Apply Analytics to Trigger a Tipping Point: Escape the ROI ‘plateau’ with data that works as hard as you
Your peers are using compensation and commission technology to crunch the numbers and guide growth.
When your organization first rolled out incentive, compensation and commission technology it produced a burst of value. Over-payments all but disappeared. You modeled plans with greater agility and precision. But over time, the marginal benefit has declined—the ROI hit a plateau.
Organizations like yours are under pressure to produce another inflection point—to leverage existing technology to deliver better results. That’s why more of your peers are becoming super-crunchers. They are using the big sales data your technology spits out to find new opportunities to engage customers and salespeople.
Consider three simple ways you can use analytics to tap into your data to tip business:
- Rebalance Commissions. Despite the best plan design, sales reps can gravitate from selling a portfolio of products to selling a single solution. You need to see this trend emerging before it hurts the business. Analytics can provide an early warning system, and then help you adjust commissions to encourage more balanced selling.
- Connect Metrics. Many organizations (and salespeople) focus on the bottom-line, but with analytics you can see the impact on other metrics. For example, use data to prove to your people the importance of customer experience. Then build customer satisfaction scores into your compensation plans to recognize behaviors that drive healthy growth.
- Address Process Gaps. Dig into the numbers and you’ll quickly find process gaps that are distracting your organization. Perhaps certain plans are spooling up a disproportionate volume of disputes. Or, maybe some complex crediting isn’t being properly applied. The right technology will make your plans highly visual and your process gaps perfectly clear.
Your incentive, compensation and commission technology is certainly NOT producing any shortage of data. But is it producing a shortage of value? If yes, it’s time to put that data to work to derive insight about your customers, salespeople and markets.