Why invest a lot in sales onboarding when employees will eventually pick up their work and get along with the rest of the team eventually!
If this is how you think of onboarding then it's high time you change your ways of thinking.
A study titled The State Of Sales Training & Onboarding says that if the onboarding or training process is unpleasant, sales representatives will leave their jobs. According to the study, 47% of account executives have quit their sales jobs as a result of inadequate training or a bad onboarding process.
So even now you have not understood the relevance of sales onboarding, this article is for you.
In this article, we deal with sales onboarding, its importance, the goals it achieves, its benefits, and the sales onboarding checklist you must follow for successful employee integration.
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Sales onboarding is the process of welcoming a new salesperson to the organization and providing them all support and assistance in better understanding their work and the organization.
The process includes providing an overview of the company, the responsibilities and set of tasks to be fulfilled by the salesperson, the expected quotas and targets, sharing information about the market and customers, and introducing them to the team members.
In short, sales onboarding helps a new employee adapt to the new environment quickly and ensure high performance and productivity in their job profile.
Even an experienced person might feel odd in a new environment. It is therefore the responsibility of the organization to ensure that their transition into the workspace is smooth.
Giving a clear picture of the organization, its structure, operations, departments and functions, etc. helps a new hire understand the company.
Briefing them about their job profile, the set of tasks that they must fulfill, how the responsibilities and duties are carried out and the future expectations from them will prepare them to face and handle the challenges of work well.
When employees have a clear idea of what their job is and what is expected of them, we can say the work is half done. Onboarding simply helps a newcomer adapt to the new environment easily and get going as soon as possible
The sales onboarding process makes it a lot easier for the new employee and the organization at various levels. Here are a few goals that sales onboarding fulfills
Building an efficient sales onboarding plan helps the organization in creating a smooth relationship with its new employees. It creates a platform for communication from day one.
Everything the company wants the employee to know is conveyed and the employee can ask all questions to clarify their doubts. Such open and clear communication will act as a foundation for future coordination and conversations.
When organizations take their employees through a sales onboarding process it helps in creating a sense of belonging in them. Understanding the company and being introduced to the rest of the team will make them feel welcome.
Such positive practices will ensure that it is easy for the new hire to find their set of friends and aid in building teamwork
Most often new hires are clueless for months as to what is their set of work and what is expected of them. Such confusion can heavily impact their performance where they either underperform because of the vagueness at work or they can overwork and tire themselves in a race to prove their grit.
Understanding their responsibilities and expectations helps salesforce plan their strategy towards achieving their targets.
Employees are hired, not just get a set of work done. Their thoughts and ideas have a huge impact on the company's operations. Each employee will have a unique take on a job or challenge and hence, each employee must contribute to their job role.
Sales onboarding helps new employees to be better prepared for the task and contributes to improving the efficiency of the current system.
The productivity of an employee is seen much higher when they feel they belong in their workspace. In creating this sense of belongingness, sales onboarding also ensures that employees feel committed to their jobs and come forward to be part of the company’s operations.
Employee engagement is the most crucial aspect in creating a healthy work environment and it is possible only when the employee feels part of the organization.
From an employee and employer perspective, the sales onboarding process provides a lot of benefits. Here are a few to look into.
When planning to build an efficient sales onboarding process, here are a few best practices you must follow.
Organizations must ensure that the sales onboarding process begins by providing a brief about the company overview. They must share key information about the company, its work culture, the industry, etc. to help the new joiner better prepare for the performance expectations, handle the sales competition, and close deals on time to achieve their quotas.
Before starting a sales job the salesperson must be aware of the company’s product, its features, benefits, the ideal customer profile, and their target market. Organizations must share these relevant details to help salesforce better strategize their sales process for better lead generation, faster conversion rate, and closing of deals.
The beginnings are always hard. Hence, sales managers must help the new employee to find potential clients, generate leads, etc. When entering a new organization with its niche way of getting things done, the new employees must be guided so that it's easy for them to understand the task at hand and upskill to meet the expectations.
Sales team must develop a routine where they ensure that the new salesforce is well-informed about everything related to the product and market. Sharing customer testimonials, case studies, and other relevant information will help them have better clarity and in-depth knowledge about their role and responsibilities.
Creating a sales onboarding checklist and ensuring that every key information is shared with the new joiner will help the sales team to integrate them into the team and streamline the process. This helps the new members to familiarize themselves with the sales routine and fall on track easily.
Building a set of sales onboarding best practices and evaluating them regularly will help the sales team determine its effectiveness and undergo changes if necessary.
