A Practical Approach To Sales Compensation
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| Author | : Doug J. Chung |
| Publisher | : |
| Total Pages | : 64 |
| Release | : 2020-06-04 |
| Genre | : Business & Economics |
| ISBN | : 9781680836844 |
A Practical Approach to Sales Compensation takes readers through the evolution of academic research on sales compensation. By examining the relevance of existing research, it provides practical guidance on the design of an effective compensation system. Furthermore, the monograph discusses how recent technological advances in artificial intelligence (AI) and machine learning (ML) shape sales strategy transformation and, thus, sales compensation systems of the future. After an introduction, Section 2 illustrates a practical outline for designing a sales compensation system and the associated dilemma that organizations often face. Section 3 examines the theoretical foundations of effective sales compensation structures and their validity--in particular, application of the principal-agent theory, which derives optimal compensation systems under the presence of agents' moral hazard. Section 4 addresses recent developments in field research: randomized field experiments jointly conducted by academics and organizations as well as structural econometric methods using micro-level performance and compensation data. Section 5 illustrates how advances in technology affect organizations' sales strategies and, thus, the challenges and opportunities in utilizing compensation structure to motivate salespeople.
| Author | : Kujnish Vashisht |
| Publisher | : Atlantic Publishers & Dist |
| Total Pages | : 328 |
| Release | : 2006 |
| Genre | : Sales management |
| ISBN | : 9788126905379 |
Sales Department Occupies A Strategically Most Important Position In The Present-Day Marketing Operations. The Increase In Quantum Of Business, Changing Demographics, Developed Information Technology And Awareness Of Rights And Privileges Of The Customers Have Prompted Growing Competition In Business. In The Changed Scenario, The Position Of Sales Manager Has Gained In Importance, Thereby Making The Study Of Sales Management In A Proper Perspective Indispensable For The Students Who Intend To Pursue A Managerial Career.The Present Book A Practical Approach To Sales Management Is A Complete Treatise On The Subject. Beginning With A Well-Researched Introduction To The Field, The Book Discusses All The Key Concepts Related To Sales. It Explicitly Lays Down The Objectives Of Sales Management Achievement Of Sufficient Sales Volumes, Contribution To Desirable Profits And Ensuring Continuous Growth For The Company, And Its Functions Sales Planning, Organising The Sales Effort, Coordination With Other Departments, Appointing And Training Sales Personnel, Motivating Sales Persons, Achieving Sales Targets, Administration And Control, To Name But A Few. The Role Of A Modern-Day Sales Manager Has Been Exclusively Presented In Detail With A View To Make The Students Highly Competent In Handling The Real Time Marketing Situations. The Other Important Concepts Of Sales Which Have Been Analytically Studied In The Present Book Include Marketing Policies On Sales, Market Demand And Sales Forecasting, Recruitment And Selection Of Sales Persons, Sales Training Programmes, Performance Evaluation, Sales Budget, Sales Territories, Sales Control And Analysis, And Many Others.A Practical Approach To Each Topic, Well-Illustrated With Rich Examples From The Indian Sales Environment, Makes The Book Easily Accessible To The Average Readers. A Glossary Of Sales And Selling Terms Given In The Appendix Of The Book Is An Added Advantage Provided To The Readers Which Would Facilitate Them In Understanding Of The Subject. In Addition, Practical Case Studies And Analytical Questions As Well As Sales Quiz Provided At The End Of Each Chapter Would Help The Students Of Management In Self-Study And Self-Assessment. The Book Would Be Highly Useful To The Corporate Executives And Entrepreneurs Besides The Students And Teachers Of The Subject.
| Author | : David J. Cichelli |
| Publisher | : McGraw Hill Professional |
| Total Pages | : 352 |
| Release | : 2017-11-24 |
| Genre | : Business & Economics |
| ISBN | : 1260026825 |
Leverage the full power of your sales force with a cutting-edge compensation program Salespeople are motivated by many things—and how they’re paid tops the list. Sales compensation is one of the best tools for motivating any sales force and thus maximizing business revenue. Do you have strategically aligned sales compensation plans or are your pay plans holding back your sales force? Compensating the Sales Force has helped thousands of business leaders worldwide create sales compensation programs that drive sales performance, increase revenue, and trigger business growth. Now, this new edition brings you fully up to date with new approaches for a business landscape where product/solution objectives and customer needs are in constant in flux. Sales guru David Cichelli provides everything you need to build an incentive plan that delivers real financial results. He takes you step-by-step through the process of setting target pay, selecting the right performance measures, and establishing quotas. You’ll learn everything there is to know about: •Why job content drives sales compensation design •Methods for calculating formulas for payout purposes •The roles of quota allocation, sales crediting, and account assignment •Compensating a complex sales organization and global sales teams •Administering, monitoring, and measuring the effectiveness of the program An indispensable resource for anyone involved in sales compensation—from CEOs and sales managers to HR personnel to IT professionals—Compensating the Sales Force provides all the tools you need to design and implement a sales compensation plan that increases profits―and drives the sales team to exceed sales targets.
