In a perfect world, your initial sales compensation plan will exceed all expectations. It will push your sales reps to convert leads into opportunities and opportunities into wins. You’ll see margins expand and profits grow at a steady, upward rate.
But no matter how expertly you calibrate your compensation plan to inspire your reps, the world just isn’t perfect. Too many of your sales reps will find themselves below threshold and feeling defeated. The market will suddenly soften, or a competitor will appear. You’ll stop retaining your salespeople. You’ll see an opportunity in a new market or channel, but your reps won’t seize it because they’ll be too busy hunting for short-term wins selling the cheapest products.
Or maybe you simply inherited an obsolete, over-simplified sales compensation plan, with straight commission. Whatever the case, there are many, many reasons why you might need to adjust your compensation plan design.
It’s the same with fantasy sports. If you’ve ever played in a league, you know that creating the initial line-up is a time for dreaming big… you can already see the looks on your opponents’ faces when your team wins the championship. Visualizing success is a great thing to do, but it doesn’t compare to closely observing all developments and executing strategies in each new situation.
To be successful with a fantasy sports league, you have to stay up-to-date with each of your players. Are they on a winning or losing streak? Have they been injured? If it’s football, does your best player have a bye week coming up? Did a free agent become an unexpected powerhouse?
Winning owners update their line-ups every week. Likewise, great Sales Operations Leaders continually refine and optimize their compensation plans to reflect unforeseen market changes or shifting business strategy. By adding a temporary incentive, adjusting the quota, or incorporating other components, you can breathe new life into your sales team and reach higher levels of attainment than you previously thought possible.
Register for an Obero SPM Demo to see how you can administer your sales compensation plan as dynamically as a fantasy sports team.