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Comp Plan Analysis and Development
The SOMAmetrics Comp Plan Analysis service enables you to understand the impact of your monetary incentives on actual sales results.
What is Comp Plan Analysis and Development
The SOMAmetrics Comp Plan Analysis service enables you to understand the impact of your monetary incentives on actual sales results. It consists of a review of the current setup—comp plans, sales performance, skill sets, company goals—in addition to identifying gaps and addressing these with an improved compensation plan that meets your current goals and the needs of your current sales organization.
In most instances, a comp plan analysis actually lowers the cost of your comp plan while it improves sales performance by correctly packing the reward for targeted results.
Why is Comp Plan Analysis and Development Critical
The vast majority of today’s workforce consists of Millennials and Gen Xers.
Unlike Baby Boomers who strongly associate their self-worth with how much money they make, Gen Xers and Millennials tend to have different value sets. These two younger generations prefer a work-life balance, collaboration, the regards of their peers, recognition, and growth in a job as important as how much money they make.
To assume that sales reps are only motivated by money to produce results misses a great deal and provides the wrong incentives to many. This could be why some sales organizations see a wide margin of performance across their sales team, with one or two outperforming the others by as much as 3 or 4 times. One explanation for this is that all of the rewards for sales performance are monetary, and only those who are highly motivated by money feel rewarded when they accomplish anything.
A more scientific and cost-effective compensation plan looks at what motivates the sales force the company has today and designs the compensation accordingly. This does not mean money has no place—it just means money is not everything. There is no need to pay high commissions to those that don't need it to perform at a high level.
Let us help you design the right compensation plan for your team to align the right reward with the right outcome.
Why SOMAmetrics?
Outside agencies tend to have certain advantages over internal resources when it comes to sales diagnosis. For one thing, they have conducted dozens of these sales diagnoses and have developed a more robust process for uncovering underlying issues and analyzing them. They tend to have clients that come from a wide range of industries and sizes. Furthermore, outside agencies are more likely to be objective and impartial, assume they know nothing until they ask questions and get some answers.
For instance, with over 25 years of experience building and managing inside and field sales organizations, SOMAmetrics has diagnosed and corrected sales challenges at over 60 companies, ranging from startups to publicly traded Fortune 500 companies.
The SOMAmetrics Sales Diagnosis can typically be completed within one calendar week. It consists of a series of interviews with your leadership team in sales, marketing, and customer support organizations; a review of your sales pipeline; interviews with sales team members; review of your sales processes, systems, KPI’s; your comp plan; and more.
Case Studies
How a client was able to achieve its goal of becoming a leading provider to the Medical Devices sector through targeted ABM campaigns.
How a global publicly traded company used our services to increase the effectiveness of its BDR team by 67%
How a tech company went after three different markets in nine months using a planned, targeted approach
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