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Products & Services Sales Leadership Sales Incentives

Rewarding and Recognizing Top-Performing Sales People: Keys to Program Success

ID: 4996


Features:

45 Data Graphics

156 Metrics

23 Best Practices


Pages/Slides: 69


Published: Pre-2014


Delivery Format: Online PDF Document


 

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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • SPECIAL OFFER
Non-members: Click here for a complimentary excerpt of Rewarding and Recognizing Top-Performing Sales People: Keys to Program Success.


STUDY OVERVIEW

Sales leaders and organizations that regularly meet and exceed revenue targets have mastered the art of motivating their sales representatives. Organizations that desire to recruit and retain top sales personnel can use the findings in this study to determine strategies and best practices for understanding and engaging top-performing sales personnel. This study was undertaken utilizing key benchmark metrics and executive insights to assess current trends and future directions of rewards and recognition programs targeting top-performing sales representatives.

KEY TOPICS

  • Incentives for Driving Sales Performance
  • Incentive Program Investment
  • Incentive Program Excellence
  • Planning Successful Communications
  • Measuring Incentive Program Success

KEY METRICS
  • Sales Personnel Turnover Rates
  • Top-Tier Incentives Provided
  • Top-Tier Incentive Expenditures
  • Travel Reward Incentive Values
  • Cash Reward Incentive Values
  • Incentive Values of Points/Vouchers and Gifts/Prizes
  • Second-Tier Incentive Values
  • Second-Tier Incentive Expenditures
  • Effectiveness of Premium Travel
  • Effectiveness of "Other" Travel Incentives
  • Free Time Versus Planned Activities in Incentive Travel
  • Management Interaction in Incentive Travel
  • Accompaniment for Incentive Travel
  • Alternatives to Incentive Travel
  • Effectiveness of Cash & Voucher Incentives
  • Duration to Measure Incentive Program Effectiveness
  • Frequency of Incentive Program Communications
  • Modes of Incentive Program Communications
  • Rewards & Recognition Program Budgets
  • Rewards & Recognition Program Staffing

SAMPLE KEY FINDINGS
  • Incentive travel is perceived to have a greater impact on long-term performance and retention than cash alternatives
  • Programs targeting top sales personnel often fail to effectively motivate the majority of the sales force
  • On average, companies in the benchmark class spend about $13K per year on incentives for each employee in the top 5 percent of sales personnel versus an average spend of approximately $12K for the large pharma segment
METHODOLOGY
This research was based on benchmark survey data and executive interviews of more than 50 participants from pharmaceutical, biotechnology, financial services and other industries requiring high-performing sales personnel.

Industries Profiled:
Health Care; Financial Services; Pharmaceutical; Consumer Products; Manufacturing; Biotech; Professional Services; Service; Insurance; Medical Device; Telecommunications; Diversified


Companies Profiled:
Abbott HealthSystems Division; American Express; AstraZeneca Pharmaceuticals; Biovail; Boehringer Ingelheim; Cargill; Cintas; Countrywide Financial; Crest Healthcare; Dey; Eaton Corp; Electrolux Kelvinator Limited; Eli Lilly and Company; Ethicon Endo-Surgery Inc.; GlaxoSmithKline; Janssen Cilag Pharmaceutical; Lifetouch; Maritz; Marriott; Merck; Nationwide Insurance; Novartis; Johnson & Johnson; Organon; Orion Pharmaceuticals; Oscient Pharmaceuticals; PNC Financial Services; Pro-Pharma; Ranbaxy; Roche; Schering-Plough; Smiths Medical; Swift and Company; Takeda Pharmaceuticals; Telstra; Telus Corp.; Thomson Healthcare; Unisys; Vanguard; W.L. Gore and Associates

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.