Our new eBook, “Structuring Incentives for Customer Success,” explains how a properly built incentive plan for customer success can help support communication, reallocate resources, and create accountability. The eBook is co-written by TaskRay and Xactly, a platform for incentive management and predictive analytics. In this multi-part blog series, we are gleaning the most important takeaways from the eBook for you!
Why create an incentive plan? A well-built incentive plan helps focus employee attention and drives performance. Incentive programs, when done properly, have a direct impact on employee engagement, which in turn directly impacts your bottom line. Companies with highly engaged employees have 2x the net income of companies who lag in engagement.
How do well-thought-out incentives specifically help your internal team achieve success? Read on to learn more.
1. Incentives support collaboration across teams.
Research shows that it takes very little to drive performance improvements—in some cases as little as a 5% bonus is enough to focus employee attention. Team-based incentives create and emphasize the need for collaboration across the company, helping teams focus on shared goals, which in turn drives performance and creates a greater impact on organizations in a shorter time. Team incentives also reinforce the necessity of working together and supporting one another, creating stronger bonds among teams.
2. Incentives align business interests and individual success.
When financial incentives tie variable compensation to targets outside of the initial sale, it encourages your sales teams to prioritize the longevity of each customer relationship. The mentality of sales teams is often that their contribution begins and ends with the sale. Align business interests–decreased customer churn–and team members’ interests–unlocking benefits–with incentives that reward them for not abandoning the customer as soon as the deal is done.
3. Incentives play a huge role in attracting and retaining the rockstars you need on your Customer Onboarding and Customer Success teams.
When it comes to attracting top talent, make sure to tailor incentives to their interests by offering more of what makes them feel personally appreciated, excited, and engaged. This not only helps attract quality applicants, it also encourages them to stay long into the future, fostering a relationship between employee and employer based on shared mutual values. Providing financial incentives for all team members responsible for customer success–sales, onboarding, and beyond–will go a long way towards securing revenue and meeting business goals.
At TaskRay, we know how crucial it is to create and support collaborative customer success teams. Our software makes it easy to enjoy insightful visibility into your processes and gain a step-by-step view of each customer’s journey to maximize their success.
Interested in learning more? Download the full eBook.