Sales performance management (SPM) is undergoing significant transformation in today’s fast-paced and technology-driven business environment. As organizations strive to achieve sales excellence and stay ahead of the competition, it becomes critical to embrace emerging trends. In this blog post, we will delve into the future of SPM, exploring key trends and technologies that are set to shape how sales teams operate and thrive.
1. Artificial Intelligence / Predictive Analytics
Artificial Intelligence (AI) and Predictive Analytics are now prominent terms in the business world. In simple words, they involve leveraging both internal and public data to make informed decisions that can accelerate growth.
Within the realm of SPM, AI-powered tools offer valuable insights in various areas. Analytics can provide answers to important questions such as: Which products/territories perform best and why? How can we enhance our products and services based on customer feedback? What are our customers’ future needs?
Analytics can empower businesses to tailor sales messaging, offerings, and experiences to individual customers. Additionally, by understanding the working methods of high-performing and low-performing sales representatives, companies can identify best practices in communication, lead generation, follow-up, time, and resource allocation.
2. Continuous Coaching
The role of a salesperson has evolved from being a mere “seller” to that of a trusted advisor, making continuous coaching increasingly crucial to the success of sales organizations. Sales coaching should go beyond the initial onboarding and scheduled training. It calls for an ongoing mentoring process where coaches guide sales representatives in developing soft skills, identifying areas for improvement, and charting out a path for growth.
To effectively coach your sales team, a structured program is essential. Coaches should develop a range of content and activities to engage with their reps regularly, be it daily, weekly, or monthly. These activities may include pulse checks, spontaneous Q&A sessions, win/loss reviews, role-playing exercises, targeted competency workshops, account and territory planning, and performance reviews. The aim is to ensure that no sales rep is left behind and that continuous learning and improvement are fostered throughout the organization.
3. Ongoing Evaluation of Compensation Plans
In times of economic uncertainty, businesses are adopting a more adaptive approach to designing and implementing compensation plans. While traditional comp plans are typically established at the start of the fiscal year and remain unchanged, it is advisable to consider adjustments that align with the company’s evolving goals.
For example, if all reps are struggling to meet their targets in a pay period due to a sudden market downturn, it may be unfair to penalize them based on goals set at the beginning of the year. Instead, revising quotas to reflect the challenges faced and compensating reps fairly for their achievements can foster motivation and maintain morale.
For another instance, if management emphasizes the need to promote a specific product category after the start of the year, rather than sticking with the original comp plan with equal weightage for all product lines, adjusting the weights and payout rates for the focused category can provide stronger incentives for reps to prioritize and promote it.
4. Mobile Sales Enablement
Nowadays, data consumption predominantly occurs through mobile devices, especially for sales reps who are always on the go. With smartphones and tablets, sales reps gain instant access to sales collateral, product information, and customer data, allowing them to engage timely with customers and close deals faster.
Imagine a customer requesting an update on a quote for a product that was not initially included. The sales rep can swiftly access corporate systems on their mobile device and generate an updated quote on the spot, leveraging the convenience and efficiency provided by mobile technology.
There is also a growing demand for viewing commission statements and real-time commission details on mobile devices. This allows sales reps to see and forecast the impact on their payout as they’re working through the deals.
5. Integration of Sales and Marketing Systems
The alignment between sales and marketing will become increasingly important as organizations seek integrated platforms and collaborative strategies to achieve a cohesive customer experience. It goes beyond data sharing. Effective communication, shared goals, and KPIs, along with consistent messaging are key. The future lies in nearly real-time integration between CRM systems, quoting systems, sales enablement systems, and sales compensation systems. =
Data-driven decision-making, continuous coaching, ongoing review of comp plans, mobile sales enablement, and integration of sales and marketing systems are all key trends that will transform how SPM will operate in the future. Embrace emerging trends and technologies. The future is now—unlock new opportunities and propel your sales performance to new heights.
To learn more about emerging Trends, Technologies, and how SpectrumTek can assist you, please contact us at firstname.lastname@example.org