Change is the one constant that Sales Executives and their Sales Operations teams struggle with constantly. Updating your sales compensation plans to reflect new market realities is something a large percentage of sales teams have to do
frequently. Jim Stoeckmann over at WorldatWork offers up some great advice for those of us grappling with significant changes their 2014 sales compensation plans.Here are some of the notes I took while listening to Jim;
Case for change
Be sure that you build and communicate the strategic need to change from the current plan structure to a new plan structure. What has changed either from a competitive standpoint or the perspective of goal alignment throughout the organization.
Know your audience
You are selling the new plan to your sales team, so sell to them! Engage them early in the sales process, 'lay the groundwork' for the new plan, what worked well from last years plan, what didn't. What has changed and what does this mean to them. Be sure to listen intently and incorporate feedback wherever possible.
First Line Managers
Sales managers are key to a successful roll out. Get to know them, communicate early and often with them. Win their support and buy in. When they have feedback, be sure to listen and act on it. Incorporate good ideas and concepts, debate the feedback which should be debated, etc. With the buy in from your first line sales management, you have the foundation of a successful roll out of new plans.
A big thanks to Jim for sharing his experience above. Be sure to follow Jim on twitter (@WorldatWork_Jim) and at WorldatWorkls blog.
For those who are interested in some guidence related to putting together a world class SPIFF's this coming year >>>>
