Dear sales managers, there is a secret weapon out there that can greatly influence your sales results at the expansion stage — and it comes in the form of a compensation plan.
Often portfolio companies lean on the resources of the sales and marketing support team at OpenView to identify where the breakdown is in the sales process. In our initial meeting, we go through a checklist of questions on the following topics:
- Product? Check.
- Buyers? Check.
- Go-to-market strategy? Check.
- Content support? Check.
- Productive sales team? TBD.
Therein lies the problem: You can have the product, strategy, and content in place, but without the support of a fully functional sales team, it is impossible to break out of the expansion stage.
So how can you motivate your team to hit their goals and turn that “TBD” into a “check?”
That’s right Jerry McGuire, show me the money!
According to a report in PsyMetrics Global,“In a study of 2,019 direct and inside salespeople from the United States and Finland, 74% report that their primary career motivation is money.”
Lucky for you, next Tuesday, the OpenView Sales and Marketing Support Team is teaming up with sales strategist Michael Hanna to address how you can motivate your sales team by designing a no-fail compensation plan.
Show Me the Money: Designing Sales Compensation Plans that Won’t Fail
Tuesday, November 19th
The 45-minute session will highlight the seven critical, but commonly overlooked, factors in designing and implementing sales compensation plans. We have addressed what attributes are essential in hiring top talent, and how to avoid red flags, but now it’s time to address how to compensate your employees in a way that is meaningful, motivational, and easy to understand!
Can’t wait until next Tuesday? Here are three awesome resources to help you kick-start your sales compensation design:
- 2013 Sales Compensation and Performance Management Report from Hoopla
- A Quick & Easy Compensation Calculator for Outbound Lead Generation from OpenView
- 2012 Sales Compensation & Performance Management Key Trends Analysis from CSO Insights