Incentive Compensation (IC)
Responsive sales incentive compensation plan to motivate and reward the right behaviors and outcomes
End-to-end sales incentive compensation management program from design strategy to field reporting and analytics to achieve commercial excellence.
Drive commercial excellence with motivated sales force
The role of the sales rep is getting augmented with the infusion of technology that can enable them to be the orchestrators of omnichannel customer engagement. As the life sciences commercial models change, sales incentive compensation management is also evolving to support this evolution while driving the right sales behaviors.
Getting the best out of sales operations requires designing and executing a motivating Incentive Compensation plan strategy. Multiple factors make this plan and execution complex – team size, multiple therapeutic areas/markets/brand teams/vendors, account-based roles, a balance between global and local needs, etc. Despite these complexities, it is paramount to get-it-right to create an engaging and motivated sales force to deliver on the commercial objectives.
Align Inventive Compensation plans with sales objectives and team maturity at each stage of the product life cycle
- Reward early sales
- Encourage competency enhancement
- Encourage call adherence
Launch
- Encourage growth of volume/market share
- Blunt competition
- Start setting sales goals
Growth
- Reward for goals
- Maintain relationship
- Manage IC budgets
Maturity
- Control IC budgets
- Protect current business
- Prepare for loss of exclusivity
Decline
- Reduce IC budget allocation
- CSO driven strategy
Off Patent
Launch
- Reward early sales
- Encourage competency enhancement
- Encourage call adherence
Growth
- Encourage growth of volume/market share
- Blunt competition
- Start setting sales goals
Maturity
- Reward for goals
- Maintain relationship
- Manage IC budgets
Decline
- Control IC budgets
- Protect current business
- Prepare for loss of exclusivity
Off Patent
- Reduce IC budget allocation
- CSO driven strategy
Common IC Plans
- Commission Plans
- Goal Bases plans
- MBO
- Hybird
- Goal-based plans
- Relative Rank
- MBO
- Hybird
- Goal Bases plans
- Performance Index
- Relative Rank
- Grids
- Performance Index
- Ranking
- Grids
- Integrated IC plans
- Phase out from Incentive plan
- CSO plans
Sales Incentive compensation capabilities
Incentive plan design and goal setting
Incentive plan design and goal setting
Set quotas, create, and edit incentive compensation plans, design contests, conduct fairness and equity analysis, methodology health check, and benchmarking studies.
Sales incentive compensation plan simulations
Sales Incentive plan simulations
See how plan changes impact field sales team incentive structure and earnings enabling your teams to be better prepared, plan an appropriate budget, anticipate future needs, and implement actions which are coherent with the state of the market and your own objectives.
Insights and validation
IC Insights and validation
Get insights on performance data, performance credits, customer movements, territory realignments, IC pay trends, and outliers.
IC reporting and communication
Incentive Compensation reporting and communication
Get access to dashboards and reports on plan effectiveness, sales team performance reports, contest reports, payroll, and accruals.
IC program management
Incentive Compensation program management
Manage service level agreements, dependency across multiple vendors and internal stakeholders, and continuously optimize processes.
IC administration and data management
Incentive Compensation administration and data management
Map data sources, integrate payroll and HR data, validate data and get quality check reports, apply business rules, get visibility into incentive compensation (IC) scheme acceptance and approvals, administer payout, manage sales crediting, contests and management by objectives (MBOs).
Incentive compensation considerations
- Sales force size (small vs. large)
- Sales force structure
- Customer relationship channel (key account managers vs. regular sales reps)
- Time period (long-term vs. short-term)
- Therapy specific nuances (primary care, specialty, and rare disease)
- Geographic scope (global vs. local)
- Industry segment type (pharma, biotech, and med tech)
- Channel strategy (single channel, multi-channel, and omnichannel)
Typical business results
Time efficiency
up to 100%
adherence to goals release and payout timelines
Ease of access
up to 95%
field adoption
Mobile enablement
up to 30%
home office empowerment
Cycle time
up to 35%
reduction in cycle time
Automation
up to 100%
payout accuracy
Onboarding of a country
as quickly as 4-6 weeks after discovery
Breadth of our experience
$1.5 BN+
Payouts
Mature and Emerging Markets
US, LATAM, UK, Europe, Japan, China, Australia
99%+
Accuracy
98%+
SLA adherence
25+
Therapeutic areas
Axtria research hub
White Paper
Managing Sales Operations in a Changing Environment: GLP-1 Drugs and Their Surprise Impact on the MedTech Market
Customer success stories
Case Study