Model Your Growth with Algorithmic Sales Performance Management in CRM

CRM solutions, CRM software, CRM for banks, Banking CRM, Financial CRM

Companies today are royally fed up with third party performance management systems. Why? Because they
  • Lack of complete visibility of processes
  • Track achievements and records on excel sheet
  • Forces multi-window hopping which is inconvenient
  • Gives no real time escalations and alerts
They are looking for a versatile alternative that propel their sales growth to higher dimension.

In order to catalyze your sales, you need Catalyst Performance Modeler. This means throwing out the traditional thinking of just having Targets and results. For powerful traction, you need a catalyst that delivers performance based on new engines such as.
  • Dimensions
  • Multi Dimensional Variables (MDV)
  • Models 
  • Displays
 CRM solutions, CRM software, CRM for banks, Banking CRM, Financial CRM


Now let’s dive into each factor separately.

1. Dimensions
In science dimensions are defined as coordinates needed to specify points. Catalyst works on the same principle. The coordinates as seen in the images below can be in the form of Products, channels, branches, amount disbursal and conversion statistics etc. It can come pre-defined or managers can custom define the parameters. 

2. Multi Dimensional Variable (MDV)
If only one or two variables are defined, it would make execution of any planning too narrowed for comfort. Thus, often, the ability to execute multi dimensional values in prized in Sales Performance Management Systems inside native CRM solutions.
CRM solutions, CRM software, CRM for banks, Banking CRM, Financial CRM


3. Models
Models are the engines that runs your sales targeting, planning and reviewing variables. It encompasses everything from sales planning target wise, product wise etc. The models are helpful for planning and executing campaigns that guarantees the sales team’s long term success. You can also review individual member performance against set targets to avoid deviation and lags. 

4. Display
How would you like your models to be displayed (no pun intended)? Customize your model views as per your specifications. You can specify their dimensions, be it single dimension or multi dimension. You can just drag and drop to customize instead of writing hours long codes. 
CRM solutions, CRM software, CRM for banks, Banking CRM, Financial CRM


Here’s an illustration of how efficiently this plays out. 

A large bank in Asia wanted to...
  • To allocate the monthly Targets (role, focus and product wise sales points) to individual sales users 
  • To customize the sales planning and approval process for sales users
  • To display the Review (Target vs Achievement) to sales users
  • To provide the accessibility of Planning reports to sales users
  • To provide the supervisory support to sales managers
This is how CRMNEXT Catalyst Performance Modeler propelled their sales performance

A.Target allocation with the help of dimensions or MDVs
Target object is used to configure the Target process (w.r.t. Target layout, Assignment rule, Alert rule, etc.). Target by Focus section are available in the Planning detail page by configuring the Review and Planning forecast models in the Planning layout. Administrator can upload the monthly sales Target in CRM Solutions,for the individual Sales users. 

B.Defining points
The sales points are the KRAs set to define the target for the specific user roles. 
The predefined points can be set in a target w.r.t. a value (in terms of number of products/amount of products to be sold). E.g. for Foreign National product, 3 points are set for 1 value. This means - if a sales executive does the sale of 1 value (i.e. 1 product of Foreign National), then he will get 3 points (i.e. KRAs). Similarly, for New Car Loan product (in Cross Sell focus), 5 points are set for USD 10000 value. This means - if a sales executive does the sale of USD 10000 (for product of New Car Loan), then he will get 5 points (i.e. KRAs).

C. Setting Sales Planning and approval process in Models
Planning created by the sales executives on the basis of individual monthly target is set and approved by his Team Lead or Manager. All the components assigned to the user will be visible to him in the Planning segment. Objects under planning are used to configure the Planning process (w.r.t. Planning layout, Assignment rules, BERs, Alert rules, etc.)

Auto-calculation of the required Pitches and Leads in CPM
It is worth to add that when the sales user creates the planning for various dimensions by entering Sales Required, Lead Conversion percentage and Pitches Conversion percentage; the model auto-calculates the following things for the sale user to help him achieve the Target:
1. Leads Required
System will calculate the no. of leads to be created by sales user to achieve the target (Sales Required) w.r.t. Leads Conversion percentage.
2. Pitches Required
System will calculate the no. of Pitches to be created by sales user to achieve the target (Leads Required) w.r.t. Pitches Conversion percentage.

The following things gets auto-calculated and are useful for daily planning of sales user:
1. Sales Required per Day
System will calculate the no. of product wise Sales (to be achieved by sales user per day) basis the ‘Sales Required’ and the ‘Effective Working Days’.
2. Pitches Required per Day
System will calculate the no. product wise Pitches (to be created by sales user per day) basis the ‘Pitches Required’ and the ‘Effective Working Days’.
3. Points Required per Day
System will calculate the points (to be achieved by sales user per day) basis the ‘Points and the ‘Effective Working Days’.

D. Review and achievement tracking 
Once the model results are customized and displayed, both sales managers and executives can review their performance and alter plans if needed, inside the CRM solution itself.

Put a sledgehammer to multiple windows, tedious excel sheets, complicated reports and restrictive access. Sales tools like CPM delivers an in-built, easy-to-learn user interface to anticipate future sales and gain deep, multi-dimensional visibility into sales executives’ achievement progress.