Sales is a competitive job. Therefore organizations must build a practice where their new sales members can pick up the sales ways of the organization easily, get into the groove seamlessly, and rise to the expectations and challenges.
These are essential steps that will have a huge impact on the way the employee perceives, engages, and commits to the organization.
Companies cannot expect from employees unless they provide the foundation from which employees can grow, thrive, and contribute to the organization. Employees who feel they belong to the organization will not just give their effort and hard work to the organization but commitment, dedication, and trust that can take the company to bigger heights.
For what reasons does an organization opt for digital solutions in their business operations?
FinancesOnline pointed out that 40% of organizations opt for digital transformation to improve operational efficiency. While 35% incorporate digital tools to meet changing customer expectations.
The benefits of digital transformation also include improving new product quality, reducing product development costs, and the cost of poor quality.
Digital incorporation is inevitable in the current business scenario considering the wide range of benefits in adopting a digital model into your operations.
So think about how your sales management will boost when the process undergoes a digital transformation.
In this article we will explore sales tracker, how to create a sales tracker template, the benefits of incorporating sales tracker in your operations, the features of an ideal sales tracker, and the sales metrics to follow for better tracking your sales process.
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A sales tracker is a tool that helps sales managers monitor and keep track of the sales progress made, sales revenue earned and sales performance achieved.
The data gained by tracking various sales metrics helps sales teams understand the progress made by their team and their performance and productivity. Analyzing these accurate data also helps them make informed decisions that bring desired results.
The general purpose of a sales tracker is to quantify the sales process and convert it into data that is easy to monitor and comprehend.
Hence, the first and foremost step to creating a sales tracker is to understand the metrics the client wishes to track and how they want the data to be represented.
A sales tracker is also a centralized repository where all the sales-related transactions are documented. It must be ensured that authorized personnel can easily access all the information regarding sales from the sales tracker.
It must also be ensured that according to the client’s tracking requirement and preference of representing the data is available in ways that are easy for them to view and understand.
Here is how Kennect’s sales tracker implements these requirements into our solution.
Our sales tracker offers a variety of ways of representing the sales data. The collected data can be represented in the form of a bar graph, pie chart, or table chart according to the client's preference.
A sales tracker example for a pharma client can show sales data specific to a brand, on a customer level, or every month. This ensures that a senior-level manager can analyze the sales from various perspectives thereby providing a holistic view of the sales process.
Another feature that the Kennect sales tracker offers is highlighting the quota achievement. This means that if a salesperson has achieved more than 80 percent of their sales quota it will be highlighted in orange and if it's less than 80 percent then it will be marked red.
This calls the attention of the sales manager to note the sales performance and progress of each salesperson and provide them with coaching to help them close their deals and achieve their quotas.
In addition, senior officials have the option to download the required data into an Excel sheet or to “Email Me” directly to their mail address.
Through these features, Kennect provides clarity on the progress of the sale and monitors the salesforce performance to help companies incorporate ways to improve their operations and make informed decisions to rectify their shortcomings
Incorporating a sales tracker offers a lot of positive results to your company's operations. Some of these benefits include:
Sales tracker monitors the sales performance and progress of each salesperson, their revenue generated, the percentage of sales quota achieved, etc. It gives a detailed picture of everything related to the sales process. This ensures that companies receive valuable insights to make informed decisions to optimize their sales operations.
Sales tracker can track the sales attained by each sales rep. This helps sales managers monitor the progress made by their team, and provide coaching to help them maintain or improve their sales performance and achieve their quotas. For the sales tracks keeping track of their sales helps focus on their goal and strategize to achieve their targets.
Sales is a competitive job where a salesperson will be in communication with multiple clients to generate leads and close the leads. A sales tracker will help sales reps keep track of all their potential clients and strategies towards moving them to the sales pipeline for faster conversion and closing of deals.
Sales tracker provides insight on the sales techniques that provide positive results in closing deals. By understanding the common customer behavior that leads to sales and applying sales techniques that guarantee conversion, sales reps can prioritize their leads for faster conversion rates.
Incorporating data-driven solutions like a sales tracker helps salesforce better manage their sales and make informed decisions that help optimize their operations.
For further reading on improving sales check A Guide to Optimising Sales Performance for the Sales Process.
An ideal sales tracker eases everyday sales management and helps better keep tabs on the progress of the sale.
An ideal sales tracker must ensure data visibility. It must make the sales team's task of collecting, documenting, monitoring, and visualizing the data easy.
