Sales performance management (SPM) is a data-driven approach to track an organisation’s sales performance. With sales performance management software, you can plan, analyse, and manage your organisation's sales performance and improve decision making.
However, before you get SPM software, you must understand what it is, how it works, and how it can help you scale up. That’s what we’ll be covering in this blog.
So, without further ado, let’s get started!
What is sales performance management software?
A sales performance management software helps the sales managers to streamline various activities associated with the sales team. These can include:
- Hiring and onboarding new sales reps
- Executing sales training
- Compensation management
- Sales territory management
- Advanced sales analytics and reporting
It is like a sales monitoring system that tracks all the above functions to maintain the sales team's overall performance. SPM software includes different tools like Business Intelligence, advanced dashboards, etc., to visualize the sales teams’ actions. Some sales performance management software also includes various gamification functions, contests, quizzes, etc., to motivate the reps.
Why sales performance management software is important for business expansion
If you’re planning for a business expansion, getting SPM software should be on your agenda. Here’s why:
- Simpler sales pipeline management process
- Introduction to a data-driven approach
- Higher sales productivity
- Seamless territory and incentive management
- Frequent development initiatives
1. Simpler sales pipeline management process
SPM software helps sales teams with better sales pipeline management. The concept of a sales pipeline is very common for each organisation. It is an organized way of tracking the prospects of an organisation through various stages. The presence of SPM software helps sales teams to get clear visibility into their sales pipelines.
That way, they can identify which prospect is in which stage and how close are the reps in closing a sales deal. At an enterprise level, it helps you predict the sales trends of your company. Hence, sales managers can create a sales team scorecard and plan the incentives accordingly.
2. Introduction to a data-driven approach
An organisation generates a variety of sales data from different channels and tools. However, they often fail to aggregate these datasets to gain data-driven insights. That’s exactly where SPM software like SalesKen comes into the picture.
These sales performance management software types come with advanced features like customer intent scoring, real-time sales assistance, targeted sales training, and clear visibility into your sales activities. With intent scoring, you can identify a prospect’s intent to make a purchase, and accordingly, you can chase them.
The real-time sales assistance feature comes with an AI assistant who would customise your sales pitches so that you can track the top reps evidently. Also, with real-time sales coaching, the prospects can get instant feedback and align their sales approaches in the right direction.
With all these features and functions, organisations can easily develop a data-driven approach and plan their sales strategy effectively. SPM tool is highly useful for sales team performance monitoring and decision making.
3. Higher sales productivity
Maintaining a productive sales workforce is essential for every organisation. However, the challenge lies in keeping the employees productive. Largely because sales reps have to handle many objections and rejections in their day-to-day lives. All these can leave them demotivated and therefore less productive. However, with sales performance management software by your side, you can easily uplift the productivity level of your sales team.
SPM software comes with built-in sales productivity tools like training resources, courses, real-time coaching, etc. All these help the reps to evaluate their sales pitches and rethink their approaches while prospecting. Rather than focusing on best practices, SPM software helps the reps to find out their individual strengths and weaknesses. Hence, you can execute a targeted training where you work on the strengths and weaknesses of each sales rep.
Hence, these productivity initiatives can easily keep your reps well-trained and help them win more deals.
4. Seamless territory and incentive management
Sales territory management is a crucial part of sales performance management, more so because it is directly linked to the incentive management part. It is highly essential that you define the sales territories properly so that each sales rep has an individual territory of their own.
But is that it? Not really!
While assigning a territory to a rep, you need to ensure that the rep’s skills and expertise match the local factors of the territory. That means the rep should be able to interact with the target prospects of that territory. Hence, taking a generic approach will not help the territory management part.
To ensure that the right reps are allocated for the right territories, you need to focus on a data-driven approach. That’s why using SPM software is mandatory. With in-depth sales intelligence, such software can help you match the individual rep’s capacity with their target territories. As a result, it becomes easier for sales managers to decide which territory will be apt for which sales rep.
Therefore, you can manage the sales team scorecard and plan accurate performance-based incentives for the reps. Hence, there will be no under-payment or over-payment. Sales reps will also stay motivated as there will be zero biasedness.
5. Frequent development initiatives
Sales teams need to engage in development activities frequently. That way, they can stay up to date with the latest industry trends and apply these trends in their sales pitches. So, if you’re focused on continuous skill-building, you should think seriously about getting SPM software.
Each SPM software has rich features like regular training, motivational tools, sales efficiency manager, sales productivity tools, etc. All these are effective in keeping the employees on track and helping them to stay motivated throughout their sales journeys.
5 Top Features of Sales Performance Management Software
Are you looking for SPM software for your business? Make sure that you look for the following features:
- 💱In-depth sales analytics
- 📑Advanced dashboard
- 🛠️Gamification tools
- 👨💼360-degree customer visibility
- 💾Opportunity and lead management
1. In-depth sales analytics
SPM software goes beyond regular CRM reports and generates in-depth sales visibility. It can capture sales data from multiple sources like sales pipeline, social media channels, CRM tools and consolidate it all to create in-depth insights.
Hence, sales teams can develop clear perspectives on which prospects are worth chasing, the lead conversion or non-conversion insights and so on. Therefore, leaders can take actionable steps based on this information.
2. Advanced dashboard
An ideal SPM software includes different types of advanced sales tools on a single dashboard. The purpose is to measure an organisation’s sales performance and keep track of all the latest sales trends on a single dashboard. SPM software pulls relevant sales data from different sources and assembles it all to help in informed decision-making. Most sales performance management software offers different types of dashboard templates that are customisable for an organisation’s requirements.
3. Gamification tools
In most cases, SPM software also includes gamification tools like quizzes, badges, contests, etc. The purpose is to use these tools to motivate the reps and increase their productivity through various fun activities. These tools can create a competitive environment and encourage the reps to achieve their targets. Customised gamification tools come with various reward and recognition opportunities. That way, you can appreciate the reps for their hard work and offer them befitting rewards.
4. 360-degree customer visibility
SPM software should offer 360-degree visibility into your user base. It should entail all details about your customers and their contacts within a single database. Make sure that your sales performance management software records customers’ contact details in one place so that you can use and track this information whenever needed.
This will help you get a hold of all activities you’re involved in and how you can use these datasets to strengthen your sales strategy. Furthermore, you can use this data to predict customers’ purchase decisions and modify your sales pitch accordingly. This can be a smart way to win customers’ trust.
5. Opportunity and lead management
A sales performance management software also lets you manage all opportunities and leads in a single place. You can track your competitors, interact with the decision-makers, create sales pitches, and design your sales strategy accordingly. Adding leads from different sources to your dashboard also becomes seamless with SPM software.
Revamp your sales process with SalesKen
Are you planning to revamp your sales strategy and process with SPM software? Your search should end with SalesKen.
This sales performance management software can assist you with:
- Identifying customers’ intent within the first 10 minutes of the demo call
- Convincing the customers with only 1 or 2 engagement hooks
- Optimising sales pitch to reduce gaps
- Offering targeted coaching to your reps for maximum efficiency
- Get a stronger grasp over territory and incentive management
- Real-time assistance to direct the reps on the right track
- Keep your sales reps motivated with training and gamification tools
- In-depth visibility into your sales pipeline to track leads and improve conversions
- Measure various sales metrics like sales revenue, prospect intent, etc.
- Predict future sales opportunities through in-depth sales analytics
So, what are you waiting for? Book your demo now to explore our SPM software better.