What Pay for Performance Appointment Setting Services Can Do to Your Business Model?

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What does Pay for Performance Appointment Setting Services can even do to Businesses?

Business is a three-way affair. 

Between your brand and customers, there’s the employees. They are the one that connects you to prospect; the lifestream of your operation.

They are basically the bridge that makes everything happen, especially in Appointment Setting services. Just imagine how you can convince people to set up a meeting with you without someone taking over the call?

BPOs play a vital role in honing the soft skills of agents in taking appointments. But did you know that there is a business strategy that can double their productivity? It is called Pay for Performance Appointment Setting.

In this article we will take a look into the Pay for Performance Appointment Setting Services world. And we will discuss the different benefits of having it in your business model.

 

What is a Pay for Performance Business Model?

Pay for Performance (P4P) is a compensation plan that businesses use to reward workers for their performance. It is usually measured by benchmarks like KPIs, CSAT, and SLAs.

Simply put, the goal of Pay for Performance is to reward higher performance with higher pay according to UC Davis.

What’s more, there are elements of pay that make up P4P. These are the following:

Incentives Brief Description
Non Money-based Pay Benefits that do not have tangible values.
Direct pay Employee’s base wage
Indirect pay Everything from legally needed programs to health insurance, retirement, housing, etc.
Basic pay The amount of cash that workers earn in their job.
Incentive pay A bonus paid when specified performance goals are met.
Stock options A right to buy shares of ownership of a business. 
Bonuses A gift to reward excellent performance.

Pay-for-performance models often combine a fixed base wage with a variable pay reward (such as bonuses or stock options) based on the individual’s performance.

 

Why Pay for Performance is Beneficial for Appointment Setting Services?

As we had established, P4P’s goal is to get a lot of things done by rewarding agents for their good performance. Because of this, they will be more inspired to get the job done.

By applying a P4P system into your business or hiring a BPO company that believes in it, you can drive more positive results in no time. 

Even more so, here are more perks of having a performance based appointment setting call center partner:

1. Create Meaningful Conversation

P4P Appointment Setting Services can help you have meaningful conversations in two ways: First is within your organization, the second is with your customers.

Like in the case of UC Santa Cruz, they use the P4P program to create opportunities for  meaningful conversations between supervisors and employees. They use the business model to celebrate success, assess performance and think about ways to grow professionally.

A company that knows how to talk to their workers about performance can spell success to your business. Keep in mind that there are loads of benefits keeping your workers happy such as:

  • More productivity and loyalty
  • Better customer interactions
  • Fewer sick days
  • Less turnover
  • Attraction to more talented employees
  • Stronger Client Relationships
  • Support the goals, values and motives of the company

With a happy team, expect more leads and chances of B2B appointments.

2. Hit Money Income Goals Fast

Speaking of more leads and opportunities, applying a pay for performance system on your company can help you meet revenue goals easily. It is because agents are more inspired to help you take care of leads. 

Appointment setters play a very important role in qualifying prospects and identifying their pain points. They can help your label meet prospects that are ideal to your business profile. Professional appointment setters only use the most effective qualifying questions so they can easily identify the prospects who are more likely to buy from you.

So combining desire for reward, knowledge of service and techniques in pre-qualifying prospects, your business will surely experience better efficiency, and higher sales.

3. Stability for SMEs

Here’s a fact for you, more than one-third (37%) of small businesses outsource a business process according to Clutch. The reason behind it is simple, stability.

Outsourcing allows you to save appointment setting services cost, maintain brand image and increase sales without spending too much on labor and capital costs. BPOs do not break bank accounts, they fill it instead. Giving SMEs the opportunity to expand their market reach.

Also, if you pay your workers extra according to their performance, you will give them the impression that you care about them and their work. By having a pay for performance appointment setting BPO, you can have dependable and loyal employees to help you make a huge effect on customers.

 

The Best Pay for Performance Appointment Setting Services for SMEs

Do you want to know more about performance based appointment setting services? Get in touch with us now!

We are Magellan Solutions, the premier BPO service provider for SMEs.

We have 18+ years of industry experience and we are also an ISO-certified company. Meaning, at the heart of what we do is attention to data safety and professionalism.

Contact us now and get your 60-minutes free consultation.