Incenting Success: Best-In-Class Sales Management
While cash is king when it comes to compensation priorities for B2B sales professionals, is not the only game in town. New research showcases the importance of non-cash incentives in both motivating and rewarding a more nuanced set of sales behaviors than those considered necessary a generation ago. This research report explores how this kind of total reward model, and associated recognition practices, can inspire peak sales performance results.
- Best-in-Class firms are far less likely today to focus solely on financial incentives than just one year ago.
- Top performers are 31% more likely to consider non-cash incentives a sales performance management "must-have."
- Cross-training sellers in other customer-facing roles is smart. Incenting them to do so is even smarter.
- Compared with other firms, the Best-in-Class are 29% more often using public recognition to motivate sales performance.
Finding: Cash as "Top Motivator of Sales Excellence" dropped year over year while all other elements rose. "Top performers are more aware of the need to manage their sales professionals holistically"
Finding: Best In Class Companies are 31% more likely than all other firms to agree that "Non-Cash Incentives and Rewards are a Vital Component of Sales Performance Management" Laggards are more likely to agree as well but research shows these companies are also more likely to use non-cash incentives too late in the process or to plug holes in other organizational or product gaps.
Finding: Best In Class organization are significantly more likely to use extensive cross-training into other company functions as part of their sales performance management process.
Finding: Best in Class Organizations are 29% more likely than laggards to use public recongition to motivate performance.
Finding: 63% of Best In Class Firms are concerned with not just "What" gets sold but "How" it gets sold and actually build qualitative metrics in to their Sales Performance Management Process.
Aberdeen Outlines Four Best Practices for Sales Incentives Success: Include Non-Financial Incentives, Use an External Party, Have a Dedicated Resource, and Include Channel Partners.