Full Funnel Freedom / 031 Get Your Compensation Plan Out of the MUD

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Episode notes

It's a no-brainer that a one size fits all approach is ineffective when it comes to sales compensation plans. A compensation plan must be custom designed based on a rep's role within the team, the sales cycle length, and the rep's level of seniority. At its core, a sales compensation plan is a structured system that helps determine how much a sales rep earns based on several pre-set metrics. So how can you design an effective framework that covers every single one of your reps? 

What You'll Learn:

- How to create an effective sales compensation plan

- How to design effective and practical compensation systems

- Measuring the effectiveness of a compensation plan

- Methods and strategies used to motivate sales professionals

- Negative effects of having an ineffective sales compensation framework

- Misconceptions around compensation plans

- Why you need accountability and clarity when designing a compensation plan

Sales compensation plans are designed to drive performance and increase revenue. This is the primary reason why the top-performing reps are attracted to plans which reward high performance admirably. In contrast, if your plan rewards top and underperforming reps equally, you'll end up with a demotivated team, high turnover and increased associated costs.

Resources:

- Sandler in Calgary https://www.hamish.sandler.com/howtosandler

- Justin Roff Marsh https://justinroffmarsh.com/  

- Full Funnel Freedom https://fullfunnelfreedom.com 

- Connect with Hamish Knox on LinkedIn https://www.linkedin.com/in/hamishknox/  

- Connect with Hamish Knox on Twitter https://twitter.com/sandlerinyyc