Is Your Compensation Plan Attracting and Retaining Top-Level Sales Talent?
Dear farm equipment professional,
When it comes to recruiting, hiring and retaining top-level sales talent, the compensation plan can often times be the make or break part of the negotiation that will have people running to join your team or continuing their search elsewhere.
In this FREE eGuide, 5 Compensation Considerations for Your Dealership’s Sales Team, legendary ag equipment sales consultant Dr. Jim Weber shares five things to consider when putting together compensation plans for your dealership’s sales team.
Download this eGuide now and see how Dr. Jim Weber addresses these topics and more:
- Easy to Understand Compensation Plans that Rewards Overachievers
- What’s Wrong with Salaried Sales Compensation Plans?
- Cash Difference Compensation Plan = Low Margins
- Why Sales Compensation Based on Gross Margins?
- Consider an Ancillary Compensation System
Find the Right Balance for Your Compensation Plan
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Make it Clear
Along with the objectives, takes and responsibilities of the sales position, it’s important to also make sure the compensation of the role is clear and easy to understand as well. An ideal sales compensation plan should:
- Reward sales people for results
- Control sales personnel activities
- Attract and/or retain overachievers
- Facilitate satisfied customers
Deter Complacency and Insecurity and Attract Top-Level Sales Talent
Salaried sales compensation is based on a unit of time – put in your time and you will be compensated. By its very nature, a sales compensation system based on salary has a tendency to attract insecure, non-risk-taking underachievers. At the same time, a salaried sales position will deter top-level sales talent who would prefer to be paid based on their performance.
Steer Clear of Cash Difference Compensation Plans
Simply put, cash difference compensation will not increase dealership cash flow. Instead, dealers on this system of compensation are almost always prone to low margins, high inventory and lackadaisical order takers. This type of sales compensation should never be used.
Allow the Cream to Rise to the Top
Want a sales compensation system that should yield significantly greater results? Consider a system based on the equipment gross margin, which will reward the overachievers and potentially weed out the average order takers that are holding your dealership back.
Bottom Line
Regardless of your current sales compensation structure, there are certainly tweaks that can be made to help you attract and retain the top-level sales talent needed to push your dealership to the next level. Download this FREE eGuide and see advice from legendary ag equipment sales consultant, Dr. Jim Weber, that is sure to set you dealership on a path to growth while rewarding the overachievers that help get you there.
Advice from Dr. Jim Weber – Download 5 Compensation Considerations for Your Dealership's Sales Team TODAY
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New members, click "Sign Up" for free account. Or, regular members click "Go In".
This free eGuide is brought to you by MDS Manufacturing Co., Inc.
Yours for a better dealership business,
Kim Schmidt, Executive Editor
Kim is the Executive Editor of Farm Equipment.
Discuss
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