Incentive management
Inspired by Six Sigma process improvement techniques, our incentive management services Define, Measure, Analyse, Improve and Control your use of incentives and the operations they impact.
... Wherever your focusing to Find, Win and Retain good customers and increase sales.
Define...
Because your incentives plan will be built mindful of how all
key aspects of your current sales & marketing process work and
interact to impact your profitability.
So a full or partial Incentive Audit may be needed to identify a benchmark of your current performance and the cost/income drivers monitored and budget set.
This involves reviewing the relevant objectives of sales and marketing, the scale of the resource being applied and the SMART' objectives for each element.
And the outcomes of this work are
Measure
Information may be available from your systems and simply needs to be
regularly recorded to maintain trend records for analysis.
Alternatively, you may need low/no cost access to measurement tools such as:
Often, simply measuring performance has a radical impact on performance improvement. - This is known as the Hawthorne effect and is well documented across the Internet.
Analyse
Once performance measures are in place and data is being collected, the
mean average of current performance can be calculated and people
segmented into:
... Analysis may be at individual or individual product level, for example considering total sales volumes by product - where product A yields a significantly better return than product B.
This analysis may reveal that B is sold more frequently than A, possibly due to the fact that salespeople are more used to selling it.
Alternatively, analysis may be at a sales team level where significant improvements in performance may come by simply bringing Followers up to the level of the Average Performers.
Improve
In the
first example above, a well placed incentive is highly likely to yield
an attractive return by changing the sales mix more in favour of the
more profitable product A.
Where the requirement to bring Laggard sales people performance up to the standard of Average Performers is identified, incentives, which reward Top Performers for acting as Mentors to the Laggards, along with stepped rewards which begin at the Average Performer level work really well together.
Therefore the analysis of performance data
often reveals where corrective action should happen regarding the level
of incentive awards, or the focus of those awards in order to improve
performance.
This structured approach makes sure that each campaign or programme is
given the greatest chance of success.
To help with monitoring and analysis, Excel spreadsheets can be quickly and easily linked to our interactive flash dashboards to help bring the numbers to life in your internal emails and PowerPoint presentations.
Control
Everything will
be documented
in your training and procedure manuals.
And decisions will need to be taken at this stage regarding whether to test refocusing the incentive while continuing to monitor performance.
What now?
Right now, we need to listen to you and understand your current ‘unique’ situation...
So, call us on 01291 623355 now or leave your details on our contacts page and we'll call you.