Hello Everyone!! I need to design incentive plan for my company which is dealing in kitchen equipment. Please suggest what kind of aspects i should consider for the same.
From India, undefined
From India, undefined
I believe you 'deal' in kitchen equipment of various brands and marketing/selling them either as a 'whole sale dealer' or as 'Retailer'. If yes,
1. In the first place you must be thorough with your strengths & weaknesses of your products;
2. You should have by now the characteristics & mix of population of targeted area ( if your brands allow multi dealers i.e., other dealers are also competing with you then you should have formulated your strategy as to how you can have edge over other competing dealers;
3. By now your strategies would tell you what should be your sales team composed of;
4. Now you must be in a position to formulate your product wise over all target and allocate areas to be entrusted with your sales team together with targets for each one of them;
5. This is the stage where your strategies would tell you what kind of advts., you would require to reach the targeted families;
6. Coupled with all the above steps, its good enough to gauge how to incentivise your sales team depending on local conditions, economic levels of different localities/ targeted population you are going finalise the 'bench mark' achievements into 'minimum', moderate, satisfactory and very good and also potential for the future.
7. Depending the above, you have quantify the achievements over and above the bench marked threshold levels determined on a slab rates or item rates, convert into Rs. and arrange to pay the incentives.
From India, Bangalore
10771. In the first place you must be thorough with your strengths & weaknesses of your products;
2. You should have by now the characteristics & mix of population of targeted area ( if your brands allow multi dealers i.e., other dealers are also competing with you then you should have formulated your strategy as to how you can have edge over other competing dealers;
3. By now your strategies would tell you what should be your sales team composed of;
4. Now you must be in a position to formulate your product wise over all target and allocate areas to be entrusted with your sales team together with targets for each one of them;
5. This is the stage where your strategies would tell you what kind of advts., you would require to reach the targeted families;
6. Coupled with all the above steps, its good enough to gauge how to incentivise your sales team depending on local conditions, economic levels of different localities/ targeted population you are going finalise the 'bench mark' achievements into 'minimum', moderate, satisfactory and very good and also potential for the future.
7. Depending the above, you have quantify the achievements over and above the bench marked threshold levels determined on a slab rates or item rates, convert into Rs. and arrange to pay the incentives.
From India, Bangalore
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Incentive Plan.xls