Recently on my LinkedIn page, we've been having an interesting discussion on compensation plans. Over the course of my career as a consultant, I've met two or three sales leaders who like to have compensation plans that "keep their salespeople guessing" because they think it "keeps them on their toes."
WatchYou may have the best products, services, and prices in the market, but if you’re missing a key variable in the equation, you will still fail. What is the variable? It’s your team. Sales leaders often spend so much time focusing on their products and execution (which is important) that they don’t address the efficiency of their team. If you have put together an unmotivated or unhappy group of people, all the hard work you put into your products and services will be in vain. The good news? You are largely in control of how your team performs. Salespeople will often output the exact results that align with their compensation. While other factors such as vacation time, positive reinforcement and acknowledgement are important, the first step to creating a team that delivers results is aligning their compensation with their expected output. Let’s look at two key points in further detail:
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