A good sales tracker must make it easy to understand the sales data. Through highlighting, graphical representation, and other features, the collected data must be easily comprehended by anyone and everyone.
The sales tracker must provide various viewing options. For example, the data must be available in pie, line, or bar graph. It must be available on a monthly quarter or yearly basis according to the customer's preference.
The collected data must be easily accessible to all authorized personnel. This includes being able to download the data into a sheet or directly mailing them to the respective email address.
Hence, the sales force must incorporate a sales tracker that offers multiple benefits to boost their sales process.
Sales trackers can monitor sales performance through various metrics. Some of the commonly used metrics include
Total revenue attainment refers to the total revenue brought in by the sales rep within a time period. It is calculated by multiplying the number of sales and the price of one sale.
Lead response time refers to the average time taken by the sales rep to follow up on the lead who contacted your business. In most cases, an ideal response time is within 24 hours. The quicker you respond the higher the chance of closing the deal.
Customer lifetime value is the revenue that a company will provide throughout its association with you. The longer the CLV, the higher the worth of the sale. This includes their first purchase, repeated purchase, and the average timespan with your company.
Each sales rep is assigned a sales quota at the beginning of the quarter. Quota attainment measures the percentage of quota achieved by the sales rep in a time period. The higher their quota attainment higher their incentive compensation as well.
Churn rate calculates the number of clients who leave your company within a time period. Especially for a subscription-based product where the contract needs to be revised regularly, the churn rate is a decisive factor that determines the growth of the organization.
These are a few of the various sales metrics that management uses to evaluate the profit of a sale and the performance of their salesforce. Taking data insights on these metrics will help organizations make informed decisions on their organizational growth.
To read more on metrics to follow check Customer Retention Metrics: A Comprehensive Guide to Boosting Business Success.
Work was often seen as a qualitative work. But with the current digital tools work has been accurately quantified thereby making performance evaluation objective.
Digital solutions offer valuable insights in the form of data so that it is easier for organizations to make informed decisions and plan their steps with precision.
If a sales tracking solution can offer a wide range of benefits to your business operations; think about the advantage of incorporating digital solutions in all areas of your business.
One of the biggest influencing factors in sales management is incentive compensation. By automating sales commission management you can keep track of your salesforce performance, calculate their incentives without error, and ensure there is no revenue leakage caused by discrepancies in commission accounting.
Kennect offers incentive compensation and sales performance management solutions to help create transparency and achieve operational efficiency. For more information, Book A Demo NOW!
The American businessman and philanthropist William Clement Stone once said:
“Sales are contingent upon the attitude of the salesman – not the attitude of the prospect.”
When an organization is staffed with a sales team with a positive and competitive attitude, there is enough and more that they can achieve.
But how do organizations ensure such a pragmatic and productive sales team? How can salesforce maintain consistent performance and attain the quotas in a competitive market?
In this article, we answer these questions and more. We deal with sales resources, the various types of sales resources, maximizing their impact on company operations, and exploring the future trends of sales resources.
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Sales resources refer to the repertoire of things and skills that will help a salesforce in successfully closing deals and achieving quotas.
It can be anything from materials like brochures, and marketing content to data like sales pipeline, customer preferences to even the training provided to upskill their performance.
Hence, sales resources are anything and everything that will aid the sales reps in their sales journey.
A variety of material and non-material things can be categorized as sales resources. Some of the types of sales resources include:
Marketing collaterals are items that a salesforce makes use of to make their communication easier and more efficient. This includes brochures, blogs, whitepapers, and ads in the form of billboards, videos, etc. It helps in making a mark in the target audience's mind about your brand and thereby acts as a tool during salesforce introduction and communication to the prospects.
The relevance of data in the current business operations is inevitable. Digital tools and technologies provide accurate data to help salesforce better understand their performance and areas of improvement. Data-driven sales management will ensure that sales teams make informed decisions and achieve their objectives.
Salesforce must be exposed to regular sales training resources and upskilling opportunities to ensure that they improve their performance consistently. With the fast-changing market trends and high competition, salesforce must ensure high performance and incorporate the latest tools and technologies that enhance their sales performance and management. For this training and development is important.
Sales team alone cannot drive the organization to growth and success. There needs an organizational structure that ensures that the sales work is efficiently supported. This includes the marketing team’s effort in creating a good branding image for the organization, the CSM team’s seamless work in creating a smooth customer experience, etc.
For more information on sales approaches, check Why Sales Approaches Are the Key to Your Business Success.
