QUOTACAL

At QuotaCal we believe ‘Sales is a Game of Motivation’. During the initial days of our journey, we worked with rockstar sales managers who told us about their pains and day-to-day challenges when it comes to framing the right incentive plan for their salesteam.At a later point, we got frustrated as well while building and managing commissions in high-growth companies. Hence we did a lot of research on the problem and also studied how many of the great companies have cracked it. With all the learnings and knowledge combined, we framed a product that became a game-changer for our clients. Know more: https://unomok.com/quotacal/    

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While you would love to turn up at work every day with an attitude ready to conquer the world, it’s not always the reality.

Sales is a tough profession, and at some point or the other, you and your team are bound to experience periods of low energy, motivation and productivity.

Motivation is believed to be one of the most important characteristics any sales agent can have. It’s a skill that must be practiced, nurtured and supported.

A study conducted by the North-Western University revealed that when salespeople are at their top physical and mental capability, sales rise by 6%. This may not sound like a lot but it converts to a yearly revenue of more than $500 billion.

The study also went on to reveal some interesting facts about how motivational videos can have a great impact on your business’ success.

When either you or your sales team could do with a little extra motivation, take a look at some of these powerful motivational videos.

Inspire your sales teams with these top 5 videos

Sales motivational videos help energize employees and boost their productivity. Here’s a rundown of our top picks:

1. Sundar Pichai

If you were to make a list of the most influential people in Silicon Valley, it would be incomplete without Sundar Pichai, the CEO of Google and Alphabet. Sundar Pichai’s inspiring speech on how Silicon Valley is not just a place is truly iconic. In his speech, Sundar tells all aspiring professionals to “try different things, take risks in life and to follow their dreams”. This video will inspire you to set out on your journey and not buckle down in the face of failure, no matter how it seems in the beginning.

2. Steve Jobs

Without a doubt, Steve Jobs was one of the most successful business people of our time. He was an inventor, a designer, a visionary and a pioneer of the personal computer era. In this motivational speech, he talks about what makes salespeople tick, a passion for what they do. He says that if you don’t love what you do and you are not passionate about it, then you might just give up along the way.

According to him, successful people love what they do so they can persevere at it when things get tough.

He shares how he overcame many challenges during his journey from India as an immigrant to becoming the CEO of the most powerful tech companies in the world.

3. The Pursuit of Happyness: Will Smith

The Pursuit of Happyness is a movie based on the inspiring real-life story of entrepreneur Chris Gardner. The movie features Will Smith as a struggling salesman, a man with financial difficulties who tries everything in his stead to give his son a better life. It is an incredibly moving story of hope, pain and adventure. In this short video, Christopher teaches his son that he should chase after his dreams, protect them and not let anyone talk him out of them.

4. The Iron lady of Pakistan – Muniba Mazari

It is so easy to forget our blessings but Muniba Mazari, a paraplegic artist, model and motivational speaker, reminds us to be thankful for what we have. In this powerfully moving video, she recounts the devastating car accident that left her paralyzed and bedridden for nearly two years and wheelchair-bound for the rest of her life. Through all the turmoil, Muniba describes how she listed out each of her fears and overcame each one of them one at a time. She reminds us to be kind to ourselves and only then can we be kind to others. This is an inspiring story of grit and survival despite all the hardships that life brings with it.

5. Winning is a mentality – Michael Jordan

In this inspiring video, Michael Jordan, the greatest basketball player of all time talks about how he gets an edge over his opponents in the rarest of ways. His opponents yearn for his friendship and respect, even as he gets on a ruthless mission to destroy them at the game.

The Michael Jordans of the sales industry are those people who have developed that kind of a rare gift – the ability to gain the trust of their prospects while possessing a killer instinct to close deals. Michael Jordan is the best example of what the perfect salesperson mentality should be.

Keep your sales reps motivated

These motivating videos are a sure-fire way to refresh your sales team before the start of a week or month. Play these videos out for them to make sure they stay inspired throughout the day. If you’re looking for some fun ways to keep your teams engaged and motivated, then sign up on Unomok — the platform that makes selling fun for your reps.

