How to Drive Consistent Business Growth with Sales Performance Management?

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". 

Spare a thought for sales teams in today's uncertain times. The new normal of social distancing and eventual pause in economic activity has caused every sales leader's target hitting strategies to hit an iceberg. 

Sales teams need a powerful performance management system that proves itself in good, bad and ugly times. How can businesses catalyze their sales performance 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
SPM 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
SMP 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.

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