Yes, sales commission software is a great aid for calculating and tracking how much is owed to your staff. And if you choose the right program, you enable your salespeople to track their own progress in real-time.

However, the software now available can do so much more than just track and provide live updates on sales compensation figures. It can also offer team leaders and financial management information that will facilitate sales forecasting. This same data can also be used for planning strategies.

Increase sales efficiency

Leveraging the Cloud for software programs is the way to go. Programs can easily integrate with other applications. This provides you with a powerful tool that can improve the efficiency of any sales operation. Enabling frontline staff to keep tabs on their commission, creates incentives that drive sales staff to greater heights.

Linking accounts into the loop makes the commission payment process much more manageable. It also provides managers with important information relating to running costs and the impact on profits and losses.

Access the benefits of built-in CRM

If you choose a commission software program that incorporates CRM, it can really revolutionise the sales process. When your sales team uses the dashboard to update their sales compensation progress, they can also access all sorts of other data. This data includes; who orders what, how frequently they order, who the main contact points are, what the accumulative spend is, etc.

This is all insightful information that your salespeople can have at their fingertips. Managers and team leaders can share the same information. Using this, they can create strategies and assemble sales targets.

If accounts are tied into the data too, they can use it to drive their cash flow predictions. The more integration that takes place, the bigger the potential efficiencies and benefits.

Software for all industries

Commissionly sales commission software has been expressly designed to create benefits and efficiencies in industries across the board. By including the Zapier App, you can integrate seamlessly with as many as 2,000 apps and programs, including the likes of Hubspot, Insightly, Quickbooks, Sage, Salesforce, and Xero.

If you are not yet using Commissionly sales commission software, it’s about time you started. For more information, contact us and set up a free trial today.

Are you thinking about installing sales commission software? If so, the one thing you don’t want to have to do is to reinvent the wheel. You want a program that you can tailor to your exact needs. It will make life so much easier.

Here are three things to look for:

1. Software that runs the way you want it to

Each business has its own way of doing things. The end goal is always the same, but the way it needs to be achieved is always very specific depending on the business. This is a universal problem, which is why sales commission software is flexible to suit your needs. When you choose the right package you will be able to enjoy the advantages already built-in. And experience far less hassle maintaining the system.

Take manager overrides for example. Many companies grant their sales managers small override commissions on the sales their teams make. This is something that can be easily set up in some of the leading sales commission software programs.

2. Out with the old and in with the new

A lot of businesses still use spreadsheets to calculate sales commissions. There is nothing wrong with spreadsheets per se. However, they do take time to set up and maintain. In addition to which they are not easily shareable and are error-prone in terms of inputting data.

By switching across to a specifically designed program for capturing and calculating outstanding sales commissions, you can make life a whole lot easier. Easier for both management and employee too.

Calculations will be error-free. With each member of staff being able to get real-time updates. As a result, everyone can measure their performances against their targets.

3. Integrate and share data

There is something else that is very attractive about the latest sales commission software. It integrates with most other existing systems, and it’s easy to install. Leading state-of-the-art software will also integrate with other disciplines. It can be linked to customer relationship management and accounting software. Sharing data in this way obviously has many benefits.

If you would like to discover more about how you can tailor the latest sales commission software to your business needs, contact us or peruse our website for more information.

For anyone just venturing into the world of business or just starting a new company, the term ‘commission tracking software’ may just seem like confusing jargon. However, for any sales-based enterprise, investing in effective commission tracking software could make a world of difference.

What is commission tracking software?

Put simply, commission tracking software enables you to track all of the crucial parts of the commission cycle. From tracking and calculating commissions to ensuring that they’re carried out to the clients’ requirements, commission tracking software can aid in the process at every step.

Why invest in commission tracking software?

1. It minimises human error

Although you can, in theory, track commissions via spreadsheets yourself, this leaves the door open for errors. This is because there are things that may slip past even the most meticulous person. In contrast, commission tracking software works through algorithms and trends, so the potential for error is minimised.

2. It frees up team time

Usually, when you start out, you will have just a small team of employees. These employees could be at the top of their field, and yet they still will not have enough time in the day to get everything done. Handling their own figures and working out how much commission is owed can be a time-consuming process. So investing in commission tracking software that will get the job done for you can only benefit your team, right? It allows your employees to spend their time focusing on the important jobs – like locking in sales.

