This May, Salesmate is bringing Formula Fields, that’ll help you create custom formulas and use them for various sales, marketing, or customer service calculations or metrics. You must be familiar with Custom Fields in Salesmate. Consider Formula Fields as a high-level upgrade.
Let’s start with the basics.
So, what are Formula Fields?
Formula Fields are equation-based custom fields where you can combine functions, operators, and existing Salesmate fields, and create a formula of your choice to get answers to complicated calculations.
Now, Formula Fields works with the four most essential modules in Salesmate:
Just to give a simple example, you want to calculate the discount amount for every deal you create.
You can create a simple formula like:
Now, every time you open up any deal, you’ll find the discount amount calculated automatically.
I understand you might need more insight on how this feature can help you in real business scenarios.
So, we’ll take three perspectives – Sales, Marketing, and Customer Service. And see how Formula Fields can help each team.
Formula Fields for sales teams
Let’s assume you want to calculate commission for every deal your sales reps close. You can calculate sales commission in multiple ways, and every business has a different approach to it.
But for ease of understanding, let’s assume that you want to give 10% of the Deal Value as a commission to the rep.
Here’s how you can create a Formula Field for this use case:
First, go to “Manage Fields” from the New Deal option. Create a “New Custom Field” and choose the newly added “Formula” option at the very bottom.
This is the space where you’ll create a formula from scratch. You’ll find 40+ functions and operators here. You can also use your existing fields as a part of your equation.
So, this is the formula we can use to calculate the commission for each deal.
Once you make the formula live, you will see the new field active in every deal with the calculation you need.
Remember, Formula Fields are dynamic, and they work based on the equations you have set. So, if you change the deal value, you will notice the change in commission as well.
Formula Fields for marketing teams
Let’s try to broaden our vision for Formula Fields, and this time we will take an example for marketing agencies.
As an agency, you deal with a lot of freelance content creators, and you have to pay them every month based on how many words they have written.
We can ditch Excel for this task and automatically calculate the total amount you have to pay using Formula Fields.
First, we need to create two custom fields inside the Deal module.
1. Number of Words Per Article
2. Per Word Charges
Now, we will create a Formula Field, that’ll give me the total cost of each article, and the formula will go something like this:
By the end of the month, you can create a detailed report on how many words have been created by the writer and how much the total cost is.
This means Formula Fields is an amazing tool to supercharge your reports and performance tracking.
We can also take another example for the customer service teams.
Formula Fields for customer service teams
Let’s assume, we want to calculate the insurance policy renewal date.
First, we need to add a custom formula field of “Policy Start Date”.
Now, we will create a new custom field with a formula. It would look something like this:
This formula will automatically calculate the next policy date, so your service team can connect with customers or use automation to shoot reminder emails.
There are tons of use cases, and Formula Fields can truly add value to your sales, marketing, and CX efforts. If you’d like to learn more about Formula Fields, check out our support article here.
Want to try it yourself?
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