Every organization works to ensure that its sales team is efficient and that its sales force is high-performing. But these plans must not be restricted to mere pen and paper.
Organizations must ensure that a system is created that will help in effectively managing the sales team and utilizing its resources. More than planning and building a sales resource repertoire, it is important to successfully implement it, consistently practice it, and eventually become a part of the sales routine.
For example, strictly providing training sessions to salesforce every three months, reevaluating the sales strategies every quarter, and giving and taking feedback are small steps that can have a huge impact on the sales team management and salesforce performance.
The market trends are fast changing and therefore the competition is becoming stronger.
This means organizations must keep track of the newer incorporations, understand their relevance in the changing environment, evaluate their suitability in their business structure and operations, and thus decide accordingly.
Here are a few trends that are going to define the future sales resources examples.
There is an upsurge in the use of artificial intelligence in today's business operations. Tomorrow it’s planning to take over sales management. Soon AI’s will be equipped to make cold calling and emailing that will create quality content to attract the attention of potential clients and generate leads.
Many organizations make use of digital tools like CRMs, sales and marketing tools, etc. to make informed decisions. In the future, this will only increase as digital solutions become a part of every aspect of business operations like incentive compensation management. This ensures minimizing calculative errors and enhancing financial and operational management.
For a very long time, businesses were focused on customer service management. Reacting to an issue after it has happened. But now organizations are taking a proactive approach where they take a customer success approach. Rather than selling their product, the salesforce approach must be enterprising by identifying the deficit in their client's operations and suggesting solutions to overcoming this lack and optimizing operations.
Even while preparing their marketing collateral, organizations had a general approach to their customer base who are varied at multiple levels. Rather than a one-stitch-for-everyone approach, salesforce must ensure that they make tailor-made content while approaching each potential customer. This ensures a personalized experience that can better tap their attention for future conversations.
Apart from the market, trends, and competition, even customer behavior is changing. Salesforce must thus ensure that their product is value-based and their brand a responsible business. These factors are influential in today's decision-making process. Hence, organizations must build their brand around societal responsibility and the salesforce must ensure to highlight it.
Organizations are in a rush to keep up with the changing trends. However, the decision to incorporate any tool and technology must be based on valid reasons and purpose. Only then can a resource be of use and aid in enhancing the current operations.
For further reach, check A Guide to Optimising Sales Performance for the Sales Process.
The crucial part that sales play in the overall running of the business is stressed time and again. Surely, organizations take those relevant steps to ensure sales management enhancement.
But what shift in thinking are we to make now?
Most organizations keep coming up with newer ways of sales management than making sure that their existing system is running smoothly. A better use of time, money, and effort will be to establish a system of running the existing way efficiently and effectively.
Making the best use of the existing sales resources and judiciously incorporating newer technologies will help companies attain their business objectives. This will help enhance operations without extra investments and efficiently manage the salesforce.
Kennect provides intelligent sales performance management software to create transparency and achieve operational efficiency. For more information, Book A Demo Now!
How do companies build their sales process?
Gallup in their The CliftonStrengths for Sales Report points out,
You won't find your best sales process by copying some stale "proven framework" or grow your sales skills by mirroring the top salesperson at your organization. That won't do the trick at least, not for long. You need something that's proven to work, starting with your strengths.
This shows that organizations must invest time and effort in understanding their organizational structure and working towards building systems that best suit their operations and bring in positive results.
But where does one start?
In this article we look at the sales process, trying to understand its meaning, characteristics, and different steps involved in building a successful sales process.
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Sales process refers to the set of repeated steps that sales reps follow from the start of their journey of reaching out to a prospective customer to closing the sale. Having a structured approach to sales helps the salesforce to maintain quality of work, and uniform standards in the sales pipeline and improve the entire sales journey.
Whether you're a novice or a seasoned sales professional, a well-defined sales process with illustrative examples serves as a valuable reference point, integrating sales acronyms like MEDDIC (Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, Champion) to consistently improve your sales performance and meet your targets.
Hence, building a sales process is crucial for the success of every sales team, as it helps define and optimize sales team roles, ensuring everyone understands their responsibilities and contributes effectively to achieving collective goals.
There is a set of features that define whether the sales process is efficient or not. Here are a few characteristics of a good sales process.
A good sales process will help the salesforce define their goal and guide in how to achieve these targets. It provides a result-oriented approach that helps salespeople focus on their goals and plan their strategies accordingly.