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The Sales Commission Dictionary - Unomok

This lexicon is based on our years of experience in working with clients from a variety of industries to compute millions of Dollars in Commissions. We attempted to provide credit to such sources whenever possible. If you believe we are incorrect about a term or have failed to give credit to the creator of a definition, please contact us and we will rectify the record. We hope you like this vocabulary and find it useful.

Dictionary of Sales Commission Terms

Before you start reading further, we must inform you that the definitions mentioned here are written to the best of our judgment and may be wrong based on the context, region, and industry.

Accelerator

A higher commission rate raises a representative’s compensation in comparison to what she would have received on her standard commission rate. Accelerators are used to recognize and reward exceptional performance. They usually kick in once a salesperson has met his or her quota.

Example: Jennifer will earn $10,000 if she meets her quota of $100,000, implying that her basic commission rate is 10%. When Jennifer meets her quota, her commission rate increases to 12 percent as an added incentive to keep up her excellent performance.

Also known as: ramped rate, kicker

Achievement

A measure of a sales representative’s performance about her quota. Actual sales performance is divided by quota to determine achievement as a percentage.

• Example Sarah sells $60,000 against a quota of $80,000. As a result, her success rate is 75%.

• Also known as accomplishment

Active User

Any user who interacts with a business over a set length of time is considered an “active” user.

Agent

A sales agent is a self-employed salesman who is recruited by one or more businesses to market their products or services and enables the signing of sales contracts between the business and its consumers.

Analytics

Analytics, often known as sales analytics, refers to the tools and methods used to gather, monitor, manage, and analyze sales data. It assists the sales team in making educated judgments regarding prospects and customers, product lines, market potential, and sales team performance.

Annual Bonus

An annual bonus is an amount of money provided to workers each year in addition to their base wage. It may or may not be connected to an employee’s performance. Some organizations, for example, provide a percentage of the overall salary as a bonus (which changes depending on the employee’s performance), whilst others award a fixed bonus each year.

Annual wage adjustment

An annual pay adjustment is a yearly increase or decrease in salaries based on a certain plan formula.

ASC 606 Standard

A revenue recognition standard, often known as an accounting standard. This standard specifies that revenue should be recognized when the contact between a customer and a firm is satisfied, i.e. when a company fulfills its performance duty by delivering a promised item or service to a client.

At-risk pay

Performance-based pay is a type of pay that is dependent on how well you perform. It is not guaranteed pay in the way that a salary would be. The majority of sales compensation plans include an “at-risk” component depending on performance. This risk component is paid in addition to the base salary.

• Other names for incentive compensation, variable compensation, and pay-for-performance.

Attainment

A measure of a sales representative’s performance about his quota. Attainment is measured as a percentage by dividing actual sales performance by quota.

• For instance, Rico sells $60,000 against a quota of $80,000. As a result, his achievement rate is 75%.

• Also known as accomplishment

Base Salary/Base Salary

Base pay, often known as base salary, is the minimum payment a person receives based on their job posting and credentials. The sum is determined by Human Resources rules and is exclusive of any other kinds of remuneration, perks, or incentives.

Best Practices

Best practices are tried-and-true processes or approaches that provide outcomes that are superior to those obtained by other means and are sometimes referred to as the standard. These practices are followed by salespeople and sales managers to achieve their aims and objectives in the best way possible.

Bonus

A sales bonus is an incentive payment that is often triggered by a yes/no decision (e.g., did the sales rep achieve a threshold? If so, pay a bonus). This is not the same as a commission, which is paid progressively when greater levels of performance are attained (i.e. a rep may make a commission on each deal). It’s crucial to remember that not all sales compensation experts use the same terminology. Some sales compensation professionals use the terms “bonus” and “commission” interchangeably.

Cap

A cap is an upper limit or limitation set on the amount of money that may be spent. It is the highest financial remuneration an employee may earn in a specific period in sales.

Channel

A sales channel is a means used to distribute or sell items or services to the market. A company’s products or services might be distributed or sold through direct (website, salesforce, etc.) or indirect (brokers/agents, partners, etc.) channels.

Clawback

A clawback occurs when a company reverses or recovers a previously provided reward. Clawbacks typically occur when a consumer returns a product or cancels a contract on which a sales representative has been paid. They can, however, develop merely because there were flaws in the initial computation (e.g., the sales amount was entered incorrectly).

