Blog Details
How to Drive Consistent Business Growth with Sales Performance Management?
There is a popular saying in sales “Setting targets is the first step in turning the invisible profits into visible cash”. Well, it couldn’t be more accurate. Achieving consistent business growth relies heavily on effective Sales Performance Management (SPM). In today’s ever-evolving business landscape, marked by uncertainties and unprecedented challenges like social distancing and economic pauses, having a reliable SPM system is essential for steering your sales team through turbulent waters.
Sales Performance Management is a comprehensive approach that encompasses a spectrum of strategies and tools, all geared towards optimizing the performance of your salesforce. It’s not just about establishing sales targets; it’s about the relentless pursuit of these goals and the consistent achievement of them. In a world where the competitive edge can mean the difference between success and stagnation, the effective implementation of SPM is your secret weapon.
So, how can your business harness the power of SPM to thrive in demanding situations?
By following two robust models of planning approach, a revenue target model based on multiple parameters and a corporate account management model based on activities for increasing wallet share.
A. Target Planning Model
1. Set Targets Based On Multiple Parameters
A great sales performance management platform helps users to set targets based on roles, products, time period, channels, revenue, quantity and conversion rates etc. This helps in in-depth planning and execution of targets. These targets can be assigned at multiple hierarchies and rolled up depending on organizational policies and strategies.
2. Guided Steps To Achieve Targets
SPM acts as a catalyst for sales users in achieving targets by auto calculating the required number of leads, campaigns, interactions and conversions on a daily basis. It helps to close the loop between marketing and sales strategies to maximize revenue. This information comes in handy for the daily work planning of a sales executive. The platform can also deliver AI-driven smart tips and next best action items to boost conversion rates.
3. Complete Process Tracking Visibility
Sales Performance Management helps you to track performance at all levels ranging from individual sales executive to teams, regions etc. depending on the organizational structure. With complete visibility of performance, timely course correction strategies can be implemented to ensure targets are achieved and there are no last-minute deviations.
B. Account Planning Model
1. Enabling Intelligent Planning Process
Users can set revenue and activity targets based on different parameters like income, income group, organizational hierarchy, balance sheet, credit ratings, wallet share, outstanding payments etc. It enables the sales team to get actionable insights on their pipelines, leads, contacts etc, with the platform that fetches data in real-time. Activity plans can be created based on real-time, verified financial and news based corporate information available through integration with multiple third-party sources.
2. Easily Configuring Forecasts And Review
Sales Performance Management enables users to quickly forecast activities needed to achieve targets can be quickly forecasted. Account directors are always aware of their RMs’ performance in real-time and can step in if needed. This ensures timely execution of plans and focuses towards generating greater activities for maximizing value from corporate relationships.
The use of Sales performance management can help in taking out the guesswork out of sales planning and targeting. A data-driven, high impact sales and relationship strategy can be easily created along with the tools to execute and measure performance accurately.
Sales Performance Management (SPM) is definitely a game-changer when it comes to driving consistent business growth. Where competition is fierce and customer expectations are constantly shifting, businesses need a reliable compass to navigate their way to success. SPM serves as that compass, taking the guesswork out of sales planning and targeting. With its data-driven approach, it enables organizations to make informed decisions, develop high-impact strategies, streamline execution, and measure performance accurately. By embracing Sales Performance Management, businesses can chart a path to consistent growth and long-term success.
