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.
In the episode of One Next Step, I share with our listeners my best practices for sales and designing a successful compensation plan.
Here are some takeaways I shared:
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!
When you're motivating your sales team to achieve, you are incentivizing the behaviors you need from this person. 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 compensation 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.
If you create tangible opportunities that your team can achieve fairly, they will become a partner in your business that you can’t do without.
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.
If you're giving them the opportunity to always have a tangible target that they can achieve regularly, you will build loyalty with that person and they will become a partner in your business that you can't do without.