Sales process acts as a roadmap that the salesforce can follow while leading their prospects through the sales pipeline and ensuring the closing of deals. Especially when a salesperson has multiple leads in their pipeline, knowing a systematic approach they can fall back on will help them have a sense of direction and control of the situation.
Following a structured and systematic approach that has clearly defined the customer demographics will help the salesforce understand the needs and expectations of their prospects and act accordingly. It is very important in sales to have a customer-focused approach to ensure that your prospects relate to your product and have a necessity to incorporate it into their operations.
The purpose of incorporating any tool into your business operations is for data. An efficient sales process will help you measure the effectiveness of your sales initiatives. Quantifying your efforts thus helps in making data-driven informed decisions thereby optimizing your sales management and business operations.
The characteristics of a good sales process are also to be flexible to the changing trends and adapt easily to stay relevant and competent. Especially in a market scenario where everything changes fast, the sales process must be equipped to be scalable and adjust to the market change.
Organizations must look into these features when they set out to build a sales process to boost their sales workflow and operations.
For further read, check Sales Pipeline vs Sales Funnel: Spot the Difference
Understanding the crucial part that the sales process has in optimizing your operations, organizations must put in the time and effort in building an efficient sales process.
Here is a sales process step that you can follow while designing a sales structure for your organization.
Generating leads for your sales pipeline is the first step in sales process flow. It is the process of collecting information and contacts of people who can be your potential clients. Your sales funnel must have a good number of leads to ensure that as they go down the funnel you have enough clients to close the required number of deals.
If lead generation is about gathering your prospective clients, qualifying prospects is about categorizing who comes under the demographics of your ideal customer profile. This determination is important to ensure that your efforts reap the fruit of closing a deal and avoid wasting time following people who might not find your product useful.
Reaching out to your clients and tapping their interests is often seen as hard in sales. Organizations have various ways they initiate their first point of contact. It can be through a cold call, email, LinkedIn message, or any other professional platform where they are active. If the salesforce is successful in getting a response then they can lead them to booking a demo.
It is at this stage that a prospective client first sees your product. But before introducing the product, they try to understand the challenges the client is facing to plan their demo to address these issues. Such an approach makes the demo effective as the client will understand how incorporating your product is an actual requirement and necessity for their operations.
No client will say a complete yes to your solution. There will always be hurdles in the form of budget, higher authorities, decision-makers, etc. Salesforce must be shown how to negotiate these objections cordially so that the relationship is maintained even when the deal is delayed. The way you handle these situations will help in finding a middle path and ensuring the closing of deals.
Deals take months or years to close. Hence, salespeople must know how to follow up on their prospects and keep their name in their memory without showing themselves as desperate. When prospects tell you to call back after three or six months, salesforce must keep a note of it and follow up at the appointed month to show your consistency in maintaining the relationship and determination to close the deal.
Closing the deal is the last stage of a long and patient journey. But a good sales process will always suggest their salesforce to keep in touch with their clients as a part of maintaining the connection. A customer must never be considered as a sale for your company but as a relationship for your organization.
For further read on the sales workflow checklist, check The Complete Sales Checklist: Boosting Your Success
Building a structure and system for your business operations will help in keeping track of the work, performance, and productivity.
Especially in sales where each salesperson has a different skill and performance level, an order must be made so that everyone in the team can follow the rules and achieve their goals.
This brings uniformity in sales performance and management ensuring a standard client experience through the pipeline journey.
Kennect helps bring this system into your sales through sales performance management and incentive compensation management.
We build, run, and automate your incentive compensation plans to create transparency and achieve operational efficiency.
For more information, Book A Demo Today.
“Make a customer, not a sale.” – Katherine Barchetti
Sales reps are in a rush to generate leads, qualify prospects, and make new customers.
But in this rush from the awareness stage of a sales funnel to sale, they forget the difference between these terms that we use to call a potential client.
While a lead is anyone who might have a chance of buying your product, a prospect is a client who falls under your customer demographics and a customer is someone with whom you have created a relationship that is bound to stay forever.
But in the entire customer journey, the sales lead generation is the most crucial part as it is the beginning of the conversation and relationship that will determine the end product.
In this article we will try to understand what a sales lead is, the various types of sales leads, and the characteristics of a sales lead. This will help sales reps understand their prospects and work smartly towards closing a deal.
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A lead is an unqualified prospect who has the potential to be your customer, often residing at the top of your sales funnel, while the sales pipeline represents the structured journey these leads undergo, progressing through various stages, from initial awareness achieved through inbound marketing techniques, referrals, or outbound marketing efforts.