3. It enhances your sales commission model

Unless you’re a seasoned commission expert, there might be a chance that you’re unsure how to actually structure your business model. What should you prioritise? What sales goals should you set? These are just two of the many questions that may arise when thinking about this. Luckily, commission tracking software is intuitive and versatile and can help devise solutions to a plethora of questions that you may have. This means your business model will be optimised and functioning at its best!

Choose Commissionly!

Commissionly is the sales commission tracking platform that beats all others. It offers a wide host of tools and features, such as sales splits, multi-currency support, recurring commission management, and more. Explore the full range of features today, or else get in touch with a friendly member of our team.

Employing the right people for your sales team is important. You need to have someone who can offer the revenue to justify their compensation. And when someone doesn’t meet their agreed-upon sales performance goals, there will come a time when that staff member should be let go.

But how long do you retain that member of staff for? You can’t just keep on setting sales goals for them (that they don’t match) or spend months having the team carry that person. This won’t help your team’s morale.

Terminating contracts sooner

The Harvard Business School did a survey, comparing the best performing sales teams against the worst performing sales teams. They found that the best-performing companies would often terminate a staff member’s contract sooner if they failed to meet sales performance goals.

According to the survey, 18% of the sales organisations that were considered to be high-performers terminated the employment of sales people if they underperformed in one quarter. This is compared to just 5% of the sales organisations that were underperforming.

The survey found that 73% of best performing sales teams, terminated the contracts of underperforming employees within one year. In comparison, underperforming sales teams terminated just 52% of their underperforming employee’s contracts.

Interestingly, it also found that for some underperforming companies (12%) it took more than two years for poor performing staff to have their contracts terminated.

What the Harvard Business Review survey demonstrates, is that poor performers shouldn’t be working in your organisation for too long.

Terminating the correct contract

However, to ensure that you’re not removing the wrong people, you need to consider how you monitor sales performance.

For this, your organisation needs to have software to help set sales goals and monitor performance. Without this, team leaders and managers are in the dark on the actual performance of the salespeople in their employment. Measurement software was critical to two-thirds of the best performing sales teams in the survey.

You should also set sales goals that are realistic but are be too ‘soft’ on your sales teams. The above survey found that 75% of the best performing sales teams would raise annual goals by more than 10%.

Use sales-monitoring software

So what this all means is that you need to ensure that your sales people are performing to a standard that is good for all. By monitoring their sales performance, you can be sure that you’re employing a team that is contributing to the business. If they don’t perform over a protracted length of time, they should leave the organisation or move to another non-sales team.

This process can be supported by monitoring software that can tell you when salespeople are meeting their set sales performance goals. Commissionly can help you, so get in contact with us.

The talent you employ in your organisation is what drives your sales team’s success. Talent and underperformance are integrally linked. Without hiring the right people, you can expect to have a higher level of staff turnover and lower retention.

According to statistics, the average UK turnover rate (across all industries) is about 15%. However, sales teams can expect to have a turnover rate of 31%, more than double the average. There are a few reasons why employees might leave their sales position:

– Better sales commission at other organisations.
– Poor performance at their current job.
– Conflicts with management.

The problem is that recruitment can be costly financially and also to the efficacy of the team. It can cost near the equivalent of a year-and-half of the employee’s wages to replace an employee and get the new team member to full productivity.

So, for a £20,000 employee, the cost to replace them could be £30,000. If you have 10 people in your sales team, then replacing them at a rate of 31% could be a bill of, at least, £90,000 a year.

Employ the right people

Importantly, you need to look at employing the right people. Higher staff turnover is often because there is a mismatch between the business’ and the employee’s goals or values. A mismatch leads to a disillusioned staff member who won’t perform at their best.

Improve staff retention

It’s not all doom-and-gloom though. There are ways to improve staff retention. One such way is setting sales performance goals that are simultaneously realistic and challenging. This gives salespeople, who are traditionally very competitive, a reason to keep on pushing to meet sales targets.

You should also look at offering a sales commission that is fair to the salesperson for the work it takes to close a deal. If an employee thinks that the work isn’t worth the pay, they will likely look to move to another company, which will make them less enthusiastic about pushing sales for you.

All of these mean that staff retention is an important metric that needs to be monitored. Too many staff leaving your business will cost you significantly, which will severely impact your profits. And without the right sales commission software helping you to set sales goals and monitor performance, then your task will be harder.

