Stop Managing Compensation - Start Closing Sales

Start Closing Sales

By Peggy McKinney,

Speed up decision making and execution for rapid revenue recovery

As we work our way through this pandemic, we’ve seen an uptick in companies who require the ability to promote immediate revisions to compensation for their sales and incentive programs. 

These unplanned revisions must be easy to communicate – fast to apply – accurate to forecast and audit.

Empowerment and Speed

Agility needs to be grounded in the discipline of data. Your business must create or accelerate your analytics capabilities to provide the basis for answers, and perhaps more important, allow them to ask the right questions.

The word AGILITY is tossed around frequently in most business advise articles today.  Let’s break it down.

Agility – The ability to reconfigure strategy structure, processes, people, and technology quickly toward value-creating and value-protecting opportunities.  In a 2017 McKinsey survey, agile units performed significantly better than those who weren’t agile.  

Three main outcomes were identified: 

  1.  Improved Customer Satisfaction
  2.  Employee Engagement
  3.  Operational Performance

These areas make up the 'agile impact engine', and when working together, produce a four outsome - improved financial perofrmance or INCREASED REVENUE.

The ability to track and measure stated outcomes is just as crucial as flexibility when strategizing for revenue recovery.  You need accurate and timely data to make and execute decisions that can make or break strategies for growth. You can only obtain that level of dependability or transformation through automation.

EXTERNAL FACTORS CAN ALTER YOUR PLAN

The current pandemic-triggered economic climate serves as an extreme example of the kinds of external factors which may alter the effectiveness of your revenue plan. You’ve probably realized it’s necessary to look beyond the typical adjustments and perform analyses specific to your industry outlook.

Decisions to provide short and long-term life lines:

  1. Adjusting Sales Quotas
  2. Modifying Performance Measures
  3. Lowering Plan Thresholds

Forecasting and modeling is essential; automation delivers the scalability and flexibility with the data  you need, when you need it.


BOTTOM LINE

Now more than ever it’s crucial to have technology that delivers flexibility, accuracy and speed – all essential in providing data to enable decisions which provide short and long-term life lines paramount for the success of your business.

One more thing.  A high level of Customer Satisfaction is essential.  You need a partner you can depend on in the business climate we find ourselves today . . . shoulder-to-shoulder, Iconixx is Making Your Life Better!

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About the author

Peggy McKinney