Taking Efficient Flow in Sales Performance Management
The sales industry evolves faster than ever. In the blink of an eye, the competition arises, and the services similar to yours are released, too. Regardless of what business you are running, what worked well several years ago - isn’t good enough today. There are no minutes for errors or trials; it’s time to sell.
The challenge is that your reps tend to be the free-thinkers and like to feel respected and trusted. In fact, some organizations require the sales people to fill in call reports to capture data on the processes - to prevent inconsistency and errors. Even though it’s a part of the sales performance management, many of the reps don’t understand the real value of the strategy. As a result, more experienced staff either complete information entry half-heartedly or refuse to do it all, preferring to use the time with clients. This means that the data comes from the junior managers and causes the following issues:
- the situation leads to inconsistency in the system and overall business processes
- dilutes the value of the data as not everyone is being tracked in the same way
Before embracing SPM ( sales performance management) as a strategy and introducing tools to support good practice, you may consider the following factors:
Obtain a clear vision where you want to go. Statements of vision will be as rallying alarm for employees and prospects and help them realize what company's overarching objectives are.
Set measurable goals. To reach the targets, ask yourself what is the intention to do it. For instance: sales to the fast-growing pharmaceutical sector by 25%.
Gauge activities that reflect the aims. Let’s say your purpose to boost the sales in the manufacturing sector, rather than concentrate on how many calls each worker makes every day. It makes more sense to focus on some new clients the managers have visited over a week.
Schedule a regular calendar of events. Set the common events in place, so the sales crew could be on the same page and be aware of the company's direction. This can comprise operation reviews, monthly pipeline or forecasting meetings, and the like.
Essential Aspects of Sales Performance Management
The director of sales performance improvement company Consalia, Ian Helps states that there are 3 core aspects of SPM, but only one is usually taken into consideration. These elements are:
- ensuring the crew reaches its numbers
- building a positive customer experience to help them do so
- developing star performers for the future
To implement the factors above into you business workflow, consider the following spectrum of activities worth to apply:
A question of equilibrium
The best managers balance all the 3 things above on a daily, weekly, and quarterly basis. If you address just the first, the others will require a lot of efforts. SomeC-level managers concentrate on measuring quizzing and outputs on how and when the numbers can be reached.
Take time to focus on determining the best opportunities for cross-selling and advance the professional development. At this point, everyone in the team will benefit and achieve better results.
Also, you can take advantage from the curriculum that contains sound metrics to measure efficiency like sales resources overhead or order trends. It also involves boosting performance, reviewing opportunities and accounts, and ensuring a process of continual improvement.
To implement SPM as a fully-fledged discipline, many companies need to put a change management program. However, making the process sustainable, the leadership has to approve and support it, that not always happen. But if you use your sales skills to its highly full potential, improve the performance, and show the numbers, it shouldn’t be a problem.
Other practical consideration, is to ensure that the company and management processes are well-documented. And final , the most important aspect involves buying-in from the reps themselves rather than simply importing the change upon them. It is essential to make the team feel that their opinions are valued, as it will boost not only staff performance but also the KPIs and revenue rates.
CRM as a Helpful Tool
Different software play a critical role in the business processes today. Utilizing the advanced CRM system into the workflow will simplify the information gathering and analysis. Furthermore, you will gain an opportunity to automate the lead management, as well as tracking the employees’ performance, and financial processes.
The thoroughly built sales performance management plan is the key to creating workforce—the hallmark to success. Without one, your company is designed to lose more than just the time and money, but the knowledge, colleges, and the spot at the competitive edge. Feel that your CRM platform set some boundaries for the sales crew? Schedule a consultation with our expert and learn more about how to improve the situation and get some practical advice.