Emily Clarke
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How to Check to Make Sure Your Compensation Plan is Effective
An effective sales compensation plan motivates your team to achieve their targets and keep going to achieve higher rewards. While you may know how to set up a reasonable plan, things get tricky when you want to make sure it works. Knowing how to use your sales compensation data helps you to assess your current plan and make changes as needed.
Use Analytics to Assess the Deeper Aspects of the Plan
There's so much that goes into an effective sales plan that you may find it hard to crunch all of the numbers. Using analytic software helps you to know how to use your sales compensation data in ways that go straight to the source of a strength or weakness. Being able to compare the payouts to the top performers or a specific territory helps you to make sure that your best sales team members are reaping the highest rewards.
Talk to Both People Who Are in the Field and the Upper Management
You need to get a variety of perspectives to gain an accurate grasp of what is happening within your company. Many field sales members will let you know if they don't feel like they're being adequately compensated, yet they may also have a skewed perspective. Upper management members can also share their insights since it impacts their day-to-day work processes. Comparing this information to what you find out from your analytic software gives you a well-rounded approach to making any necessary changes to the current plan.
Allowing an ineffective plan to continue for even a few weeks longer than is necessary can have a dramatic impact upon your ability to hit those targets. Not only does a poor plan cause you to lose vital sales team members, but the ones who stay will be less likely to work as hard as they can. Make sure to check the data regularly so that you can implement a new plan in a timely manner.
Author Resource:-
Emily Clarke writes about business software and services like commission tracking platforms, softwares etc. You can find her thoughts at sales commission blog.
