii Chapter 5 What to Expect and How to Measure Success in New Sales Roles 99 How Performance Measures and Job Expectations Work 104 Three Measurement Practices That Support Profitable Top-Line Growth 105 The Customer-Centric Performance Measurement Model: Three Indicators of Success 108 Four Performance Benchmarks for Evaluating Sales Excellence 111 How to Choose the Best Performance Measures for Your Company's New Sales Roles 114 Six Examples of How New Sales Roles Affect Performance Measurement 116 Setting Performance Objectives: What to Do and How to Do It 121 Setting Performance Expectations: What to Do and How to Do It 124 Two New Approaches for Measuring the Success of New Sales Roles 127 Three Performance Management Challenges and How to Deal with Them 130 Summing Up 133 Chapter 6 Designing Compensation Plans for New Sales Roles 135 Eight Key Sales Compensation Terms and Definitions 136 How to Compensate New Sales Roles That Affect Existing Jobs 157 Compensating Newly Created Sales Jobs 165 New Approaches to Compensating Nonselling Team Members 168 Summing Up 170 Chapter 7 Compensating Telechannel Jobs 172 Five Telechannel Applications That Are Critical to Sales and Service 174 Three Major Challenges When Implementing Telechannel Jobs 177 How to Clarify What Type of Telejob Your Company Needs 180 Page viii Designing Compensation Plans for Telechannel Jobs: Three High-Level Considerations 182 Compensating Telemarketing Jobs 187 Compensating Telesales Jobs 191 Compensating Customer Service Jobs 195 Compensating Technical Service Jobs 197 Compensating Field Sales and Teleteams 198 Using Contests and Recognition 199 Summing Up 200 Chapter 8 Compensating Sales Support Staff 202 How Sales Support Jobs Are Critical to Effective Customer Interaction 202 Retaining Customers: The New Goal for Sales Support 205 When to Include Support Jobs in the Sales Compensation Plan 206 Compensating Presales Jobs 207 Compensating Postsales Jobs 211 How to Answer Four Tough Questions about Sales Support Compensation Plans 213 Summing Up 215 Chapter 9 Compensating Sellers and Teams for Large Sales 217 The Challenge of Selling Effectively at the “C” Level 220 Tips on Defining a Large Sale 222 How to Organize Company Resources for Global Account Teams 223 Five Benefits of a Consistent Sales Process for Large Deal Selling 226 How to Develop Compensation Plans for Large Sales: Two Case Examples 228 Five Key Lessons for Successfully Selling Large Deals 240 Summing Up 242 Chapter 10 Compensating Sales Managers and Team Leaders 244 Three Groups Affecting the Sales Manager's Role 245 Three Pivotal Sales Manager Roles 250 How Sales Managers Spend Their Time 252 How to Match Sales Manager Jobs with the Right Compensation Plans 256 Page ix Four Tough Issues that Come with Sales Manager Compensation Plans 262 How Team Leader and Sales Manager Jobs Differ 265 Two Incentive Plans for Compensating Team Leaders 269 Summing Up 272 Part 3: Implementing New Plans Successfully 273 Chapter 11 Tackling Some of the More Challenging Design Issues 275 Challenging Issues: An Overview 275 Five ‘‘Big Picture” Questions Top Managers Ask about Sales Compensation 276 Six Tough Design Issues That Affect Compensation Plans 285 A Checklist of Other Design Issues You Are Likely to Face 297 Summing Up 299 Chapter 12 How to Introduce Compensation Plans for New Sales Roles 300 Three Hurdles to Implementing New Sales Compensation Plans 304 The Change Management Model: A Four-Step Process 307 Step 1: Prepare to Launch the New Plan 311 Step 2: Implement the New Sales Compensation Plan 313 Step 3: Monitor Employee Reaction and Business Results 318 Step 4: Recalibrate: Resolve Any Glitches Quickly 320 Summing Up 321 Chapter 13 Evaluating Results under a New Sales Compensation Plan 324 Three Key Areas to Examine for Results 325 What Not to Evaluate 328 Preparing for the Evaluation Process 330 How to Conduct an Accurate Evaluation in Five Steps 331 How to Report the Results of an Evaluation 341 Recalibrating Again: Updating Your Plan for a New Year 343 Summing Up 344 Chapter 14 Future Challenges 345 Three Guiding Principles to Help You Address Future Challenges 346 Page x The Talent Challenge 348 The Sales Credit Challenge 349 The Effective Frontline Manager Challenge 353 Summing Up 358 Closing Comments 358 Appendix A: Glossary of Terms 361 Appendix B: Illustrative Formal Sales Compensation Plan Document 365 Appendix C: Sales Compensation Audit Checklist 379 Appendix D: Articles of Interest on Sales Compensation 383 Appendix E: Reward and Recognition Questionnaire 391 Notes 397 Index 401 Page xi ILLUSTRATIONS Figure 1-1.

This book provides you with concrete advice and guidance on what it takes to realize tangible benefits from new sales roles as early as possible through new approaches in the sales compensation plan. We use actual cases and illustrative examples throughout so that you can benefit from the experiences of others. This book is for business owners, company executives—general Page xix managers, sales and marketing executives, and human resources/compensation professionals—and consultants who lead or participate in the process of redesigning and implementing sales compensation plans for companies that deploy multiple customer contact resources to cover a diverse set of customers.

However, we did not expect to see the explosion in the number and type of new sales roles that is occurring today as many companies race to compete for customers through the effective use of the Internet. Far too often, the compensation plans that companies use to direct, motivate, and reward the new roles that sales success requires are out of step with business objectives. Rather than promote growth, the compensation plans actually hinder growth. Because of the explosion in the use of sales channels, spurred by the growth of the Internet, we felt compelled to update the first edition of our book at this time.

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