You’ve probably heard of sales compensation management software at some point. You may even have colleagues who’ve mentioned their own installs have come in handy. But what does the software actually do, and more importantly, is it worth it?
What is compensation management software?
Compensation management software helps salespeople and those in leadership track the number of sales metrics and commission plans related to their department. Depending on the platform, this can include:
- Number of leads
- Number of sales
- Length of a sales cycle
- Compensation plan
- Sales commission tracking
This data can be used for various purposes, nearly all of which contribute to overall efficiency and efficacy.
Key features and benefits of compensation management software
Imagine you’re loading information into a spreadsheet by hand and relying on manual calculation. One numerical mistake or incorrect entry results in skewed outcomes. Incentive compensation management software paves the way for unparalleled accuracy.
There are other key benefits for your business, too.
Transparency
Forget black box data. Keeping your team in the dark regarding their own sales accomplishments makes people feel uneasy. It’s no surprise that anxious people tend to underperform.
The shared dashboards found on top-tier sales platforms enable everyone to have powerful insight. Your team knows where they individually stand and can see how they’re performing in relation to their coworkers. This can be a major motivator.
Identifying focus areas
Armed with vital information generated by incentive compensation software, salespeople can focus on strengthening their attributes. The software proactively identifies individuals or processes that need improvement. Now you can steadily collect data to help mentor your team or advise training to achieve better results.
Metrics & reporting
Speaking of metrics, those all-important numbers are easy to find using sales performance software. User-friendly interfaces make reports available at the simple push of a button. Plus, C-suite executives can take a look at will.
How compensation management software can improve quota attainment
Perhaps the best aspect of sales software is the power to fuel growth and inspire everyone to meet the team’s sales goals. Depending on the data, you may change your best practices and create a new plan for growth. Or, you may decide to reward the top performer or create a more targeted campaign for a new product.
Set and track personal and team goals
Goal tracking helps everyone keep the big picture in mind. Review relevant metrics and set goals specific to each individual. Remember, salespeople have different strengths and weaknesses. This is why blanket approaches to motivation are underwhelming.
Perhaps you have a team member who is great at warming up leads but has trouble closing. Maybe there’s a newer salesperson who struggles with an overlong sales cycle. With the right software, you can see what these pain points are and set goals designed to nurture improvements.
Help manage the pipeline
Sales pipeline management is the practice of keeping a pulse on every stage of the sales cycle. This not only applies to one sale but to the entire team’s active and prospective deals.
With a dashboard that displays everyone’s status, you can quickly identify what needs attention first. You can also see what your team accomplished over a specific time period. Perhaps more importantly, you’ll see what will be hitting the P&L sheet in the coming days, weeks, or months.
Gain easy access to historical sales data
If you want to make accurate sales projections, you need accurate data from past sales periods. This data can tell you a lot about sales cycles and engagement. Review activity by season, month, or territory. See which deals are most active, and track information about specific products or salespeople.
Why QuotaPath is the top sales performance software
Sales experts skillfully designed QuotaPath to be the compensation management software your team has been waiting for. Using our platform, you can:
- Understand individual and team earnings and monitor quota attainment
- Align your whole sales team to track performance, results, and revenue
- Integrate with existing CRM tools, such as Salesforce, HubSpot, and Close, to pull in deal data automatically and in real-time
Lastly, we built QuotaPath to set up easily and affordably. No cumbersome interfaces with a giant learning curve, and no budget-busting onboarding fees. Just expert software that works for your department and team. Our commission software offers an alternative to your commission tracker Excel model and goes above and beyond to motivate reps.
Teams that have used QuotaPath have seen increases in sales and overall rep happiness.
For more information, book a demo and see how QuotaPath can work for you. Or, skip ahead and sign up for our free commission tracking software.
