As business owners, we know that our sales team needs to be incentivized. But they also need to feel confident that their entire job isn’t based on simple sales numbers.
Today, we’re joined for a second time by Lisa Seal, the VP of Revenue at BELAY. Lisa has a brilliant mind for sales, and she’s had years of experience with this topic. She’s helped BELAY structure a business compensation plan that is beneficial to both BELAY and its sales team. In this episode, she’s going to share with our listeners her best practices for designing a successful comp plan.
1. Don’t cap your salespeople’s potential earnings.
The more they sell, the more they make, and the more you win as an organization. You never want them to have a reason to sandbag and hold back because they too often exceed a quota. Incentivize! Incentivize! Incentivize! If they are outpacing themselves every month, that can only help everyone.
2. Make sure your comp plan encourages a win-win for everyone.
Good salespeople need to feel like they achieved something – and that’s where a bigger paycheck and better commission will help. The business owner should never feel like a salesperson is a burden, and the salesperson should never feel like it’s impossible to reach expectations.
3. Creating loyalty with a salesperson is a huge advantage.
Salespeople can be a fickle group because they are usually extremely competitive. So if they have a tangible target they can achieve fairly regularly, they will become extremely loyal and a partner to you in your business. Keep your salespeople happy and incentivized and you’ll keep your business growing.
Subscribe to One Next Step & Start Doing Small Business Big