Meeting your market goals has never been so difficult, but also never so necessary. Yet manually based incentive plan designs, built on static data and historical information, usually don’t help to align the sales effort with the larger business objectives. If you want to stay competitive, you must embrace automatic incentive plan design and make sure that your market results are consistent with your strategic objectives.
Aligning Incentives with Business Strategy
Automation is vital for Sales Incentive Plans to achieve proper alignment with the organisation’s strategic goals. Manual approaches are prone to the ‘wrong’ activities. When it became aware of this problem, the global software firm mentioned above decided to automate the design of its Incentive Plans and get them properly aligned with a shift of strategic emphasis to the sale of a number of high-priority products. The sales of those products rose by 20 per cent.
Adapting to Market Dynamics
This agility is essential in a fast-moving environment: automated systems allow the business to change Incentive Plans on an hourly basis to ensure alignment with the latest market specification. One automotive manufacturer successfully increased market share by 15 per cent in key territories through implementation of an automated incentive process that responded to changes in demand on an hourly basis.
Predictable Success
And automation can also bring predictability to sales. One financial services company had a 30 per cent improvement in revenue target achievement after automating the principle-based design of its incentives. This resulted in more accurate sales forecasts and strategic planning.
In a world that moves quickly and calls for us to be precise, automating the Incentive Plan design process can help us maintain a competitive-edge while growing sustainably.