| Author | : Mike Weinberg |
| Publisher | : AMACOM Div American Mgmt Assn |
| Total Pages | : 242 |
| Release | : 2013 |
| Genre | : Business & Economics |
| ISBN | : 0814431771 |
Selected by HubSpot as one of the Top 20 Sales Books of All Time No matter how much repeat business you get from loyal customers, the lifeblood of your business is a constant flow of new accounts. Whether you're a sales rep, sales manager, or a professional services executive, if you are expected to bring in new business, you need a proven formula for prospecting, developing, and closing deals. New Sales. Simplified. is the answer. You'll learn how to: * Identify a strategic, finite, workable list of genuine prospects * Draft a compelling, customer-focused "sales story" * Perfect the proactive telephone call to get face-to-face with more prospects * Use email, voicemail, and social media to your advantage * Overcome-even prevent-every buyer's anti-salesperson reflex * Build rapport, because people buy from people they like and trust * Prepare for and structure a winning sales call * Stop presenting and start dialoguing with buyers * Make time in your calendar for business development activities * And much more Packed with examples and anecdotes, New Sales. Simplified. balances a blunt (and often funny) look at what most salespeople and executives do wrong with an easy-to-follow plan for ramping up new business starting today.
| Author | : David J. Cichelli |
| Publisher | : McGraw Hill Professional |
| Total Pages | : 235 |
| Release | : 2003-09-22 |
| Genre | : Business & Economics |
| ISBN | : 0071435972 |
Compensating the Sales Force is a uniquely jargon-free, how-to guide to all major sales compensation concepts and formulas. Using real-world examples, guru David J. Cichelli: Helps readers select the right compensation strategy for their firm Provides step-by-step guidance to implementing various approaches Simplifies the mathematical formulas that are a thorn in most manager's side
| Author | : Frank V. Cespedes |
| Publisher | : Harvard Business Press |
| Total Pages | : 249 |
| Release | : 2021-02-23 |
| Genre | : Business & Economics |
| ISBN | : 1633698777 |
Named to the longlist for the 2021 Outstanding Works of Literature (OWL) Award in the Sales & Marketing category In this smart, practical, and research-based guide, Harvard Business School professor Frank Cespedes offers essential sales strategies for a world that never stops changing. The rise of e-commerce. Big data. AI. Given these trends (and many others), there's no doubt that sales is changing. But much of the current conventional wisdom is misleading and not supported by empirical data. If you as a manager fail to separate fact from hype, you will make decisions based on faulty assumptions and, in a competitive market, eventually fall behind those with a keener grasp of the current selling environment. In this no-nonsense book, sales expert and Harvard Business School professor Frank Cespedes provides sales managers and executives with the tools they need to separate the signal from the noise. These include how to: Hire and deploy the right talent Pay and incentivize your sales force Improve ROI from your training programs Create a comprehensive sales model Set and test the right prices Build and manage a multichannel approach Brimming with fascinating examples, insightful research, and helpful diagnostics, Sales Management That Works will help sales managers build a great sales team, create an optimal strategy, and steer clear of hype and fads. Salespeople will be better equipped to respond to changes, executives will be able to track and accelerate ROI, and readers will understand why improving selling is a social as well as an economic responsibility of business.
