Business and managerial decisions must be made based on solid, accurate and timely information. Generally, the data is available but not necessarily timely and definitely not in a format that’s easily accessed or understood. Data analytics are essential to predicting performance, not only of the business as a whole, but of everyone in your sales department.
Your sales team can be more effective if they know how they’re doing. Are you using a commission tracker?
Is Sales Tracking Compensation?
It’s no secret that your sales team wants to make money. If you talk to your top salesperson, they probably have a running tally of their compensation for the year so far. They may be using an Excel spreadsheet, as are others in your organization, as a tracker of their commission. They have a clear idea of the sales pipeline and contracts that have already been signed. This information could prove invaluable to others in the sales organization, including management.
Reward Performance with Commission
Most salespeople are paid a combination of base salary plus commission. A base salary can provide a sense of security but commission plans are made to reward performance and motivate your sales team. The best way for management to build a commission plan for each person on the team is to review sales forecasts, customer demands, sales promotions and individual performance. Each individual works at different capacity and it’s up to managers to understand which compensation and commission plans drive the team to succeed. Offering a commission tracker will provide much needed guidance and motivation - giving your sales staff the extra kick to meet their goals.
Who Doesn’t Want a More Effective Sales Team?
Offering transparency to both management and the sales staff is a powerful way to set and reach sales goals. The salary/commission and quota set for each individual must be based on trustworthy data. Sales reps who are able to see how well they are performing also know when they need to step it up. Transparency within any organization motivates, builds friendly competition, creates a healthy culture and a more effective sales team.
Launchpad Media Management has the most advanced commission tracker specific to the publishing industry. Commission can be broken down by personal sales, team sales or media titles and is available in realtime. Plans can be assigned based on a percentage of goal or budget, based on tier thresholds or limited to specific sales promotions.
Learn more about LaunchPad’s Commission Tracker here or click here to request a demo.