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Sales Incentive Plan Checklist

 

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Sales Incentive Plan Checklist Sales incentive plans and programs help companies motivate and compensate their sales force in order to meet specific sales-related goals and objectives over a certain period. By reading this Sales Incentive Plan Checklist you will find out the key considerations about creation of an incentive plan for salespeople.


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1. Evaluate Drivers of Business Value.

  • Identify the impact of your marketing strategy upon sales staff
  • Figure out if the sales team realizes marketing objectives and sales expectations of your business
  • Hold interviews with sales employees to check how they adjust their behaviors to the marketing strategy
  • Be sure the team knows the best products, prices, delivery terms and market coverage, which are actual value drivers
  • Evaluate the senior management’s sales initiatives for appropriateness and realism
  • Review behaviors and culture in the sales force and determine if there is enough inside support
  • Be sure your sales employees have the freedom to adjust their approach to various situations

2. Analyze Current Sales Effectiveness.

  • Be sure your current sales plan supports the marketing strategy and continuity of your business
  • Check whether sales ROI is negative; if it is, re-evaluate your plan and determine what issues cause inefficiency
  • Analyze the plan for other tactical problems such as under/overpaying sales force, ignoring development opportunities, lack of sales focus, poorly set goals
  • Analyze sales effectiveness by these strategic measures:
    • Number of marketing goals achieved
    • Competitiveness
    • Compliance to marketing lifecycle
  • Assess sales effectiveness by these financial indicators:
    • Revenue generated by sales
    • ROI
    • Correlation between sales revenue and ROI

 3. Determine Pay Strategy.

  • Review current wages of your sales personnel and check if they are comparable to the industry level
  • Assess your company’s potential and see what increase in basic wage you can provide
  • Consider increasing commission rates as well
  • Determine what level of sales performance is required to cover the desired pay increase
  • Consider providing special rewards and bonuses for salespeople who show higher sales performance
  • Check if you can pay several times a month (advance wage payment)
  • Develop a pay strategy that takes into account every individual’s impact on the performance of sales
  • Analyze sales performance over several months after the strategy is implemented
  • Check if the pay increase has changed sales performance for better
  • Also measure employee turnover and check if salespeople now feel more motivated and therefore wish to continue working for your company             

4. More Tips & Suggestions.

  • Pay your sales employees commission for all existing and new accounts they relate to
  • Reward sales staff for their contribution and engagement, not just for the level of sales activity
  • Split commission by orders and keep track of the status of every order
  • Pay commission on each month\'s sales by the middle of the following month
  • Pay salespeople their commission immediately after they close large orders
  • Keep commission pay statements open and available for viewing by salespeople
  • Schedule and conduct regular meetings to discuss.....

 



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