[Webinar Wrap-Up] Incentive Compensation in Retail: 5 Bottom-Line Benefits
July 27, 2015
With the holiday season just around the corner, there is no better time to ensure your company will earn its share of the retail market pie. Fred Sass, Worldwide Marketing Executive for the Sales Performance Management (SPM) division IBM and Laura Roach, Senior VP of Marketing and Customer Success, OpenSymmetry invited Erin Harris, Executive Editor of Integrated Solutions for Retailers to join them in sharing their expertise in securing market share through Incentive Compensation.
Today’s retail industry is fraught with new and ever-changing challenges, making earning a piece of the pie more difficult than ever before. Consumers have more retail choices and purchasing options that now give them the ability to choose, from purchase to purchase, where to spend their consumer dollars. Improving customer loyalty and retention is essential for long-term success and profitability.
IT Products Focused on Solutions
Many of the solutions that solve the challenges that retail organization’s face today, lie in behind-the scene operations and processes relating to employee motivation. By retaining employees, enhancing customer service, and improving operational efficiencies, retail operations can increase sales performance and motivate sales teams while reducing valued employee turnover, thus securing a greater piece of the highly competitive retail pie.
With consumer options growing and a constantly increasing number of products, services, and purchasing methods, customer service is the edge your company needs to create a competitive advantage. This begins with technology solutions that, at the foundational level, improve your operational processes and enhance your sales force.
A study conducted by the Center for American Progress (CAP) found it costs, on average, $3,328 to find, hire, and train a replacement for a $10/hour retail employee.
To take it a step a further, connecting customer experience to compensation protects your operational costs. Improving the customer experience by just 10% can yield more than $1 billion in additional revenue. An understandable fact considering 86% of buyers will pay more for a better experience.
In today’s market, can retailers afford to ignore this untapped earning potential?
Your organization cannot let a record-breaking holiday shopping season go by without maximizing the benefits of retail incentive programs to:
- Motivate sales teams
- Improve operational efficiency
- Adapt to market conditions
- Enhance customer experience
For more information about this topic and other information provided in the webinar, watch the webinar recording. It will be available on the resource center soon. Schedule a meeting with one of our experts today and learn how your organization can partner with IBM and OpenSymmetry to begin implementing incentive compensation.