Data-driven companies are known to be more productive, but what are the best strategies to utilize analytics with Sales Performance Management (SPM) to get the most out of your data?
These are a few of the key topics discussed at WorldatWork’s 2018 Spotlight on Sales Compensation event. Held in Chicago, the event brought compensation experts from around the world to discuss strategies for better motivating and optimizing their sales force.
Our Three Takeaways:
Analytics for SPM
Sales leaders and C-Suite executives all want to know - with specificity - what they are getting for their investment in the sales effort. Analytical tools applied to all sales transaction and performance data, can not only enable organizations to track and monitor sales performance, it can also help them identify the key metrics driving sales effectiveness. Defining your sales compensation plans with these metrics and realistic targets, can both help in attracting, retaining and motivating the right sales employees, and aligning your plans to these key drivers of your business, can help both the company and your sales teams drive success.
Optimizing coverage models
Sales coverage models need to evolve as market conditions and business requirements change. When determining your coverage model, you need to decide what quotas are based on, are they shared versus overlay, and what results you are trying to drive with through your quotas. This can be based on a number of financial measures like annual contract value, total contract value, bookings, billings, etc. The key is leveraging analytics to design the correct plan and coverage model for your organization to ensure it is always aligned with your goals and the ever-changing market conditions.
The role of technology
To solve sales challenges, managers and their operations teams are focusing their investment in software solutions that enables them to align and manage their sales compensation strategy, plans, people, and processes in one place. They recognize now more than ever that multiple solutions, spreadsheets, and manual processes are not effective in managing compensation and further do now allow them to get the needed advancements from analytics and plan optimization described above. They need a solution like beqom which delivers accurate, transparent, and trusted SPM processes that motivate and align your sales force.
How do we do that?
- By simplifying incentive compensation management: sales operations can simulate, define, and manage incentive compensation plans, accurately calculate, adjust earnings, and report on sales performance and compensation in a single solution.
- By centralizing territory management: simulate, define, and optimize multidimensional territories based on any combination of attributes of hierarchies.
- By optimizing quota and objective management: improve quota accuracy through iterative top-down/bottom-up planning, scenario comparison, and collaboration with finance and sales teams.
- By streamlining sales organization management: integrate and manage all your sales teams organizations, populations, channels, and dealers directly into your SPM solution.
- By providing a clear link between sales performance and incentive compensation: link targets, results, performance metrics, and assessments to all compensation and reward elements and put them to the test with advanced analytics tools and strategies.
- By ensuring transparency and trust in SPM processes that pay sales teams accurately: full transparency of all SPM processes from sales transactions to payment.
Read how beqom delivers accurate, transparent, and trusted SPM processes that motivate and align your sales force in the Workspan Sales Compensation Extra supplement.