The role of salespeople doesn't end with client interactions and bringing in potential leads. They also need to work together as a team and contribute to the company's overall growth.
So, if you want to grow your sales team, you need to hire people who care about your business by working as a team. They should be proactive and share ideas with other team members to increase sales for the organization.
A well-defined commission plan will keep your sales team motivated to close deals and stay competitive. But if your team is growing and you are following a manual process to monitor your sales commission program, opportunities for human error--like excess or deficient payments--are many.
In addition, maintaining multiple spreadsheets can be cumbersome. So, it may take you months to settle incentives, which adds stress to an already demanding process. But you don't have to go through this overwhelming task of managing the sales team structure, sales communication structure, account management, etc.
This article will share insights on how you can automate the process and scale your sales team.
Automation is the way forward
An automated sales commission calculator can streamline the process of commission payments and make it easier to accurately payout incentives, eliminating the risk of calculation errors. Moreover, it makes the process transparent as everyone has access to the data. So say goodbye to guesswork!
Besides, there is an added benefit of using commission-tracking software. It is easy to scale up as your sales team grows. When a new employee joins, you only need to add the member to the system; the rest, the software manages.
Also, procuring software for tracking sales means all your data are stored in a centralized repository. There is no need to manage multiple spreadsheets that create chaos, hindering teamwork in the process.
3 benefits of having a commission tracking software
1. Helps in scaling seamlessly
Most organizations update their sales incentive plan annually. Apart from aligning your commission plan to the overall organizational strategy, adjusting the incentive plan from time to time keeps sales reps motivated and pushes them to do better.
Sales management software can easily handle these new changes. At the same time, all historical data can be seen through a single click view to review the sales concluded.
2. It saves you from overpaying
As already mentioned, a manual system can lead to overpayments. With teams growing, a 3-5% overpayment can mean a loss of $300K-$500K. So, overpayments can significantly affect your company’s bottom line.
Automated software can help you avoid these losses, improve the bottom line, and at the same time provide accurate information to everyone involved.
3. Time-saving
When you streamline and automate your sales incentive plan, you save time, eliminate the hassle of managing multiple spreadsheets, become stress-free, and focus on things that matter most.
How to choose an enterprise commission tracking software?
There are several commission tracking softwares in the market. While choosing software of this type, look for the following features:
Feature 1
Look for a tool that offers real-time commission calculations and leaderboards, which encourage reps to track their performance and increase their commissions through better sales.
Feature 2
Check the time and resources you would need to implement the solution. Look for options that are easy to implement and manage; you certainly don’t want to add additional overheads related to implementation and maintenance.
Feature 3
Check how well it can integrate with your other existing CRM, sales management tools, payment processing tools, and so on.
Key Takeaway
You might be contemplating investing in a commission tracking platform when your team is growing. Know that this one-time investment can generate for you a recurring ROI, save time, reduce overpayments, and boost your team's performance.
Blitz helps you achieve all these objectives and more.
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