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Align compensation with company goals.
For salespeople, the sky should be the limit on their earnings income. The compensation package should be a set percent of sales, whether it is $10 or $1 million. Don’t let envy get in the way. “The president of the company should not be concerned if a salesperson makes more money than him or her,â€ says Treace.
Hold powerful sales meetings.
It’s not important to have a rah-rah sales meeting. The goal is to provide information that will help produce sales. “High-performing salespeople will be sitting there thinking, ‘Is this making me money or is this wasting my time?’â€ Treace explains. Be sure to write a strategic statement of intent for each meeting. Treace also highly recommends bringing in customers to explain to your sales force why a particular product is great compared to its competitors.
Implement a strong rewards program.
For it to be effective the award criteria should be announced early in the year. The criteria should be perceived by the sales force as reachable and there cannot be favoritism (family or friends) injected into it.
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