Coaching

Coaching, sometimes known as sales coaching, is an important component of performance management. It is the process of increasing a team’s or an individual’s performance by inspiring, training, and assisting salespeople to reach their goals. The ultimate objective is to improve KPIs (key performance indicators) like revenue growth and customer satisfaction.

Commission per sale

The most basic of all sales compensation plans. This sort of plan pays a basic percentage of each transaction, so a sales representative shares a piece of the money generated for the firm. These plans, unlike On-Target Commission programs, do not have a quota attached to them. These are often known as flat commission programs or unit rate arrangements.

•As an example, residential real estate brokers who get paid 3% of each house sale are on commission-per-sale arrangements.

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Motivation is one of the key factors that drive sales performance. Close to 40% of companies missed out on meeting their sales targets last year. This needs to change and sales incentives will help you do just that! Sales incentive compensation plays a crucial role in your team’s ability to close deals and hit sales numbers — they simply motivate and push teams to do better.A fair compensation plan is undoubtedly one of the most important aspects that contribute to a happy, efficient, and productive team. But financial incentives are not the only way to reward your employees. Apart from monetary needs, people have psychological, social, and emotional needs. Satisfying these needs will play a crucial role in the motivation of the salesforce. Non-financial incentives work to fulfill these needs and are equally important as monetary incentives in creating a healthy and balanced environment that enhances your team’s talent and productivity.

One of the best ways to motivate your team is by getting to know them well.

For instance, you may be able to boost the productivity of a sales rep who is crazy about football by offering them tickets to an upcoming football match. You might motivate another team member who is a passionate singer with tickets to a musical concert.

Non-financial incentives need not be fancy or lavish. It gives you a chance to get to know your team members better, understand what their career plans are, and offer them creative and personalised rewards that lead to higher morale and productivity in sales.

Let’s take a look at the top non-financial incentives that you can use to motivate your sales teams.

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5 Powerful Examples of Sales Strategies (That Actually Work!)

A sales strategy will help you build a culture that focuses on efficiency and empowers sales reps to put their best foot forward. A strong sales strategy will also help you add value at every step of a customer’s journey with your brand.

Knw more: https://blog.unomok.com/5-powerful-examples-of-sales-strategies-that-actually-work/

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Sales enablement is the process where a company provides its salespeople with all the necessary resources that they need to sell a product or service effectively. These include helpful tools, skills, training, content and education. This process involves working together with other departments in your company like the marketing department to enable salespeople to pitch successfully to prospects and convert them into customers.

For instance, the marketing department prepares blog posts, case studies, tutorials and other resources that salespeople can use when they talk to customers. The marketing department also puts together training or onboarding material and provides continuous training so that your sales agents understand how to access and use the resources that are provided to them. Studies indicate that when sales and marketing teams work in unison, it can help your business become 67% more efficient at closing deals.

With the necessary resources in hand, your sales reps will be better equipped to handle any queries that may arise during client meetings.

Businesses are in dire need of sales enablement, now more than ever, as today’s customers are looking for a personalised pitch from sales agents.

Nearly 32% of sales managers say that customers expect salespeople to have a good understanding of their business and the problems they face. Sales enablement offers sales reps the context they need concerning each customer and the solutions to their unique problems. 66% of customers want companies to understand their needs and expectations.

Sales enablement aligns the sales, marketing and customer support teams to increase sales efficiency and produce a higher return on investment.

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How to create the perfect sales dashboard?

Each business sets its sales dashboard differently depending on its business goals. The CRM that you implement also has a key part to play in configuring sales dashboards as each one has its customization options.

Irrespective of the type of CRM you choose, there are a few basic steps your team can follow to create your sales dashboard.

Consider the following, before you set out to evaluate your software options:

What is the overall purpose of your dashboard?

Who will view it and how frequently will the stakeholders need to access the dashboard for updates?

What information are they looking for? What are the metrics, visuals, or calculations you will want to include?

The amount of data you want to include.

The time duration you wish to represent.

