Webinar Galore – 2 SPM Webinars Tomorrow

I will try to provide coverage on this blog for these 2 webinars taking place tomorrow. The webinar hosted by Callidus features an Accenture partner discussing the insurance industry, and the Xactly webinar features Jeff Kaplan discussing on-demand sales performance analytics. Follow the links to register.

Callidus 7/29 @ 9A CST – Best Practices from Accenture – Align producer and advisor behavior, maximize mindshare – and effectively manage compensation
https://callidussoftware.webex.com/callidussoftware/onstage/g.php?d=570992696&t=a

Learn about insurance industry best practices from Jon Walheim – Accenture Partner – North America Insurance Marketing, Sales, and Service Lead. You’ll learn about key trends in the insurance industry, challenges that organizations are facing, and what insurance leaders are doing to gain competitive advantage.

Xactly 7/29 @ noon CST – The Business Case for On-Demand Sales Performance Management Analytics
https://www1.gotomeeting.com/register/415893690

In this Webinar, Xactly’s Karen Steele and THINKStrategies’ Jeff Kaplan will discuss how post-sales analytics can provide new and strategic insight into an organization’s selling patterns, commission spend, product performance, sales rep and team performance, and sales plan effectiveness. They will examine how post-sales data – traditionally scattered across a variety of disparate systems including ERP, HR, and Payroll – can be now be integrated and analyzed with an eye towards enhancing business strategies, changing sales rep behaviors, and super-charging sales organizations.

SPM Analytics Webinar Tomorrow, 1PM Central

Remember to join the free Webinar: 5 Best Practices with Analyzing Sales Performance, hosted by OpenSymmetry and presented by Greg Livengood.

When? Tuesday, July 22nd 1pm (Central).

Find out more about the presenter here.

Register here.

Upcoming Sales Performance Analytics Webinar, July 22nd 1pm Central

There is a very promising webinar coming up, hosted by OpenSymmetry and presented by Greg Livengood.

I particularly wanted to promote this event because I worked with Greg for several months on an Accenture project, and I know that when it comes to Sales Performance Analytics, he REALLY knows what he is talking about. Expect a very insightful presentation by a friendly, dynamic and easy-going individual who built a world-class reputation as a sales performance analytics leader and pioneer.

Event Description:

With the economy in a downward slope, sales leaders more than ever need ‘Sales Performance Analytics’ and efficient ways to proactively identify potential problems and opportunities.

Most companies have the information they need to improve sales performance, however, many sales managers are challenged with accessing and correctly interpreting the data.

Greg Livengood, Senior Business Analyst with Livengood Consulting Group, will discuss how to leverage the 5 best practices in sales performance analytics that can boost your sales force performance.

• Visualize Sales Performance
• Develop Corporate Alignment
• Simplicity
• Build a Self-Sufficient Solution
• Engagement at the Executive Level

Click here to register.

In the News this Week…

ForceLogix Announces the Release of New Sales Performance Management Coaching Solution
ForceLogix, the leading provider of sales performance management optimization solutions, has released a best in class sales coaching module designed to support all sales methodologies worldwide.

Callidus Software Inc (NASDAQ:CALD) to Present at Wedbush Morgan Securities Management Access Conference for Micro-Small-Mid-Cap Companies
Callidus Software Inc (NASDAQ:CALD) will present at the Wedbush Morgan Securities Management Access Conference for Micro-Small-Mid-Cap Companies on Wednesday, May 21 at 12:00 pm. Interested parties may access the presentation by registering for the event at wsw.com/webcast/wedbush6/register.aspx.

Xactly Wins 2008 CRM Excellence Award
Xactly Corporation, the leader in on-demand sales performance management, today announced that Technology Marketing Corporation (TMC)’s Customer Interaction Solutions(R) magazine has named Xactly’s flagship application, Xactly Incent, a recipient of the 2008 CRM Excellence Award.

Dreamforce Europe: Benioff, Cloudy CIOs and sophisticated Europeans
Salesforce.com’s inaugural European user summit landed in London this week. It was an important gig for the software as a service firm and attracted over 2,000 attendees. So how did it fare?

Upcoming Webinar:
Ventana Research: Sales Performance Management: Improving the Performance of Sales Organizations to Maximize Strategic Value
Here are some key questions that will be addressed in the research:
• What helps organizations improve maturity of their sales organizations and processes.
• Where organizations are investing into information and metrics to improve sales performance.
• Why the reliance on spreadsheets in 47% of companies are a problem and 51% rank scattered information as top impediment to improving sales performance.
• What are the top systems that are required to integrate with sales compensation and operations.
• What is the role of finance and executives for adopting sales performance management.

New Blog:
The Management Curve – How Technilogy is Changing the Way Sales is Managed
The Management Curve is a blog by Paul McCord about technology and the change it is currently and will continue to bring about in how salespeople and the sales function are managed.

Sales Compensation Best Practices in the Banking Industry

Last week I attended the Accenture/Callidus Webinar “Industry Banking Best Practices for Maximizing Your Customer Value and Sales Behavior“. Below is a summary of some of the information that was discussed. I will leave out Callidus Wachovia’s case study for another post and focus on Accenture’s point of view.

Kirk Coleman, senior executive at Accenture discussed how the Banking industry was facing many issues and challenges. Regardless of the current market situation, customer expectations keep rising. Those who can exceed these expectations will have an opportunity to distinguish themselves from the competition.

