Sales Compensation
Refers to the various monetary and non-monetary incentives provided to salespeople in exchange for meeting or exceeding their sales goals. This may include base salary, commissions, bonuses, stock options, and other perks. Sales compensation plans are designed to motivate and reward salespeople for their performance and can be customized to reflect the company’s sales goals and culture. The goal is to align salespeople’s interests with the company’s objectives while providing a competitive and fair compensation package. Effective sales compensation plans can attract and retain top sales talent, and drive revenue growth.
An example of sales compensation in business coaching could be a coach helping a business to design a compensation plan that motivates and incentivizes its sales team. The coach may work with the business to analyze their sales goals and objectives and identify key performance indicators (KPIs) that should be rewarded. They may also research industry benchmarks and best practices for sales compensation to ensure that the plan is competitive and attractive to top performers. By developing a clear and transparent compensation plan, the business can attract and retain top talent, drive sales growth, and achieve its strategic objectives.
Sales Compensation DEFINITION:
Sales Compensation QUOTE:
1."Sales compensation: the carrot at the end of the stick that keeps salespeople from turning into office zombies." 2."Sales compensation is like a piñata. You never know what you're going to get, but you hope it's full of money."