Sales Compensation Plan Checklist

Order 750 checklists in MS Word and PDF printable format at $49.99 USD only.

BUY NOW!

1. Sales Strategy.

• Identify your product\'s features and benefits
• Look at the features from your customer\'s perspective to define what improvements can be implemented
• Analyze your firm’s competitiveness to see if you use effective methods to overcome competitors
• Define your target market, including the customers you sell to and the prospects you can win
• Identify sales methods your company will use. For example:
  • Personal contact
  • Direct mail
  • Telesales
  • E-commerce
• Identify a presentation approach that describes how your sales reps will organize and conduct presentations, demonstrations, and other promotional events
• Select a negotiation approach that describes how to persuade a customer for purchase
• Establish rules for closing deals, which should ensure a firm commitment to the sale
• Describe follow-up procedures that strengthen the relationship with your new customer and provide opportunities for new deals

2. Performance Measures.

• Total Sales Expenses to Total Sales Revenue – this ratio reflects overall efficiency of your sales team
• Incentive Cost to Total Quota Achieved – it helps uncover hidden problems in quota setting and incentive planning
• Individual Incentive Earnings vs. Individual Quota Achieved – this measure determines how well incentives generate sales quotas
• % of Sales Quota Achieved in Territory – it shows territorial differences against sales quotas
• Sales Agent Expenses to Regional Revenue – this metric proves how effectively a sales rep works in terms of the revenue produced by this rep in a given region
• Profit as % of Revenue per Agent – it determines profit margins by every salesperson
• Number of Leads Generated per Agent – this indicator highlights how many leads have been generated by every sales rep in a given region
• Product Mix to Sales Plan – it determines product mix variations against a regional sales plan
• Sales Conversion Rate – this measure shows the total number of distributed leads, appointments, or service calls divided by prospective customers

3. Payout Methods.

• Straight salary. Use this payout method to pay your sales agents a fixed salary for a certain period
• Straight commission. Choose this compensation (bonus) method if you wish to pay your sales reps a percentage of the sales volume
• Combination of both. Use this method to combine salary, commission and bonus into a single payout formula

4. Governance.

• Approve a schedule of meetings with sales force at which you will resolve questions or conflicts
• Identify employee commitments to sales activity
• Appoint supervisors who will lead and control sales force
• Identify reporting and feedback rules
• Keep records on the performance of every sales agent on a regular basis
• Consider paying several times a month (advance wage payment)
• Be sure current earnings of your sales agents are comparable to the industry level
• Consider increasing salaries and bonus rates regularly as sales.....

Order 750 checklists in MS Word and PDF printable format at $49.99 USD only.

BUY NOW!

CentriQS Tasks Management Solution

Looking for multi-user task management software? Try CentriQS complete task management solution for planning, tracking and reporting tasks, projects, and schedules. Increase productivity of your small business or office by better organizing your employees' tasks and time.

FREE Download CentriQS