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Sales Compensation Plan Checklist

 

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Sales Compensation Plan Checklist A sales compensation plan is a written explanation of the details about how independent agents and sales representatives will be paid and rewarded for sales revenue they have generated. It determines the relationships between a firm and sales personnel. Read the following Sales Compensation Plan Checklist to learn more about this point.


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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.....

 



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