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

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

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

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.

 

Appointment Setting Services Means

The practice of organizing meetings with potential customers is referred to as appointment setup. It may be handled both internally and externally.

The majority of businesses prefer to manage appointment setup internally rather than outsourcing it. In most cases, it is the salesperson’s responsibility to schedule meetings with potential customers. In certain firms, scheduling appointments is a full-time position. These personnel, who are often referred to as inside salespeople, devote 100 percent of their time to attempting to schedule appointments with new customers.

Trying to expand your company in the B2B industry is very time-consuming! It is essential for your B2B company to connect with prospects at each level of the sales funnel in order to acquire more clients. Realistically, some prospects may be ready to purchase right away, but many more will want to learn more about you and your company before doing business with you.

The ability to schedule appointments is crucial for any corporation attempting to offer their goods or services to new businesses. If you’re not scheduling meetings with new prospective customers, it’s probable that your company isn’t expanding.

Typically, salespeople are in charge of scheduling meetings with new prospective clients or customers. Inside salespeople, as they are known in certain circles, are employed by some companies specifically for the purpose of establishing appointments. Inside salespeople are expressly tasked with the responsibility of beginning new discussions, which is precisely what appointment setters are tasked with.

 

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:

IncentivesBrief Description
Non Money-based PayBenefits that do not have tangible values.
Direct payEmployee’s base wage
Indirect payEverything from legally needed programs to health insurance, retirement, housing, etc.
Basic payThe amount of cash that workers earn in their job.
Incentive payA bonus paid when specified performance goals are met.
Stock optionsA right to buy shares of ownership of a business. 
BonusesA 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.

 

Pay for Performance Disadvantages

While the pay-for-performance approach has the potential to benefit your workers as well as the organization as a whole, it may also have some negative consequences. Understanding the various results of such a compensation scheme will assist you in determining whether or not it is a suitable match for your company:

Impact on Collaborations

Employees who try to fulfill targets based on their own performances may place less emphasis on the importance of being a teammate to their coworkers and vice versa. For example, they may choose to focus only on enhancing their own abilities or productivity rather than aiding a colleague who is experiencing difficulties. Occasionally, the capacity of one employee to complete their job may be dependent on the performance of another employee under other circumstances.

Employees who believe that not everyone is putting up equal effort may find themselves in conflict. The fact that individuals who donate more will get greater compensation may make them feel better about their decision.

When establishing targets, you may wish to include team-based measurements into your performance assessments in order to emphasize the relevance of these measures. This strategy may assist in maintaining a high level of teamwork and ensuring that staff recognize the importance of assisting one another in achieving their objectives. Despite the fact that you want to encourage collaboration among your staff, keep in mind that healthy rivalry may still be a powerful incentive for them.

Output Based

When deciding on the goals to which pay rises should be tied, it may be more convenient to employ quantitative measurements. For example, you may inform your staff that they must make a particular amount of sales throughout the quarter in order to be eligible for the incentive. Employees, on the other hand, may become more concerned with the amount of work they do than than the quality of the job they produce.

To assist avert this, you might convey to staff that, in addition to fulfilling the targets, you also want them to maintain a high level of quality. Set these quality requirements at the same time as your quantity objectives to ensure that they are consistent with your overall expectations.

Subjectivity

Pay-for-performance models base remuneration on the results of performance evaluations given to workers by supervisors.

As a manager, you have the ability to objectively evaluate whether or not workers achieved measurable objectives or measurements. Communication, creativity, and cooperation, for example, are less quantitative abilities or qualities that may be more subjective in nature. Inform employees that their performance reviews may be subject to some subjective judgment, so that they are aware of what to expect from their supervisors.

Also possible is the determination of how to weigh these indicators in relation to more objective ones in order to get more balanced judgments.

 

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.