Sales Performance Management Benefits that Encourage Growth
SPM Benefits in Today’s Business World
The Gift That Keeps On Giving... & Giving... & Giving
Are you concerned with raising your bottom line and making the most out of every opportunity? If so, sales performance management software and the SPM benefits may be worth the investment. SPM solutions help companies better understand and visualize their sales performance metrics to assess and continuously improve for future revenue growth.
SPM is imperative for business in today’s landscape. Its place in the landscape is only improving as advances in AI and technology continue to broaden its scope of abilities. SPM solutions can help manage sales processes, incentive compensation, and organize sales data to improve overall sales performance. With SPM, benefits are endless– as you integrate it deeper into the structure of your business, new advantages reveal themselves, and your team better understands what strategies will improve their performance.
This blog post will discuss the value of SPM solutions and how they can benefit your organization. We will help you understand how to maximize these advantages for your sales team and improve performance.
But First... What is Sales Performance Management?
SPM Basics and Why They Matter
Sales Performance Management is a crucial component for businesses looking to maximize their revenue potential. Simply put, SPM practices use sales data to plan, analyze, and optimize sales performance while improving the overall business strategy. With a focus on managing sales performance, businesses can raise their bottom line and help their teams achieve goals. The general idea is to improve the efficiency and effectiveness of your sales organization by identifying areas of improvement, setting achievable sales goals, and incentivizing the sales team to meet those goals.
SPM software solutions provide timely and pertinent data, helping companies manage their sales teams more effectively, reduce turnover rates, and increase their overall profitability. Some key business areas of SPM that can create the biggest impact include:
- Sales strategy
- Sales forecasting
- Territory and quota management
- Customer relationship management
- Incentive compensation
- Human resources
- Sales operations
Utilizing the right SPM software to manage these business areas can optimize your strategies and empower your organization to meet their objectives to thrive in today’s competitive market. Solid SPM practices streamline operations across all departments and, when integrated properly, can improve efficiency throughout the entire company and raise the bottom line. Keep reading to learn more about how an SPM solution can benefit your business.
SPM Benefits that Revolutionize Your Sales Process
How SPM Solutions Will Change the Way You Do Business
SPM solutions can take your entire sales organization to the next level by using technology to streamline various processes, including incentives, territory management, and quota allocation. In addition, implementing a structured SPM practice helps you identify the strengths and weaknesses of your team, improves sales forecasting accuracy, and supports company goals. SPM software solutions shine in their ability to provide valuable insights and suggestions that will enhance overall performance and encourage data-driven decision-making.
More explicitly, sales performance management benefits include:
Maximizing Program Effectiveness
SPM tools and practices can help you develop a sales strategy focused on your buyers, your internal stakeholder experience, as well as determine the technology and tools that will enable you to meet your unique business needs. SPM can ensure your sales strategies, goals, and tactics align with your overall business objectives.
Attracting and Retaining Top Talent
One of the biggest concerns for sales leadership is to be able to attract and retain top sales talent. Effective incentives to drive the right behavior, easy access to pertinent information, and accurate and timely payouts create a culture of motivation, transparency, and trust. Sales performance management strategies and tools help with all these aspects, building a loyal and engaged sales team.
Achieving Operational Excellence
Standardizing and automating manual and tedious sales processes and tasks minimizes the administrative burden on your team members. It allows managers and administrators to perform more value-added tasks, such as assessing compensation plan effectiveness and increasing team performance and will enable your sellers to spend more time selling. It injects the much needed hygiene into your processes to achieve excellence in team performance.
Eliminating or Minimizing Risks
Organizations that have not invested in SPM solutions are often flying blind on predicting the effectiveness of their incentives programs, as well as the territory and quota alignment. Additionally, error prone manual tasks result in incorrect forecasting, attainment calculations, and incentives payouts. They lack traceability and auditability of their processes. These aspects cumulatively increase financial risk across the organization. It also drastically decreases employee satisfaction and increases turnover and churn. SPM solutions can help mitigate these risks to create a more stable foundation for your business to thrive.
SPM solutions, when used to their full potential, benefit you in all the ways listed above and others unique to your business.
Next, we’ll summarize how you can utilize SPM solutions for your sales organization.
Get the Most Out Of SPM Solutions
What Sales Performance Management Can Do For You
In a nutshell, a good sales performance management strategy and related software is necessary for any organization that wants to drive topline revenue while optimizing their bottom line costs. Using the technology and data-led SPM software solutions available, organizations can streamline sales operations and increase sales team performance. Sales Performance Management solutions can help you:
- Standardize and Systemize: Standardizing and systemizing sales processes across your sales organization can instill good habits and eliminate bad habits on your team.
- Monitor and Manage: Through user friendly dashboards and insightful reports, you can monitor, measure, and manage progress.
- Correct and Pivot: Using timely and pertinent data, leadership can quickly correct off-track behavior as well as pivot to a shifting landscape.
- Continuously Improve: With systems and standard processes in place, sales leaders can constantly assess and improve sales organization performance.
Blue Horizons Group Is With You Every Step of the Way
SPM Services With A Personal Touch
Now that you understand why investing in good SPM solutions is critical, how do you get started? This is where Blue Horizons Group comes in. Blue Horizons Group provides end-to-end SPM services from strategic advisory to system implementation and enablement. We create tailor made SPM solutions based on your unique business criteria, needs, and scale. So no matter where you are in your transformation journey – from needing guidance with strategy and technology selection to implementing systems to fit your unique needs or continued support through managed services and training – we can help!
Our SPM experts at Blue Horizons Group bring over 200+ years of collective SPM experience across industries. We harbor a culture of innovation to anticipate and embed future needs while connecting the dots in the SPM ecosystem. Our approach focuses on the nuances of your business to provide solutions that best fit your organization. We value and foster an open and collaborative partnership with our clients guiding, supporting, and enabling them through every step of their sales transformation journey. At Blue Horizons Group, we are heavily invested in our client’s success. So if you are in the market for SPM solutions or have questions about sales performance management benefits, contact us or call to learn more.