With these in mind, you are all set to design your sales dashboard. Here are the steps to follow:

1. Define the metrics which are most important to you

This is the first step to creating your sales dashboard. According to reports, companies backed by data are 58% more likely to meet their revenue goals.

To make the most of a sales dashboard, you need to measure the right KPIs that impact your business performance. You will need to select KPIs that are most important to your team.

Before you determine your most important metrics, establish what you want your team to focus on. Whether your focus is on relationship management or sales management, you are likely to have a few metrics that you and your team intend to monitor on a daily, weekly, or monthly basis.

Revenue is a good metric to start with, almost every sales team needs to track it. Revenue per sale, conversions rate, sales per rep, sales growth, and sales by region are other important metrics in sales to include in your sales dashboard.

2. Set targets for your team

Once you have determined your metrics, it’s time to set targets for your team to achieve.

Tracking metrics is pointless if you don’t have a specific goal in sight. Refer to past data( for example, statistics from the last year) on these metrics and discuss it with your team to understand which areas need improvement and what will be a realistic target to set. This will get you and your team on the same page.

3. Pick a template

Once you have determined what your most important KPIs are and set targets for your team, it’s time to extract the data from your CRM to present the most actionable information to your team.

Your CRM software is likely to have some sort of template that you can use. It might auto-fill your dashboard with some metrics and let you customise later.

Choose a template that displays some of the most important metrics in sales, but don’t let it crowd your dashboard. Pick a template that lets you represent data over a certain period of time like a week, a month, or a quarter.

A well-implemented CRM system can result in an ROI of 245%.

However, if you are not using a CRM, there are reporting tools that will help you sync or import data to create dashboards and reports.

4. Add the metrics into the dashboard

It’s now time to customise your sales dashboard. Get feedback from your team and move metrics around if you have to. Modify the visual displays of your metrics, maybe a pie chart provides better clarity than a bar graph. You can monitor different metrics as you go along.

For instance, your team may need to keep a closer watch on the conversion rate rather than on the growth rate as the former took a huge hit in recent weeks — and you want to improve the numbers to get them back on track.

5. Give your team access to the sales dashboard

Everyone on your team must be referring to the same sales reporting dashboard and not data from different sources. This will ensure that you are collectively working towards a common goal and targeting the same numbers. If a sales rep is not performing well, the sales dashboard can serve as a reminder to step up their game.

Know more: https://blog.unomok.com/build-a-perfect-sales-dashboard-using-these-5-steps/

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Get The Best sales performance management software- unomok.com

Sales performance management is about observing, guiding, and educating your salespeople in order to enhance their abilities, processes, and improve their results. One organization might employ a manual procedure to observe sales activities and provide feedback, while another might utilize automated tools to collect hard data that can be compared to metrics (which is what we encourage you to do).When sales reps are recognized and rewarded for their behavior that brought forth success in sales, they are motivated to repeat the same behavior in the future. For more info contact us today at [phone].Do visit: https://blog.unomok.com/incentive-gamification-strategies-to-motivate-sales-team/.

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Every sales team needs a great sales manager. The role of a sales manager is important to a business as they are directly involved in activities that generate revenue. Therefore it’s crucial to hire the right individual for this role to ensure high levels of performance across a sales team. When hiring for the role of a sales manager, the sales leadership of a company should look at a candidate’s past performance, key skills, attributes, and career goals before getting them on board.

The role of a sales manager

As a sales manager, you’re the leader of the sales team and it’s your responsibility to guide the team in all its operations to drive business and generate more profits. The success of a sales team depends on how effective you are at making sure the team is closing top deals, achieving sales targets while keeping each member of the team inspired and motivated to sell effectively.

You will need to coach sales reps, provide mentorship and training whenever necessary. A recent survey has revealed that 26% of sales reps think that their sales training has little to no effect.

You will also be working with the HR department in hiring the right talent to build your team. You are an ambassador of the company internally. You must focus on the business goals and make sure your team is aligned with them and moving in the right direction.

It’s no easy task being a sales manager but if you want to be successful at it, you must possess unmatched skills in:

Being a consistent coach who enables the team to work to the best of their abilities

Getting the right people on board the sales team

Knowing when to step in and support a rep to close a deal

Having a sharp and analytical mindset that’s driven by data. Effective sales leaders use the power of data to make strategic decisions and boost performance consistently

Ensuring that you have your priorities in the right order. This way you are on top of your game and are better equipped to manage your team successfully

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Keeping your sales team motivated is paramount to the success of your organization. It goes beyond sharing motivational quotes and hanging up quirky posters on the wall.

