Carrying out a productive year without productive months, weeks, and productive days is like trying to accumulate profits without having revenues. Likewise, to increase efficiency you need to reduce errors and improve sales performance. A data drive sales compensation program calculated in the sales commission tracker can amplify the ROI and increase the performance. In this article, we will try to figure out some ways to maximize ROI for sales incentive compensation.
ICM solutions help you manually prep your data.
For the past several years, the essence of the incentive compensation management solution for your firm has been expanding. The events of 2021 placed immense pressure on traditional sale models. It took a couple of months to adopt new services, sales channels, and products.
Commission implementations stall when it comes to sourcing data efficiently. The more intense spreadsheet manipulation becomes, the more is your headache.
As the manual data input into an ICM expands, situations turn out to be challenging for you.
Be sure that ICM can import all custom fields and objects from the source. It is rewarding to choose an ICM solution simple to implement. It likewise needs a minimum level of technical expertise.
Add flexibility in the comp plan builder.
ICM simplifies plan design, removes the speed, and automates calculations for spreadsheet estimations. Contemporary ICM solutions get limited by the ability to handle no-frills plans.
When it provides comp plan flexibility, ICM solutions are most valuable and consist of reusable components across the industry verticals. Companies need ICM solutions that are flexible enough to evolve with them.
Else, the system will come with a short plan. It is essential to have hands-on experience with a unit before buying to see if it fits a potential need.
ICM solutions make it easy to set up flexible workflows.
Teamwork is an essential element to achieve ICM success. Streamlined workflow routes reviews, requests, and approval processes that reduce risk. It saves your time that would otherwise get wasted with drafting emails.
Astonishingly, an ICM solution will still need lengthy implementation and marked coding to keep the work going.
ICM units make it easy to understand the differences between bolted and unified solutions.
A unified ICM solution is essential for a successful rollout. You need to develop a system from scratch to integrate data, workflows, and comp plan design. It holds for analytics and reporting.
It is the only way to ensure that the system works smoothly and applies to all.
What’s unfortunate is that ICM systems got developed by bolting a couple of units over time.
It results in a clunky system where a unit doesn’t interact with another. Hence, a fully unified ICM system has some value over a jolted unit.
A great ICM is more than software. It makes sure there is a 1:1 between the onboarding and admin training cycle.
The gist of the topic
We have discussed the top 4 points that will maximize ROI for sales incentive compensation. ElevateHQ is a leading commission management software that can integrate with any CRM software and allows you to track and improve your commission plan performance
