SPM or Sales Performance Management is the set of tools and processes that enable to better allocate and manage compensation and incentives for individual sales or channel personnel to achieve the sales targets. The appropriate territory allocation, and by keeping the sales team rightly trained and motivated would keep the sales in line with the organizations objective. Right information and tools of SPM helps a sales team across in various ways. A Sales representative would be more accurate and efficient. The Sales Managers would be able to make decision faster, avoid surprises and have a better control of the sales operation by directing the incentives bt designing result oriented programs.
An organization managing the commissions and compensation for the sales reps and the channel partner by traditional home grown methods tend to loose considerably. Most systems of this type are error prone and not as efficient. They lack the dynamism of having to adapt with the changing customer behaviour and sales management decisions. Sales strategies would help focus on right resource, territory, channels etc. based on quota.
Keep the sales team well motivated, by automating the compensation and payouts fast and accurate. This improves the accuracy, eliminates errors. The compensations plan can be made that can drive the sales and ensuring compliance. The sales programs can be amended rapidly based on analytics and sales strategy.
Sales Territories helps in several ways, including managing the specific requirements in a segmented manner. It helps in allocation, and amke comparison, that would provide clarity of over or under servicing of customers. SPM Solution allows to tie the creation of sales territories based on data thus maximising the productivity of the sales team. This also allows to define targets that is more aligned with the corporate targets.
Training the sales team helps in keeping ahead of competition. The training requirements can be linked with the incentives. Training can be delivered through the mobile devices. The training programs, wll designed acts as a motivator for the people - as it would keep them uptodate with the trends.
For a new sales hire - onboarding could be designed, that helps them become productive in less time. this can be achieved by sharing all the resources that are required by them. Targets can be set for 30-60-90 days, that helps them to acquire information about company, products, services, processes etc.
Updated sales data is the most accurate data, that can throw insight on performances. It can provide information about the performance of the sales, channels, marketing and customers. This can be used for driving the future plans make predictions and setting goals. The data may be used for changing the way the business should operate and areas where it should focus on. The decisions are more data driven and not based on assumptions.