The Ultimate Incentive Plan Masterclass

About this Video

• Video Title: The Ultimate Incentive Plan Masterclass
• Channel: Modern Sales Pros
• Speakers: Eduardo, Siva, Adit
• Duration: 53:44

Introduction

This webinar provides a masterclass on creating effective incentive plans. The speakers, experienced revenue operations professionals, share their insights on designing plans that are clear, impactful, and customized to specific business needs. They address common pitfalls and offer practical advice.

Key Takeaways

• Understanding Incentive Circles: Categorize rep activities into circles of control, influence, and concern. Base incentive plans primarily on controllable activities.
• Tactical Framework: Standardize high-level metrics (e.g., incentive ranges, quota-to-OT ratio), select appropriate plan types (e.g., straight commission, quota attainment), and establish plan construction and hygiene.
• Reward Structures: Use accelerators strategically, focusing on key performance indicators (KPIs). Consider accelerators for exceeding targets but avoid diluting focus by applying them across all metrics.
• Plan Construction and Hygiene: Keep incentive plan components concise (one to two maximum). Prioritize the circle of control components. Use bonus components for influencing activities.
• Tracking and Feedback: Continuously monitor plan effectiveness, identify areas for improvement, and adjust based on data and feedback to ensure alignment with business goals. Address potential gaming issues proactively without overly complicating the plan.