How to Outperform Competitors with a Sales
5 min read | May 4th, 2022
Tracking commissions within your business helps to motivate your sales team to close more deals and go the extra mile. But the benefits don’t end there. Here are 5 ways that tracking commissions can improve your business’ overall performance and drive sales.
1. Key in to Market Trends
Leveraging a compensation management tool means that you’ll be able to observe how your sales reps are performing in comparison to the current sales market. This offers key insight into how they stack up to others in your industry and allows you to compensate top performers accordingly. Additionally, taking advantage of commission tools ensures your team has real-time access to commission statements and other relevant information. This allows leaders to see where their reps stand and manage them appropriately.
2. Keep Your Team Motivated
As a whole, sales reps are incredibly motivated individuals and tracking commissions is a way to gauge their personal success. Sales reps want to know if the way they’re performing this month is comparable to previous months. Having accurately tracked commissions means they’re able to measure their current numbers against their personal best – an internal competition that benefits them, as well as your company. Further, you want to keep your top performing reps satisfied – irregular payouts are a serious threat to their satisfaction. Having a compensation management tool ensures that your sales team is getting paid on time and motivates them to go above and beyond.
3. Maximize ROI
Wait…using a commission tracking tool can maximize overall business ROI? Yep! The most common way that accountants calculate and track commission payouts is manually using documents and spreadsheets. However, a recent study revealed that in manually created Excel spreadsheets, over 88% of them had errors. That means a lot of frustration and potentially devastating financial losses for the entire company. Additionally, incorrect or late payouts to your sales reps increases their likelihood of leaving by 28%. And the cost to replace them? On average it takes about 6 months to replace a rep and over $115,000 of the company budget per new hire. A commission management tool eliminates manual errors by automating the process and updates data in real-time, ensuring users have access to the most reliable information every time. Thus your growth isn’t limited by your inability to scale commissions and you save scores of money in the long run which can be turned into further growth opportunities.
4. Improve Efficiency
Between running reports, creating statements, and sending them out, traditional commission calculation processes can take weeks or even months to complete for an entire sales team. Not only does this make for laborious work, your org also runs the risk of inhibiting growth, because who has the time to track hundreds of compensation plans? Incorporating a sales commission tracking tool streamlines work processes and can save your accounting team upwards of thousands of hours in manual labor. This in turn, frees up valuable time to explore other revenues for growth and financial success for the entire organization.
5. Enables Intelligent Selling
Did you know that only 35% of a sales rep’s schedule is actually spent on revenue generating activities? That’s about 14 hours out of a standard 40 hour week! Intelligent selling maximizes the time your reps spend actually selling by honing in on their specific strengths and niches. Using a commission tracking tool allows you to generate reports and get a full picture on what’s working and what’s not. This means that the 14 hours your reps spend selling are catered toward proven success tactics.
Utilizing a commission tool provides critical visibility into individual and team sales performance for managers. Further, it allows a 360 degree view of valuable data on a micro and macro level which is updated in real time. This ensures that your team is able to easily keep track of generated, paid, and submitted commissions. With the right commission management tool, your team can easily stay astride and even outperform competitors. This is why Access Global Group created an application to satisfy that demand. Our commission management application, Access Commissions, does all of this and much more.
What is Access Commissions?
Access Commissions is a premier commission management tool that was designed to give users the ability to customize their commission plan settings to best suit their organizational goals and can be managed based on employee-, group-, or individual-specific commissions – regardless of their industry.
- Easily keep track of generated, paid, and submitted commissions, customizable by date, plan, and users.
- Pre-built plans like Entry Criteria, Commission Payout Rules, Schedule Criteria, Commissions, and Assigned Users. Each is further customizable for your specific needs – no coding required.
- Pre-built reports for most anticipated business needs, such as Commissions by Month, Quarter, Year and so much more.
- Automated data that’s updated in real-time, offering users key insight into the most reliable information every time.
- Centralized dashboard houses critical information across channels.
Is it native to Salesforce?
Yes! Access Commissions is 100% native to Salesforce and is simple and secure to use.
Are there country limitations?
Anyone, anywhere can use Access Commissions. There are no limitations.
How much does it cost?
Our main goal is customer satisfaction, which is why we offer flexible product and service rates that rival other options on the market. Whatever your needs are, we’ll find an option at a price point that works for you.
Click https://acsgbl.com/access-commissions-on-demand-demo/ for Access Commissions
on demand demo!
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