Gone are the days when a sales call could excite, stir, and cause intrigue among prospects and customers. - Today, prospects can do their research before being swayed by the most absorbing sales pitch. This empowerment has led to a need for an increased effort by salespeople resulting in longer buying cycles and inaccurate customer demand forecasts.
Companies are forced to make meaningful changes to keep up with the changing times to hit the sales target consistently. Changes like leveraging omnichannel capabilities, creating specialized roles, and adopting team-based selling are becoming indispensable. However, a more significant shift that often goes unnoticed is the development of strategies around compensation models that can drive motivation among the salesforce to continue to sell effectively. At the end of the day, the fuel that ignites the sales folks is what makes the difference between that extra thrust to close the sale or leaving the leeway for losing an opportunity.
Instead of telling sales teams what to do, a better approach would be creating an environment that persuades them toward behavior that will bolster the organization's marketing strategy. For instance, making meaningful changes to the salesforce's mix of commissions, quotas, salaries, and bonuses can quickly drive motivation and translate to growth.
A recent study by McKinsey shows that intelligent revisions of incentive models can have 50% more impact on sales than through advertisement investments.
Incentive planners must navigate through daunting datasets like market forecasts, bank rates, regulatory shifts, inflationary impact, contemporary trends, and pressures of stock clearance. By the time they have amassed data from different sources, there still exists the probability of missing out on some new numbers or latest releases. They must stay on top of all the relevant data before they can reasonably begin to plan an incentive campaign. Since most of the time is spent collecting data, validating it, and ensuring the numbers are still fresh, the time left for -decision making is minimal. This part of planning needs to be carried out meticulously. A minor error can drastically impact the bottom-line performance of the organization.
Rushed appraisals can bite into the bottom-line performance of an organization, disrupt manufacture-dealer relationship harmony, and even impede optimal workforce performance.
Manual incentive planning is a process that must be carried out painstakingly. Incentive planners cannot afford to leave loose ends or make human errors that may ultimately defeat the very purpose of the incentive. Some of the most common challenges that organizations face due to manual incentive planning are:
Incentive Management Solution is an Intelligent Process Automation driven process aimed at digitizing incentives, offers, and promotions management and - operation for all staff and management levels in any industry. Equipped with interoperability features, it seamlessly facilitates data extraction across internal and external sources. It eliminates the need for manual efforts and minimizes human- error vulnerabilities. It comes loaded with features that can quickly scale horizontally and vertically.
An Incentive Management Solution would offer enhanced visibility into the nuts and bolts that go into making an incentive program and help estimate the sustainability of such promotional schemes and their direct bearing on the bottom-line performance.
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