Best Practices

• Drive an incentive culture, not a bonus culture
• Focus on the right employees
• Timely delivery of rewards
• Support capability development
• Plan for a journey – not a “project”

Tests that banks should perform regularly to check and maintain their effectiveness:

• Top performer’s pay relative to the market
• Pay dispersion between top and average performers
• Pay and performance correlation
• Alignment of payouts with key financial/marketing objectives
• Variability of incentive compensation year-over-year
• Speads of quota attainment versus plan spread
• Relevance and controllability of performance measures
• Time spend correcting payouts

Kirk noted that behavior of customer facing employees is increasingly important in the banking industry. Developing capabilities across channels is important to avoid improving in one while losing in another.

Another point that Kirk stressed is the importance of timely delivery of rewards. Many banks have quarterly and annual bonus, but in these cases it is difficult for payees to see the relationship between their incentive pay and their behavior. In many cases a monthly incentive strategy would be more appropriate to be able to re-enforce the desired behaviour.

Kirk concluded by saying that Sales Compensation is essential for banks to effectively align sales force behavior with their goals.

I found an additional paper by Accenture “Sales Performance Management: Enterprise Incentive Management from Accenture” which adds some details to the topics covered by Kirk during the presentation.

Upcoming Free Webinar: Industry Banking Best Practices for Maximizing Your Customer Value and Sales Behavior

A free webinar “Industry Banking Best Practices for Maximizing Your Customer Value and Sales Behavior” will be hosted by Callidus Software and Accenture on Wednesday April 23rd at 11:00 EDT.

Learn about banking industry best practices from Accenture to ensure that your front line sales people are selling efficiently and effectively – and selling the right products to the right customers. Together with strategies and best practices, you’ll also learn how other financial services organizations are using the latest solutions and technologies to optimize these processes, and achieve competitive advantage.

For additional information and to register for the event go to: http://www.callidussoftware.com/go/08/banking-best-practices-to-maximize-sales/

7 Problems in Sales Compensation Management

On March 5th, Synygy hosted a live online expert panel discussion called “Ensuring Alignment of Strategy and Sales Compensation Plans: Assessing the Impact of Strategic Misalignment“. I promised I would discuss about what I learned in the Webcast, so here it is at last!

Synygy identified 7 areas affecting sales compensation management:

1. Strategic Misalignment
2. Limited Modeling
3. Misunderstood Plans
4. Errors in Results
5. Lack of Information
6. Inability to Adapt
7. Process Inconsistency

The focus of the Webcast was on the “Strategic Misalignment” aspect, with future Webcasts to cover the remaining six problem areas.

So what is the impact of Strategic Misalignment?

• Poor sales force effectiveness
• Inefficient resource use
• Confusion
• Low morale
• Sales force turnover
• Etc.

Some of the symptoms…

• Poor line-of-sight to corporate objectives
• Over-simplified plans
• Top sales people underpaid or leaving
• Increasing commission cost
• Undesirable behaviors
• Many contests / spiffs.

US Cellular:
US Cellular faced many of the problems above. They are the 6th largest US wireless provider with 6 million customers, 8100 associates, 32 billion dollars in annual revenues and an inventive budget of 200 million dollars.

Sales associates were dissatisfied for several reasons including targets that were too generalized, a lack of consideration to location potential, a soft sale environment, lack of accountability, inconsistent process, inconsistent quotas and inconsistent payouts.

By adopting an incentive compensation management solution, US Cellular was successful in aligning quotas with corporate goals.

The key challenges identified by US Cellular were to get a buy-in from executives, facing the ‘fear of the unknown’, and getting standardized data.

Some of the lessons learned include: understanding the objectives, understanding data, and getting support from executives from the very beginning.

Wyett:
Wyett (Pharmaceutical) has a sales force of 4000, with annual revenues of approximately 16 billion dollars.

Their old strategy involved having multiple specialists bothering the same physician. The strategy was driven from the HQ and the focus was on the market share.

The new strategy involved having an assigned specialist for a physician, and a focus on external competition instead of internal competition.

Their sales performance management solution was implemented in only 75 days and did a tremendous job at helping to better align the new strategy with objectives and improve sales force productivity and effectiveness.

Live Online Expert Panel Discussion Coming Up

Synygy is hosting a free Webcast “Ensuring Alignment of Strategy and Sales Compensation Plans: Assessing the Impact of Strategic Misalignment” on March 5th at 2:00pm EST. I will delay my lunch break by 2 hours to see what I can learn about Wyeth and U.S. Cellular’s experiences and report back.

During this live, interactive panel discussion you will gain insight into:

• how Wyeth and U.S. Cellular assessed the impact of strategic misalignment
• key symptoms indicating lack of alignment of sales compensation plans
• how to assess the impact of misalignment of sales compensation plans steps
  to ensure alignment of plans when rolling out new plans or plan changes
• best practices for ensuring alignment of sales compensation plans and
  strategy

Panelists:

Mark Bernstein, Senior Director-Sales Planning,Wyeth Pharmaceuticals

Lisa Ziembiec, Manager-Sales Incentive Compensation and Effectiveness, U.S. Cellular

Jeff Evernham, Vice President, Client Services, Synygy

By registering you will be able to download two pretty good papers: “5 Tips for Ensuring Strategic Alignment of Sales Compensation Plans”, and “Diagnosing Your Sales Compensation MAnagement Problems”.

I found the later article a particularly good read. Rather than focusing on strategic alignment and best practices, it takes the other angle of the problems in sales compensation management. The article goes on describing 7 categories of problems resulting in ineffective design, implementation and management of sales compensation plans and their root causes.