You see, sales is not for the faint-hearted. Sheer grit, the willingness to seize opportunities and a relentless drive are what make a great salesperson!

Having said that, a recent study showed that only 60% of sales reps met their quota – so what’s stopping them?

While outdated CRMs and poor time management could be partly blamed, most of this is the result of low morale and lack of motivation. As humans, we have all developed the trait to become high-rated performers.

In the pursuit of attaining such heights, motivational techniques cannot be ignored!

What can you do as a leader to supercharge your sales team’s productivity?

Let’s make one thing clear here – getting your team excited about the financial goals of your organization may not always work in the long run.

Being focused on numbers and spreadsheets will not elicit feelings of owning the brand or wanting to sell the product – you need to get your team excited about the product that they are selling.

You need to motivate your sales team with better reasons than just receiving a big fat paycheck at the end of the month. Drop the transactional approach and focus on getting your employees engaged about the brand.

Now that we’ve understood what not to do – let’s skip right to the good stuff and check out how you can motivate your sales team.

5 surefire ways to motivate your sales team to succeed in 2021

As a person who is leading a sales team, it is your job to ensure that your workforce is bringing their best to the table.

There are two ways to go about it – you can either focus on sharpening their skillset or find ways to boost their morale and motivate them.

The latter is always easier said than done. Why?

Every person has a different reason to be motivated. As a leader, you need to identify what makes your teammates tick and what drives them to do their best!

Knowing this is what will help you devise the perfect motivation strategy for your team’s success.

Start by building trust

Undoubtedly, trust is the main factor that binds your team together!

Trust should be woven into the core of everything you do as a team. If your team trusts you and believes that you have their best interests in mind, not only will they be driven but they will be willing to go that extra mile for the organization.

When there is mutual trust, your sales team will be open to suggestions on how they can achieve their goals better and also have open conversations about the challenges they face day in and out.

How do you build this trust? By having constant engagements with your team and ensuring there is transparency across workflows and processes within the organization.

Be a mentor, not a boss

As a leader, you need to be approachable. If your sales team lives in constant fear, it will trickle down to their performance and affect their targets adversely.

Leading a team can be daunting, you need to be really good at managing people. The step towards doing it right is to not see yourself as a boss but as a mentor who is there to guide the team and lead them from the front.

As a mentor, you can win your sales team’s loyalty by treating them with respect. Instead of ruling over them, find ways to teach them skills that can be valuable for a lifetime.

Drive them with purpose

To boost sales, it’s important that your team is on the same page as you are! Be very clear to set out the ‘whys’ and the ‘hows’ of the product or service that they need to sell. Lay out the big picture before them and tell them what they are working towards.

The secret of a sales team’s success is about having them connected to the end goal.

So for your next team huddle, instead of talking to them about what they should achieve, tell them about the purpose behind those sales goals that you have set for them.

Set weekly and monthly achievable goals

Talking about goals, motivating your sales team also means that you need to make sure that you are setting goals that can be achieved!

Achieving goals and meeting targets act as a huge boost! When it comes to setting goals – before you pick your quarterly targets, have weekly and monthly goals in place.

This is a better technique to ensure that your sales workforce is on track with the targets set for the end of the quarter.

Weekly goals: Now these are more short-term in nature and need to be achieved with a proper plan and a clear set of tasks!

Monthly goals: These goals are often tied to incentive plans or commission structures. The monthly targets should be broken into 4 parts that can be achieved every week.

Celebrate every win

That’s right, it’s not always about the big wins – make sure to celebrate the smaller achievements too.

A big part of building motivation is appreciation! Never shy away from showing your sales team that you care about them.

Call out specific achievements and don’t hold back on those compliments!

Know more: https://blog.unomok.com/how-to-motivate-your-sales-team-to-hit-their-goals-in-2021/

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Give sales reps full view into how their incentives are calculated. They will never question how much they earned.

