Create short-term bonuses for attaining key milestones |
The first reaction of most companies is to take action on compensation. However, before reacting, we need to put this in the context of our overall plan. That likely includes our customer communications, internal communications and sales support, and our methods for helping customers.
Referring back to our strategy of playing beyond the curve, we need to work with customers to look beyond this crisis and how they can grow their businesses. If customers can’t make buying decisions now, what will keep their business moving ahead? There are likely milestones that indicate progress toward the sale such as proposals, customer prototypes tests, key virtual meetings, or pipeline development. Look at the milestones (which, preferably are customer-acknowledged to minimize rep inflation) and link them to progressive bonuses. From a mechanics perspective, you may create a system that assigns a point value to each type of milestone as a portion of an overall milestone points goal for each seller. Milestone bonuses may replace the current sales compensation plan for the next quarter or may supplement the plan.