Sales commission software has always been a difficult environment for a sales team to navigate. Paying commissions is a complicated task which requires a lot of planning and effort. It appears as though the software companies are trying to make it much more difficult for the teams by introducing unnecessary complexity. Sales compensation management should help drive company objectives through the channel by encouraging positive behaviour from those involved in the process. It should motivate people to achieve and exceed goals quickly, consistently and efficiently. It should also take away the complexity of the task and make pay for performance commission systems easy to deal with. Sales force automation tools are critical to sales teams as they are usually the hub for sales performance management and motivational tools.
1. Decide Why You Are Using Sales Compensation Software :
There are various reasons why you can use sales compensation management systems. The most common is to monitor and control sales team performance and ensure goals are achieved. Another reason is to attract, motivate and retain talent to help your company grow. You can also use the system as a training tool for individual development or an enterprise grade solution that serves all departments in the business. The sales compensation plans offered by the best software companies will allow you to easily manage all of these different types of plans.
2. Understand Your Business Needs With Your CRM Representative :
You need to make sure that your sales compensation software is able to deal with all of the payouts and complexities of your business. You may have restricted budgets, complex sales cycles and compensation plans. You may also have a large team or multiple teams worth of sales people in different territories. Your CRM representative should be able to assist you in defining what will be a best fit solution for your company.
3. Determine The Best Sales Compensation Software For Your Needs :
There are many different companies that service this industry and provide their services with different features, levels of sophistication and pricing. Some are geared toward the small business and others are enterprise level solutions. You need to find the right fit for your needs. As an informed buyer you should be able to create a list of all the features that your company will need in order to manage, monitor, forecast and make payouts effectively. You should also be able to clearly define what features you do not need and why they will not be needed as well.
4. Design Your Sales Compensation Plan :
Sales compensation management should be built to be easy to use and very intuitive. The team you will eventually hire to do the implementation and run your sales compensation software should also have a clear understanding of how the system works. They should be able to easily navigate their way around without having any trouble. You want it there to help manage and run a marketing & sales campaign but not for other tasks like accounting or inventory management.
5. Understand Your Sales Compensation Software Basic Features :
There are many different types of CRM packages that range in price, functionality and capability. What you choose will depend on the size of your business, industry and the sales discipline that you operate within. You should also consider the level of service, company reputation and what their value proposition is. You may have to pay more for an enterprise level solution or a smaller company that has one. The commission software for finance industries should include features around financial reporting and sales forecasting. This will allow you to build out your commission plan and forecast your revenue accurately.
ElevateHQ is a leading sales compensation software for modern sales teams and sales management. It is a leading sales commission software provider that provides all the functionality to help companies make and pay commissions easily. It is a robust system that drives all the expertise needed to manage and operate a sales team.