Rewarding & Recognizing Top-Performing Sales People

Publication Date	March 2008
Publisher	Best Practices
Product Type	Report
Pages	68
ISBN Number	not applicable
Product Code	BPC00029

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£3,920.00
approximately: $5,995 | €4,371

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Summary

KEY TOPICS

Incentives for driving sales performance
Incentive program investment
Incentive program excellence
Planning successful communications
Measuring incentive program success

KEY METRICS

Sales personnel turnover rates
Top-tier incentives provided
Top-tier incentive expenditures
Travel reward incentive values
Cash reward incentive values
Incentive values of points/vouchers and gifts/prizes
Second-tier incentive values
Second-tier incentive expenditures
Effectiveness of premium travel
Effectiveness of ""other"" travel incentives
Free time versus planned activities in incentive travel
Management interaction in incentive travel
Accompaniment for incentive travel
Alternatives to incentive travel
Effectiveness of case & voucher incentives
Duration to measure incentive program effectiveness
Frequency of incentive program communications
Modes of incentive program communications
Rewards and recognition program budgets
Rewards and recognition program staffing

METHODOLOGY

This research was based on benchmark survey data and executive interviews of more than fifty participants from pharmaceutical, biotechnology, financial services and other industries requiring high-performing sales personnel.

INDUSTRIES PROFILED

Health Care, Pharmaceutical, Diversified, Financial Services, Manufacturing, Telecommunications, Consumer Products, Insurance, Service, Professional Services, Biotech

COMPANIES PROFILED

Abbott, Wyeth Pharmaceuticals, W.L. Gore and Associates, Vanguard, UNISYS, Thomson Healthcare, Telus Corp., Telstra, Takeda Pharmaceuticals, Swift and Company, Smiths Medical, Schering-Plough, Ranbaxy, Pro-Pharma, PNC Financial Services, Oscient Pharmaceuticals, Orion Pharmaceuticals, Organon, Johnson & Johnson, Novartis, Nationwide Insurance, Merck, Marriott, Maritz, Lifetouch, Janssen Cilag Pharmaceutical, Roche, GlaxoSmithKline, Ethicon Endo-Surgery Inc., Eli Lilly and Company, Electrolux Kelvinator Limited, Eaton Corp, Dey, Crest Healthcare, Countrywide Financial, Cintas, Cargill, Boehringer Ingelheim, Biovail, AstraZeneca, American Express

Content

Rewarding and Recognizing Top-Performing Sales People: Keys to Program Success
RESEARCH OVERVIEW
- Research Objective and Methodology
- Study Background
- Definitions and Segmentation
- Benchmark Class
- Participation Qualification
- Sales Force Size
- Sales Force Alignment
- Unplanned Attrition (Turnover)
KEY FINDINGS
- Incentive Travel
- Driving Sales Force Performance
- Incentive Program Investment
- Incentive Travel Pharma Data
- Planned Incentive Travel vs. Vouchers
TOP TIER INCENTIVES
- Top Tier Incentives Overview
- Top Tier Incentives Total Value
- Top Tier Incentives Travel Rewards
- Top Tier Incentives Cash Rewards
- Top Tier Incentives Spend Points & Prizes
SECOND TIER INCENTIVES
- Second Tier Incentives Overview
- Second Tier Incentives Total Value
- Second Tier Incentives Travel Rewards
- Second Tier Incentives Cash Rewards
- Second Tier Incentives Spend Points & Prizes
INCENTIVE PROFILE: TRAVEL
- Premium Travel Incentives
- Other Travel Incentives
- Incentive Travel Location
- Allowing Reps to Choose Travel Destinations
- Activity Breakdown
- Planned Leisure Activities
- Motivational Activities
- Travel with Senior Leaders
- Spotlight: Value of Interaction with Senior Leaders
- Travel with Managers
- Guests Invited to Travel Incentives
- Alternatives to Travel
- Spotlight: Premium Travel Tips
INCENTIVE PROFILE: VOUCHERS AND CASH
- Definition and Objective
- Spotlight: Travel vs. Vouchers and Cash
INCENTIVE EFFECTIVENESS
- Incentive Types: Efficacy and Utilization
- Rewards and Recognition Program Effectiveness
- Spotlight: Avoid the Cash Trap
- Incentive Measures
- Spotlight: Reaping the Rewards of Successful Incentives
INCENTIVE PROGRAM COMMUNICATION AND MESSAGING STRATEGIES
- Communication Frequency
- Communication Methods
- Communication Budget Allocation
- Communication Techniques
- Communications Spotlight
INVESTMENT IN INCENTIVE PROGRAMS
- Incentive Investment Relative to Size
- Staffing Levels for Incentive Programs
LESSONS LEARNED
- Incentive Programs Must Evolve
- Program Transparency
- One Size Does Not Fit All
- Communicate, Communicate, Communicate
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