While sales teams are often the major focus for compensation software, they aren’t the only ones who could use this technology to increase motivation. There are many industries and jobs where compensation could be awarded for high performance.

Here are three industries that can implement compensation software for ‘front-line staff’.

1. Retail

Retail staff, or any staff in the customer service industry, can be rewarded for their actions and this can motivate them to be more productive on the shop floor and sell more at the tills. There are many ways you can set sales goals for your retail staff. For instance, you can reward them for the most revenue generated (daily or weekly), the number of impulse buys they convert or the number of items sold in the store.

Compensation can be entered manually into the software, or there can be predefined goals that can be given to staff. This could apply to staff on the shop floor or those working at the check-out counters.

2. Leisure

Staff that work in spas, hotels or other leisure outlets can also be rewarded. An example could be in a gym; the staff can have set sales targets for signing up new members or renewals, etc.

3. Trades

Tradespeople are highly-skilled service providers (plumbers, electricians, etc.). Unfortunately, service-based businesses often have once-off jobs and this means the income is very unpredictable. In such a business you need to develop a stronger, passive income.

This is where all-inclusive deals can come in handy, where customers can pay a monthly fee for a set amount of work per year (like unlimited labour or free safety tests). These deals are great because they allow you to have a long-term, passive income that allows you to better predict revenues and plan more accurately.
And for customers, it’s a convenience. You could reward those providing your service when they sign up a new customer to your business. You can also set sale goals and reward them according to those.

Long-term sales don’t even need to be the key focus. You could reward staff on the number of event or day tickets they sell during a specific period.

A traditional sales team, that works in an office or even those that go door-to-door aren’t the only people who can benefit from compensation software. There are numerous other industries that can benefit too.

Your business can benefit too. Just ask Commissionly. We make it simple for you to set up and use and you won’t regret it.

Allowing input into the process of setting sales goals and targets helps build a sense of ownership within a team. Your aim is to unlock your team’s creativity, however, it’s also a process that can demotivate if not conducted in the right way.

So here are the best ways to unlock the team’s potential:

Hold an ‘ideas’ meeting

Bringing a team together, and inviting them to be creative, is an excellent way of developing ownership. Once invested in an idea, an effective team can even help manage its achievement. How? By encouraging each other throughout the process. They can chivvy along as necessary, and congratulate good performance.

Of course, even an ideas meeting needs a structure, but these are wide parameters to encourage effective thinking. Any gathering designed simply to agree what a manager or leader wants to do is not an ideas meeting!

Gather ideas without assessing them

• ‘Oh, that won’t work.’
• ‘No we tried that a while back, 2007 I think it was, and it didn’t work then.’
• ‘Customers won’t buy that; trust me I know.’

We’ve all heard them, idea-demolishing phrases. Often, they are offered as a quick reply, but they tend to kill creativity. Sometimes the speaker is genuinely trying to be helpful. Either way, the effect is a reduced offering of further ideas, as team members will not want to have their suggestions squashed.

So, as a starting point, the key is to gather ideas without comment, using a whiteboard, screen or the like. Let participants know that this is not the time to comment on ideas. Any idea is welcomed – even if later discarded.

Collating and editing ideas

After the gathering process is complete (be sure to keep it short) then the process moves on. Where different ideas might work in harmony they can be brought together. Now is the time to assess the ideas, but in a controlled way. For larger teams, one sub-group may be given a few minutes to think of the benefits. Another might be asked to recognise drawbacks and how they might be overcome. All of these responses can then be brought together into an agreed goal and action plan.

Managing sales goal achievement

With the goals set, managers and leaders need to keep a focus on progress. Here at Commissionly, we provide intelligent help in the motivation of your sales team, in order to achieve the set goals and earn rewards. We’d love you to talk to us about your specific requirements. So feel free to get in touch.

People go to work for one primary reason. To earn money. For most, the wage or salary they receive is known in advance. It can be a regular, standard weekly or monthly payment. But sometimes it can be based on the number of jobs or tasks completed. Alternatively, some people get paid an hourly rate rather.

It’s different for sales personnel, however. Some are paid on a commission-only basis. Others receive a modest, regular wage that is supplemented by commission or compensation. This is when a certain amount of greyness can creep into the situation.

