Blog Post #2: How can I use STAKT to incentivize more sales volume?

By: Devin Oakes

Introduction:

"Sales solves problems" was one of the first common phrases I heard out of the mouth of my first sales manager in 2015. For anyone who has managed or owned a business with an in-field sales team they would probably agree that incentivizing sales volume is top of mind no matter the season. With more volume the business can access capital and resources to continue growth and can also use that capital to solve more problems.

More sales brings more revenue, more profit, and overcomes obstacles for business owners. Increasing sales volume also allows for most investment into improving customer experience and retention. From any angle we can all agree that incentivizing more sales volume is a worthy goal for any organization. So lets see how STAKT can help.

Lets dive in to 5 ways that STAKT can help incentivize sales volume from your in-field sales team! 🚀

1. Allow Sales Reps Visibility Into ENTIRE PIPELINE

Theres nothing more frustrating for a sales rep than not knowing their numbers. If they can't see the conversions and view their customer list with ease then theres constant mental resistance to growing their customer base. With any producer if they start to wonder about fulfillment, statuses, operations, or if they question whether all of their hard work is being tracked correctly it can be demoralizing.

Sometimes the best way to incentivize is to consider the inverse: how can I make sure im not disincentivizing my sales teams? And lets be honest, lack of transparency and visibility is definitely not helping pump them up to go add more volume. Luckily, within the STAKT mobile app sales reps can view their total pipeline value as well as their total earned commissions added together. This pipeline view also shows them job status and shows in big bold numbers that TOTAL PIPELINE VALUE so they can see that number grow and grow as they push more sales volume.

2. Give leaders ACROSS THE ORG ability to earn overrides

Overrides are a component of nearly every sales compensation plan for in-field sales reps. Whether you have recruiters, trainers, managers, directors, regionals, vice presidents, etc the ability to earn an override is VERY important for incentivizing volume across a sales organization. When a sales pro has leaders pushing and motivating them naturally there will be an uptick of volume. The key is that theres clear expectations from multiple levels and multiple leaders across the org, not just the owner.

Within STAKT, companies can create overrides that are tracked automatically on each project. The platform allows for overrides to be applied based on individuals, compensation plans, product types, or fulfillment partners. Leaders can login to see their overrides easily and know that as they push more sales volume their overrides will continue to increase and add to their overall total income.

3. Increase Velocity of Payments aka SAME DAY PAY

Inherently sales representatives (and probably most people) are very motivated by instant gratification. If organizations can streamline their systems to allow for faster payments and as close to instant gratification as possible the natural result is typically an increase in volume as well as sales urgency. The trend that seems to be most common is weekly pay for in-field sales, but what if you could pay faster? Could that incentivize more sales volume? We think so. So we sought out a key partner for us to fulfill on faster payments and built a seamless integration.

STAKT has partnered with a payroll provider so that you can run payroll inside of the STAKT platform. The provider actually has the ability to process same day payments for sales reps. So all you need to do is go to your STAKT admin portal, approve commissions, and click "run payroll". Once you do that the sales rep will see their commissions deposited same day (as long as you click the button in the morning before the cutoff time!). Talk about incentivizing more sales volume! That instant reward pushes sales teams to go keep the momentum strong.

4. Create Tiered Commission Plans that PAY MORE FOR VOLUME

This sounds like an obvious one but you'd be surprised how many organizations don't have these incentives built into their compensation plans. Why? Because they are an absolute headache to track! The ability to push a sales rep to hit another production tier that unlocks additional pay is very very critical for pushing volume.

Using STAKT, our customers can create so many different variations of tiered commissions. When we onboard a new company the approach really does start with the base compensation and then the incentive levels are STAKT (see what I did there?) on top of the base pay with simple rules. The platform can build plans with tiers for total deals sold or total $. The tiered pay can increase by $ amount or by % as well. With ease, your compensation tiers will be tracked and automatically accounted for when you run commissions, incentivizing more and more sales volume for your organization.

5. COMING SOON: Display STAKT Commissions Data in your favorite leaderboard/canvassing tool

I wanted to give you a sneak peak into where STAKT is headed as a commissions management platform. Very soon you'll notice many of the most popular in-field canvassing apps creating views and commissions dashboards using STAKT data. We've partnered with multiple companies (soon to be announced) where your commissions data thats stored in the STAKT database can be used to create leaderboards, gamification, and top of mind commissions user experiences that will most definitely keep your sales teams incentivized to sell more volume.

We've worked hard the last two years to create ways to build compensation plans inside the STAKT database without needing to ever type in a formula and have decided that giving access to this data for select partners will help you to sell more deals. We are excited to announce more as this develops but had to mention it here as our final strategy to help you incentivize more sales volume within your in-field sales organization.

'TILL NEXT TIME! IF YOU WANT TO TAKE A LOOK AT STAKT SIMPLY BOOK A DEMO WITH US HERE.

Thanks!

-Devin