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Keeping your sales team motivated and engaged is not a one-off activity!

Consider it to be an all-year-round process that needs constant tweaking to ensure that your sales reps’ morale is high and their performance – top-notch.

Given the knock-on effects of the pandemic and the changing (in other words, challenging) selling environment, boosting your sales team’s motivation is more important now than ever!

Time and again, sales incentives plans have been proven to work in this department – causing sales performance to scale without barriers. As per a study by UK’s Genesis Associates, over 85% of employees surveyed felt more motivated to do their best with an incentive plan in place.

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Unique Ways to motivating sales teams | Quotacal

At quotacal best Strategies to Motivate Your Sales Team · Build trust with the people on your motivating sales teams. Ask your direct reports how they like to be managed. Whether you need a motivational boost or want to inspire your team, these sales motivation techniques will help motivate your sales team in a big way. Give sales reps full view into how their incentives are calculated. They will never question how much they earned. To promote sales force motivation in organizations and bring incremental productivity in sales. For more details contact us today at Sales - 91 - 880707 - 3737 & Support - 1 - 812 - 00281354 and our targeted location USA,INDIA.

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Given the knock-on effects of the pandemic and the changing (in other words, challenging) selling environment, boosting your sales team’s motivation is more important now than ever!

Time and again, sales incentives plans have been proven to work in this department – causing sales performance to scale without barriers. As per a study by UK’s Genesis Associates, over 85% of employees surveyed felt more motivated to do their best with an incentive plan in place.

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Best commissionable sales for your Organization | Quotacal

At quotacal provides commissionable sales is the portion of a sale's value that a sales associate or representative can earn. It is a new paradigm to commissionable sales Your cost of items sold, credit card fees, shipping costs, and any sales commissions you pay to salespeople are all examples of variable costs. It also Give the sales reps full view into how their incentives are calculated. They will never question how much they earned. For more info contact us today at Sales - 91 - 880707 - 3737 & Support - 1 - 812 - 00281354,general Inquires - [email protected].

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Most organizations today swear by spreadsheets! We don’t blame them – the spreadsheet mania has caught on to functions in companies both big and small.

Excel pros are saving the day with never-been-seen tricks and formulas!

While we’ve got to give it to them for making our lives easier, considering the pace at which companies are growing today – you need more than just good ol’ spreadsheets to keep up!

Coming to sales commissions, if you’re still taking the excel route (read: struggling) – we hate to break it to you but you’re doing it all wrong.

Studies have proved that close to 88% of spreadsheets contain errors! With today’s modern approach and mounting operational complexities – automation is the only way forward.

Using sales commission software would be ideal for tracking and calculating your company’s sales incentives structure.

Move over spreadsheets, sales commission software is here!

There is a multitude of reasons why you need to make the switch from a manual, excel-process to an automated commission software. We’ll get to this shortly.

Let’s first talk about how you can avoid unnecessary commission payments by ditching the spreadsheets.

According to reports by Gartner, organizations that use spreadsheets are most likely to get a 3% – 8% error rate resulting in an overpayment of sales incentives.

Going by the proverb – ‘To err is human’, when you’re working with spreadsheets the risk of errors that may arise in excel commission formulas cannot be omitted.

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Incentive Structure for Sales | Quotacal

At quotacal incentive structure for sales should be designed in such a way that it exponentially benefits your company’s overall sales strategies while driving sales force effectiveness and supporting your go-to-market model. You see the problem here is that most organizations often consider the value of incentive compensation against the overall revenue while an optimal consideration would be to base it on the gross margin. For more details contact us today at 91 - 880707 - 3737/1 - 812 - 00281354 and mail us at [email protected].

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Best Commission Systems Software your business in India | Quotacal

Are you looking for the best commission systems Software for your business, Then visit unomok.com/quotacal. At QuotaCal we believe ‘Sales is a Game of Motivation’. During the initial days of our journey, we worked with Rockstar sales managers who told us about their pains and day-to-day challenges when it comes to framing the right incentive plan for their sales team. QuotaCal is a nice addition to our existing software stack as it is providing immense value to our organization. For more details contact us today at 91 - 880707 - 3737/1 - 812 - 00281354 & mail us at [email protected].