Date: 15th March, 2023
Time: 1100 hrs EST
The basic meaning of Sales Compensation is that it's the payment a salesperson receives for their work. In general, it includes a base salary, commission and additional monetary incentives to motivate a sales representative. Most importantly, sales compensation should be well-planned to drive the sales team’s performance to success. Hence, this is why when speaking about sales compensation, we commonly mean working out a clever sales compensation plan that would be aligned with sales roles, fit a company’s culture and be clear and motivating.
Most compensation plans are high-stakes investments that consume a large part of the sales budget. Therefore, companies cannot afford to get it wrong and need reliable measures aligned to results. Regardless of the changes in process, closed sales are still the safest choice. Nevertheless, a rep doesn’t follow up properly or doesn’t get the support needed, deals are lost with no incentive structure in place to reward or punish poor execution. Notably, an ideal compensation plan is expected to offer rewards for performance on all key touch points in the process as each point increases or decreases an opportunity’s probability of a successful outcome. It's worth noting that this has not been a reliable measure in the past and so it won’t be long until these insights are accurate enough to include as compensation measures.
There is no doubt that the sales leaders have always aspired to measure and reward reps who were able to maximize every touch point, not just those who hit their number. However, these insights have never been reliable enough to use in compensation plans. In addition, new innovative technologies are making it possible to reward for every step in the process which will enable opportunity optimization. Other than this, technology segments like revenue intelligence, sales engagement and intent data are all leveraged by many companies to make this happen. At present, the large majority of buyer and seller interactions are available and starting to provide reliable insights. Moreover, they will create the foundation for future sales compensation plans once confirmed to be accurate. Now you know why choosing a sales compensation model that would be both targeted to your sales reps’ expectations and aligned with your company’s goals should be your number one priority in case you are pursuing sales growth.
To know more about the upcoming advancements in the domain of Sales Compensation for Businesses, join us in our virtual summit, 'Future of Sales Compensation for Businesses US Edition'.
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