It’s not something that employers or employees like to entertain. So, a transparent sales compensation management system is the answer.

Sales compensation management software that reports in real-time

If all sales compensation is at one flat rate, it makes it easier to calculate how much is due. However, even in this instance, there is room for some ambiguity. For example, what date is a sale recorded on the system? Does it fall into one pay period or another? There is room for confusion, and this should be avoided wherever possible.

The solution is to install a cutting-edge sales compensation management program. To begin with, such software provides one place where are all sales and commissions are recorded. No more scraps of paper or sales reports that can get permanently lost or temporarily misplaced.

The best sales compensation software reports in real-time. Furthermore, it should be able to integrate seamlessly with relevant systems such as CRM and accounting software.

Increase loyalty through transparency

Imagine having a sales compensation management program that allows instant access to both sales management and staff. Besides dashboards for managers, you can have private dashboards for sales reps. Everyone can see exactly what the current position is in an instant. This sort of transparency is important. It gives sales personnel confidence in their employers thereby increasing employee loyalty.

Empower sales personnel with access to their compensation progress

Above all, calculations are automatic. You can introduce different levels of compensation for various products and product ranges. Accordingly, you will be able to use this to promote sales where you need them. Sales personnel will also be able to check-in and see where the best incentives lie. This puts them more in control of achieving their compensation targets.

Talk to Commissionly for more information

This type of sales compensation management software is available right now. It is easy to install and can be up and running in no time. It will bring complete transparency to the compensation playing field. For more information, call us today or visit our website.

Sales commission software is a great way to motivate and incentivise your sales team. But can it benefit your business?

Let’s take a look at the top 4 industries that utilise this means of employee performance tracking:

1. Financial services

Whether your team sells merchant payment services or helps others to better invest their money, sales commission software can reward those reps who go the extra mile in discovering the best opportunities for their clients. It can also integrate with existing cloud bookkeeping services such as QuickBooks and Xero. And if you work with referral bodies and agents on varying sales splits, sales commission software helps reduce error.

2. Tech industry

Offer solutions and services in the tech industry? Log conversions and manage targets for multi-tiered package and software scenarios easily with commission software. From ‘Software as a Service’ to cloud storage and cybersecurity products, a gamified sales team is the perfect means to convert leads.

3. Digital services

Track the performance of account managers or departments selling PPC, online advertising or SEO services. Integrate reps’ performance with your CRM, set targets in line with the latest data analytics and adjust them based on experience. It can even be adjusted whether your commission structure is recurring or varied.

4. Medical sales

Medical practices are keener than ever to use their budget wisely, and sales reps are having to work harder to make those (all-important) conversions. Sales commission software enables reps to see their targets and track their own performance. Sales commission software can also be based on multiple currency conversions for those that sell at home or globally.

Sales commission tracking software is a great option for any business looking to improve their sales conversions. Whatever you sell, maximise your team’s potential with Commissionly today.

Whether you’ve been part of a business for twenty years or are just getting started in setting up your own, it’s critical that you have software to help make your day-to-day tasks easier. However, it can be difficult to find such a solution if you aren’t sure what tools the ideal solution should have.

Luckily for you, the team here at Commissionly have rounded up a list of tools that every good sales commission dashboard should have.

Multi-currency support

Every business wants to reach as wide an audience as possible. This includes appealing to potential customers from all around the world, which in turn means having the ability to support a variety of currencies besides the local one.

Recurring commissions tool

If you’re a sales commission-based company, it’s key that you build a rapport and reputation with every client. This way, you’re likely to entice them to remain loyal to you, earning recurring commissions. When this is the case, it’s key that you have a tool that allows you to track such recurrences; doing so means you can pinpoint who to offer promotions and loyalty rewards to.

Sales rep tracker

If you employ a number of people to help fulfil commissions – whether it be securing them, or carrying them out – then you need a tracker to ensure that everything is running smoothly. You should look for a tool that easily and effectively lists each team member, the commission jobs they have assigned, and whether or not these commissions have been fulfilled.

Choose Commissionly

No matter what size or stage your company is at, Commissionly is a platform with a sales commission dashboard that’s intuitive and broad enough to suit a wide variety of needs. Our dashboard boasts all of the features listed in this blog post and more, so you can be certain that you’re the boss of every aspect of your business. Get in touch with a member of the team today.