| Author | : Lucian A. Bebchuk |
| Publisher | : Harvard University Press |
| Total Pages | : 308 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : 9780674020634 |
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
| Author | : Jeb Blount |
| Publisher | : John Wiley & Sons |
| Total Pages | : 311 |
| Release | : 2015-09-29 |
| Genre | : Business & Economics |
| ISBN | : 1119144760 |
Ditch the failed sales tactics, fill your pipeline, and crush your number With over 500,000 copies sold Fanatical Prospecting gives salespeople, sales leaders, entrepreneurs, and executives a practical, eye-opening guide that clearly explains the why and how behind the most important activity in sales and business development—prospecting. The brutal fact is the number one reason for failure in sales is an empty pipe and the root cause of an empty pipeline is the failure to consistently prospect. By ignoring the muscle of prospecting, many otherwise competent salespeople and sales organizations consistently underperform. Step by step, Jeb Blount outlines his innovative approach to prospecting that works for real people, in the real world, with real prospects. Learn how to keep the pipeline full of qualified opportunities and avoid debilitating sales slumps by leveraging a balanced prospecting methodology across multiple prospecting channels. This book reveals the secrets, techniques, and tips of top earners. You’ll learn: Why the 30-Day Rule is critical for keeping the pipeline full Why understanding the Law of Replacement is the key to avoiding sales slumps How to leverage the Law of Familiarity to reduce prospecting friction and avoid rejection The 5 C’s of Social Selling and how to use them to get prospects to call you How to use the simple 5 Step Telephone Framework to get more appointments fast How to double call backs with a powerful voice mail technique How to leverage the powerful 4 Step Email Prospecting Framework to create emails that compel prospects to respond How to get text working for you with the 7 Step Text Message Prospecting Framework And there is so much more! Fanatical Prospecting is filled with the high-powered strategies, techniques, and tools you need to fill your pipeline with high quality opportunities. In the most comprehensive book ever written about sales prospecting, Jeb Blount reveals the real secret to improving sales productivity and growing your income fast. You’ll gain the power to blow through resistance and objections, gain more appointments, start more sales conversations, and close more sales. Break free from the fear and frustration that is holding you and your team back from effective and consistent prospecting. It's time to get off the feast or famine sales roller-coaster for good!
| Author | : Russell Clowes |
| Publisher | : Pearson Higher Education AU |
| Total Pages | : 333 |
| Release | : 2015-05-20 |
| Genre | : Business & Economics |
| ISBN | : 1442538422 |
Budgeting: A Practical Approach, 2e provides students with a practical, competency based approach to the principles and preparation of budgets. The National Institute of Accountants (NIA) The NIA is one of three peak bodies for accounting professionals in Australia. With more than 12 500 members in Australia and overseas, NIA members work in industry, commerce, government, academia and public practice.
| Author | : Mark Roberge |
| Publisher | : John Wiley & Sons |
| Total Pages | : 227 |
| Release | : 2015-02-24 |
| Genre | : Business & Economics |
| ISBN | : 1119047072 |
Use data, technology, and inbound selling to build a remarkable team and accelerate sales The Sales Acceleration Formula provides a scalable, predictable approach to growing revenue and building a winning sales team. Everyone wants to build the next $100 million business and author Mark Roberge has actually done it using a unique methodology that he shares with his readers. As an MIT alum with an engineering background, Roberge challenged the conventional methods of scaling sales utilizing the metrics-driven, process-oriented lens through which he was trained to see the world. In this book, he reveals his formulas for success. Readers will learn how to apply data, technology, and inbound selling to every aspect of accelerating sales, including hiring, training, managing, and generating demand. As SVP of Worldwide Sales and Services for software company HubSpot, Mark led hundreds of his employees to the acquisition and retention of the company's first 10,000 customers across more than 60 countries. This book outlines his approach and provides an action plan for others to replicate his success, including the following key elements: Hire the same successful salesperson every time — The Sales Hiring Formula Train every salesperson in the same manner — The Sales Training Formula Hold salespeople accountable to the same sales process — The Sales Management Formula Provide salespeople with the same quality and quantity of leads every month — The Demand Generation Formula Leverage technology to enable better buying for customers and faster selling for salespeople Business owners, sales executives, and investors are all looking to turn their brilliant ideas into the next $100 million revenue business. Often, the biggest challenge they face is the task of scaling sales. They crave a blueprint for success, but fail to find it because sales has traditionally been referred to as an art form, rather than a science. You can't major in sales in college. Many people question whether sales can even be taught. Executives and entrepreneurs are often left feeling helpless and hopeless. The Sales Acceleration Formula completely alters this paradigm. In today's digital world, in which every action is logged and masses of data sit at our fingertips, building a sales team no longer needs to be an art form. There is a process. Sales can be predictable. A formula does exist.
