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Get Your Market Compensation Analysis Spot On
Executive summary: Market compensation analysis can be done in 5 steps: 1. Set your goals 2. Set roles within your organization 3. Collect internal and external data 4. Benchmark and analyze this data 5. Create an action plan and get it done What is a Compensation Analysis? It involves examining
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4 Revenue Forecasting Methods You Should Know
Executive summary: Four methods can do revenue forecasting: 1. Straight-line method 2. Moving average method 3. Linear regression method 4. Time series method At the core of effective business planning lies revenue forecasting, a critical process for enterprises seeking sustainable growth and success. Revenue forecasting involves analyzing current revenue data
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Sales Ramp-Up Time: Everything You Need To Know
Executive summary: Ramp-up time can typically be calculated three ways: 1. Based on sales cycle length 2. Based on training and experience 3. Based on time to hit 100% quota Ramp-up time is like the GPS of a sales rep's journey from a newbie to a full-blown rockstar.
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10 Incentive Compensation Best Practices for Pharma Companies
Executive Summary: This article delves into the critical aspects of creating successful incentive compensation plans for pharmaceutical sales teams. It covers 10 essential tips: * Tie incentives with sales goals and company objectives. * Incorporate compliance and ethical considerations. * Consider market competitiveness. * Ensure equal earning opportunities. * Offer performance-based rewards. * Balance short and
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Sales Performance Management in Life Sciences (Challenges, Solutions, Benefits)
Executive summary: This article introduces Sales Performance Management (SPM) in the life sciences industry, outlining its objectives and key benefits. It addresses major challenges, such as managing dispersed sales forces, inaccurate forecasting, and lack of transparency. The article emphasizes how modern SPM tools provide solutions by automating processes, enhancing data-driven
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10 Essential B2B Sales Techniques for Closing More Deals
Deals are the lifeblood of any B2B sales organization. And achieving success in today's competitive business landscape demands the use of effective techniques to maximize closing rates. These techniques can be anything from building strong relationships and understanding customer pain points to leveraging social proof and employing effective
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Spiff vs. Commission: A Head to Head Comparison
Executive Summary: SPIFFs (Sales Performance Incentive Funding Formula) offer short-term, targeted incentives to drive specific behaviors and boost sales performance. At the same time, commissions reward sales representatives based on their total revenue. This article delves into the nuances of SPIFF and commission-based compensation structures, highlighting their distinct characteristics: * Time
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Top 8 Revenue Operations Software (Key Features, Pricing)
Executive Summary: RevOps is complicated. Fortunately, it is purely data-driven. This quality means that you can use the right set of revenue operations software tools to get the results you want - or even exceed them. We have shortlisted eight RevOps software options that live up to their value proposition
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Understanding the Sales Compensation to Revenue Ratio (Plus Benefits)
Executive Summary: This article delves into the importance and calculation of the sales compensation to revenue ratio, exploring how it impacts the balance between motivating the sales team and maintaining profit margins. It provides an in-depth understanding of sales compensation and revenue, explains how the ratio is calculated, and discusses
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From Data to Revenue: The Advantages of RevOps SaaS
Executive Summary: Effective revenue operations (RevOps) can identify bottlenecks and leakages that may be bringing down a SaaS company’s bottom line. This article delves into the concept of Revenue Operations SaaS. It highlights the strategic alignment of revenue-generating departments and the resulting benefits. The article also outlines key advantages,
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How to Create a RevOps Org Chart in 6 Steps (Plus Tips)
Executive Summary: This article explores Revenue Operations (RevOps) organization charts and their types: department-specific and function-specific. It also outlines a step-by-step process for creating a RevOps org chart and emphasizes the importance of clear communication, logical groupings, structural links, realistic goal setting, periodic reviews, and more. Revenue Operations (or RevOps)
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From Planning to Execution: A Comprehensive Guide to Pharma Sales Territory Management
Executive Summary: Pharmaceutical sales territory management involves strategically dividing the market into specific geographic or account-based regions to optimize sales efforts and revenue potential. This article explores four common ways to assign territories, key aspects of effective territory management, and actionable tips to enhance your pharmaceutical sales territory management strategy.
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Overcoming Commission Challenges in the Pharmaceutical Industry (+ Tools)
Executive Summary: The pharmaceutical industry encounters unique commission challenges such as: * Complex sales processes involving multiple stakeholders and touchpoints. * Variable pricing and discounts. * Diverse sales channels. * Product launches and lifecycle management require quick adjustments to commission plans. This article covers these challenges in detail, and to address these challenges, it
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Navigating the Commission Challenges That Subscription-based Businesses Face (+ Tools)
Executive Summary: This article examines the complexities of commission structures in subscription-based businesses: * Recurring revenue recognition. * Renewal and churn considerations. * Commission adjustments and clawbacks. * Subscription upgrades and downgrades. * Managing reseller/partner commissions. By understanding these challenges and implementing appropriate solutions, you can optimize your commission management processes and ensure fair
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When can you pay sales commissions?
Sales commissions can be paid monthly, quarterly, or annually. But deciding which one you should choose depends on a few parameters: * What components are included in your commission plan? * How long is your sales cycle? * How quickly do you collect invoices? Read on to know more! We all know that
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How to deal with sales commission disputes?
Commission disputes can be very demoralizing for a sales team. Have an open line of communication to build trust and set up systems to reduce these disputes. Read on to know more!
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4 Reasons You Need a Sales Commission Partner in Economic Downturn
Executive Summary: This article explores the four reasons why having a sales commission partner during an economic downturn is essential. It highlights the importance of accurate payout management, reducing sales rep attrition, and automating calculations. But most importantly keeping the salesforce motivated to sell. In times of economic downturn, businesses
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What factors can you pay commissions on?
Executive summary: TL;DR there are broadly two categories: deal-based and invoice-based components. If you’re gunning for growth at all costs, pay only on deals. If not, have a combination of both. Regarding factors to incentivize, sales incentives can be broadly categorized into two main types: deal-based and invoice-based.
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