ZS conducts an annual survey of medtech companies to understand how their sales incentive plans are changing. This year’s version, which we conducted in the summer of 2017 and will be released in late August, begins to show how upstream changes to the go-to-market models—such as the impact of integrated delivery networks—are beginning to affect sales compensation plans downstream.
Read MoreTopics: sales compensation, sales comp, KAM, incentive practices research, IPR, key account management, sales comp plan, IDNs, reinvent go-to-market strategy, KAM compensation, IDN-centric
For as long as there have been sales reps, sales leaders have questioned how much they can trust information coming from those reps. It’s a sad state of affairs that many companies don’t trust their sales reps to provide data that’s accurate enough for the organization to act on. The truth is that some reps will provide false information to help themselves, particularly when it can be linked back to incentive compensation. While a few bad apples give the industry a bad reputation, it’s much more important to remember that most reps are trustworthy and have information that can be extremely valuable to the organization.
Read MoreTopics: incentives, sales compensation, sales, data, medical devices, medtech, Andy Kach, targeting, segmentation, 2017
Historically, the medtech world has been dominated by those who advance the science and technology embedded in the therapies. But there is another important differentiator: the strength of the sales force. Successful companies have discovered that the sales force can be as much or more of a factor in the success of a product than the product itself. Furthermore, the structure of the incentives provided to the sales force can be an important component of attracting, motivating and retaining the right talent.
Read MoreTopics: incentives, sales compensation, Incentive compensation, compensation, medical products and services, medtech, Tobi Laczkowski, incentive practices research, IPR
ZS conducts an annual survey of medtech companies to understand how their sales incentive plans are changing. This year’s version, which we conducted in the summer of 2017 and will be released in late August, begins to show how upstream changes to the go-to-market models—such as the impact of integrated delivery networks—are beginning to affect sales compensation plans downstream.
For as long as there have been sales reps, sales leaders have questioned how much they can trust information coming from those reps. It’s a sad state of affairs that many companies don’t trust their sales reps to provide data that’s accurate enough for the organization to act on. The truth is that some reps will provide false information to help themselves, particularly when it can be linked back to incentive compensation. While a few bad apples give the industry a bad reputation, it’s much more important to remember that most reps are trustworthy and have information that can be extremely valuable to the organization.
Historically, the medtech world has been dominated by those who advance the science and technology embedded in the therapies. But there is another important differentiator: the strength of the sales force. Successful companies have discovered that the sales force can be as much or more of a factor in the success of a product than the product itself. Furthermore, the structure of the incentives provided to the sales force can be an important component of attracting, motivating and retaining the right talent.
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