Sales compensation is one of the most important factors to move the needle on revenue, engagement, and growth. Some people know that compensation is a sine qua non for effective sales team motivation. But not all compensation strategies are created equal. In fact, many of them are a total waste. If you want more revenue and stronger growth, you need to learn how to craft a top-notch compensation strategy.
One of the greatest mistakes a company can make in the area of sales compensation is to have no strategy at all. But the biggest challenge companies face is figuring out how to create an effective sales compensation strategy in a way that will motivate their sales team.
Sales compensation is one of the most important aspects of a sales team’s success. However, sales compensation strategies can vary wildly from company to company. This blog will look at what factors should be considered when developing a sales compensation strategy.
Nabeil Alazzam is CEO and founder of Forma.ai, a Toronto-based company striving to solve the massively under-appreciated pain point of sales-based compensation.
Currently, the systems for calculating and awarding sales-based compensation are clunky, unwieldy, and often manual, creating a lot of work for operations teams and sales professionals.
Nabeil identified that automation could solve this problem, and built a system (aka Forma.ai) that is able to take the many unique compensation problems that sales organizations face and create unified solutions that save time, money, and mental health for their customers.
In this episode, Nabeil shares how Forma.ai is streamlining the process for over $1.5 billion in commissions per year. He also shares how we can craft data-driven plans that drive growth.
Some topics we discussed include:
- Issues affecting sales compensation
- Are sales compensation plans necessary to truly motivate people
- Can sales compensation be done differently than just offering standard policies
- The lever that most businesses often overlook to drive their business strategy
- In what ways are businesses not leveraging sales compensation to their advantage
- What are the impacts of ignoring systemic issues with sales compensation (data points and examples)
- What are the impacts of revamping sales compensation for the better (data points and examples)
- What lessons can sales operations learn from marketing
- Can sales compensation be tied to the organization’s values and value proposition?
- and much much more …
Listen to the episode
Related links and resources
- Check out the Forma.ai
- Learn from Guy Rozman – How to Craft Brand Messaging With 9 Key Components That Drive Growth
- Learn from Joe Davy – 7+ Customer Engagement Marketing Strategies to Make You a Pipeline Hero
- Learn from Michael Laps – Data-Driven Decision Making Examples: How to Leverage Customer Insights to Drive Growth
- Learn from Elias Zepeda – How to Build an Amazing Webinar Funnel From Scratch That Drives Revenue Growth
- Learn more from Mike Rhodes – How to Use a Profitable Google AdWords Strategy to Drive Growth
- Check out the article – 20+ Powerful Marketing Strategies You Should Copy to Grow Your Company Fast
- Check out the article – How to Create a Powerful Diversity Marketing Strategy That Drives Growth With Examples
- Check out the article – 30 timeless lessons on creating killer content from one of the greatest business minds and copywriters: David Ogilvy
- Listen to my interview with Mike Maynard – Vanity Metrics: How to Create Context for Relevant Business Growth Metrics
- Listen to my interview with Pamela Wagner – How to Advertise Your Business Easily at Scale to Drive Business Growth
Connect with Nabeil
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