Can your commission calculations withstand an audit?, By Teanna Spence

Can your commission calculations withstand an audit?

Teanna Spence – Sales Compensation -�

audit2Now that you have a few months of commission calculations under your belt on your new sales compensation plans, how confident are you that the spreadsheets are set up exactly right and those calculations are perfect?

I audited hundreds of spreadsheets over my career and I can honestly say that there is at least 1 error in each of them if not more. Spreadsheet errors are costly.

Funny thing about errors, the compensation analyst�s phone will be ringing off the hook when there is an error that results in underpayment but rarely hears about an overpayment. Often when you confront the rep who was overpaid they say they didn�t realize it! [Read more…]

Sales Audit

Sales Audit

audit4A formal sales audit process can make the difference betweensuccess and failure for the following reasons:

1. Sales and marketing are the core drivers of growth and profits. Improvements insales and marketing dramatically impact a companys financial picture.
2. A sales audit provides an external, objective review of the process. Subsequentimprovements have proven more effective than periodic internal changes to salesprograms.
3. Sales and marketing costs represent significant expenditures in most organizations.Reviewing the efficiency and effectiveness is a prudent part of management andfinancial discipline.

Financial

The effectiveness of a sales organization impacts all areas of the financial statements for anorganization. Operational costs, customer service costs, margins and revenues are allimpacted by sales and marketing. Annual sales audits should be part of a financial reviewprocess that assists organizations in improving their top line and their bottom line through ameasured [Read more…]

Sales metrics and KPIs.

sales kpi1Sales metrics and KPIs.

In today’s ultra competitive business landscape, it’s essential that your sales team has an objective view of their performance. The days of relying on “gut feel” are long gone, and maintaining a competitive edge is about cultivating a data driven culture. At the center of that culture is the need to monitor relevant and actionable sales KPIs and metrics.

Knowing which KPIs are important for your sales team can be difficult, which is why we’ve put together this list of KPIs. Check out the top 10 sales KPIs and metrics our customers use.

7 Key Performance Indicators That Every Sales Manager Should Use

KPI sales

KPI sales

7 Key Performance Indicators That Every Sales Manager Should Use

William Tyreeis CMO ofRingDNA

Conventional wisdom holds that revenue-per-sales-rep is the only metric that ultimately matters in sales management. But sales process optimization is all about identifying key strengths and coalescing your team into an efficient selling machine. In other words, management is aboutcoaching your team to success.

When we talk about Key Performance Indicators (KPIs), were talking about leading indicators – signposts along the way that your sales team is doing the things they need to do in order to be successful. Keeping your eye on nuanced, tactical KPIs is one of the best ways to keep your strategy on track. Practicing great fundamentals leads to great outcomes.

Lead Response Time [Read more…]

The Three Most Popular Job Positions in Retail by John McElborough

The most popular jobs in retail today are salespersons, cashiers and customer service representatives. A quick glance at a leading technology store in most malls that sells televisions, computer components and electronics of all kinds reveals one or two managers and anywhere from one to six or more salespeople. They are usually paid a base salary and rely on some type of commission.

Indeed, retail jobs are all about selling a marked up item or service. In effect, that makes every employee a salesperson or at least that is what the owners of the retailer desire. Salespeople are everywhere: cellular service and device retailers, automobile dealerships, electronic “big box” stores, clothiers, jewelers and the list goes on and on.

1. Salesperson

As far as retail jobs statistics are concerned the most popular jobs in retail are front-line positions where a salesperson directly interacts with a potential customer, answering questions and suggesting certain goods and services. This position requires great personal communication skills, a definite degree of approachability and the confidence and knowledge of how to close adeal. Some salespeople work part-time. [Read more…]