“What’s in it for me?”, a frequently asked question in sales, but one that is rarely answered accurately and on time. Reps usually find out compensation details at the end of the sale, once they finish and submit long compensation forms. This leaves many reps in the dark about their performance and what their effort was worth. What if there was a way to display compensation before the sale while still in the opportunity stage? How would such a tool impact your organization?
A multi-national conglomerate with annual revenues of over $140 Billion recently partnered with Config Consultants to implement Oracle Sales Performance Management Cloud. They were hoping to benefit from many aspects of modern compensation administration tools. At the end of the implementation, one feature stood out and transformed the way sales reps approached their selling process.
Estimated Compensation, an out of the box feature of Oracle SPM Cloud, lets you accurately see your compensation on a given opportunity. This allows users to compare various opportunities and identify the ones that result in higher profits. For management, this provides a way to promote products with higher margins, by creating incentive plans and showing the reps with higher payouts if they sold those products. An effective incentive compensation system is all about aligning the interests of an organization with that of the sales rep, creating a win-win situation for both.
Estimated Compensation emphasizes mastering the art of deal prioritization. Learning how to effectively prioritize deals is an essential skill in becoming a successful sales organization. In today’s environment, where multiple opportunities exist at any given time, the ability to differentiate based on opportunity size and margins is crucial. Most other tools use compensation plans and past payout information to calculate estimates on opportunities, resulting in mostly inaccurate data. With Estimated Compensation, sales reps can efficiently compare opportunities in the current pipeline with real-time compensation data, providing relatable insight into which deals translate to more compensation. Such information in real-time is extremely valuable and leads to increased user adoption of your existing SFA (Stay posted for another blog post for more insight on this).
Finding the correct answer to “What’s in it for me?” can go a long way in driving your sales performance. Being able to do this at every step in the sales process along with a visual representation, while also promoting the organization’s interests, creates a combination that is guaranteed to put your organization on the path to success.
Config Consultants is an award-winning consulting firm and Oracle Platinum Partner with unmatched experience in implementing Oracle SPM Cloud. Contact us today and find out why we are the preferred partner for companies looking to leverage the benefits of modern compensation administration tools.
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by Ishaan Dalapathi, Marketing & Oracle CX Analyst