The best way to gauge how your business is performing both internally and externally is to track each aspect of the business. One of the key areas you need to monitor closely is the sales department since this is where all the revenue is generated. Thanks to technology, entrepreneurs can leverage sales performance management tools to gauge their performance and effectiveness.
Sales Performance Management (SPM) is also used to oversee and guide employees to help them improve their ability to sell products and services. This system works closely with Customers Relationship Management systems to boost productivity and streamline operations. However, the main challenge most entrepreneurs face is choosing the right SPM. This article will look at some of the factors you need to consider to find the best SPM for your business.
An Integrated SPM Platform
An SPM platform features several tools designed to help you plan and boost performance in your sales department. When finding the best option for you, look out for versions that offer sales capacity, incentive design, and quota planning. The platform should also be flexible, scalable, and adaptable to your future needs.
Performance Analysis and Optimization
To effectively gauge your business’ performance, you need access to real-time data and insights. The SPM should provide real-time data and analytics to help you make informed decisions when planning your sales strategy. You should consider finding a version that provides industry performance data you can use for benchmarking. This way, you can match your price points to market rates and eliminate potential pay gaps.
Data Integration Solutions
One of the main features you need to look out for when choosing an SPM is its ability to integrate with other data solutions. It needs to integrate with other platforms and optimize planning and performance across multiple fronts. Your Sales Performance Management should allow you to automate and streamline data flows and integrate with data solutions such as CRM, HRIS, ERP, and CPQ.
Territory Design and Management
Territories are a very sensitive topic for every organization and have an impact on the effectiveness and performance of the sales team. When the sales team feels their territories are unbalanced, it is difficult to motivate them and get them to meet their quotas. However, by using an SPM with territory designs and management, you can motivate your sales reps and increase quota attainment. The platform should have a territory mapping solution that is interactive and flexible enough to integrate with your territory planning and management.
Before settling on an SPM for your business, you need to consider the impact on your employees and if they are able to use it. For example, you need to ask if the platform requires extra time for your team to learn how to use it and if its addition will interfere with your team’s productivity and efficiency. A good SPM should be seamless and easy to use. The technology should also be useful to both star reps and junior reps; this way, it can enhance sales for everyone.