Upon qualifying the lead as a potential client who comes under the demographics of your ideal customer, they are approached through various sales and marketing channels for conversion.
Depending on the interest shown by the lead to your approaches they are classified as cold or warm leads, information qualified, sales qualified, or marketing qualified leads.
Categorizing them under various types helps sales reps and organizations determine their chances of conversion and decide how much effort must be put into closing a deal with them.
Knowing how likely your sales leads are to convert is essential for making the best use of your time, energy, and resources while trying to close a deal.
So here are a few types of sales leads that you must know:
A cold lead is a potential customer who fits your ideal customer profile but is not aware of your business or product, often occupying the top part of the sales funnel and posing a significant challenge to convert, making them similar to a Non-Recoverable Draw in terms of initial engagement.
Cold leads require building relationships from scratch. From brand recognition to trust building it's a long process that requires the consistent and patient effort of the sales reps for conversion and closing of deals.
Warm leads are aware of your brand, having encountered your business or product through ads, social media posts, blogs, referrals from peers, etc., creating a solid foundation for sales efforts, often aligning with effective Sales Compensation Plans to incentivize conversion and engagement strategies.
Warm leads are therefore easier to convert because they already know about you and will be decisive whether your product is required and suitable for their operations. This makes their conversion and closing of deals faster.
Marketing qualified leads(MQL) are the sales leads that the marketing team has qualified as potential customers. MQLs will be aware of the company as they have come across the brand through any of the marketing strategies like blogs, social media posts, or other ads.
The marketing team checks the path the sales lead took to reach out to the company and qualifies whether they are prospects the sales team can reach out to for further communication, in accordance with their respective sales team roles and responsibilities.
When the sales team qualifies a potential client as a lead it's called a sales-qualified lead (SQL). An SQL is a step ahead of the MQL. While the MQL is aware of the brand, SQL has shown interest in buying the product.
They might be approached by the sales reps because they have either shown interest, require the product, or have the budget to invest in it. These criteria qualify them to be approached and thus have a higher conversion rate than other leads.
Sales reps must be clear about the position their different sales leads examples have in a sales pipeline as well as prioritize them based on types of lead with examples to ensure positive results.
For further read on strategies for converting leads check A Comprehensive Guide to Salesforce Leads and Contacts
A sales lead must be qualified to ensure that your efforts don't go futile and that there is a positive result at the end of hard work.
So here are a few things you must look into your sales leads to determine their qualifications as your potential client.
Your sales lead must first qualify as your ideal customer profile (ICP). An ICP defines the characteristics expected from your potential client. It can be their industry, company size, employee number, geographical location, etc. When your lead fills all these checklists they can be considered your ideal customer who has a higher chance of getting converted.
A potential sales lead requires a buyer's intent. They must be interested in your product and have plans to purchase rather than booking a demo for exploring. Sales reps must qualify their leads based on buying chances so that the effort and time they put in will have a return.
Sales reps must ensure that their product is equipped to deliver solutions for the challenges the client faces. This means that the solution must have the bandwidth to resolve the pain points of the client. Both the sales rep and the client must be on the same page in the problem-solving process.
The sales lead must ideally be the key decision maker about the product or service you provide. Building relations with the key stakeholders will ensure that there is no lag in the decision-making process, that conversion happens faster, and that sales reps have a higher closing of deals.
Noting the key points in the sales journey of a customer will help sales reps in optimizing their sales process.
For further reading on sales check Sales in Motion: The Sales Pipeline.
Qualifying leads are a crucial part of the entire sales process.
A sales rep must require an ample number of leads in their sales pipeline to ensure that through the course of the customer journey, they have enough numbers to close their deals, meet their targets, and be eligible for incentive compensation.
Hence, generating leads, qualifying them as prospects, and taking them along the pipeline to close deals must be executed systematically to ensure optimal efficiency and output.
Sales reps must be efficient in identifying the different types of leads in sales and working towards closing deals with them. These achievements they make must be recognized and rewarded so that they maintain and improve their sales performance.
Automating the incentive compensation management ensures that the documentation, calculation, and transaction are done transparently.
Kennect builds, runs, and automates your incentive compensation plans to create transparency and achieve operational efficiency.
How important is getting recognized for the work you do?
Well, there is only one answer to this question: Very much.
In a study conducted by Deolittle, “25% of employees wanted to be recognized for the effort they put in and not just the big wins.”
This shows how much employee appreciation and validation can contribute to the enhancement of performance and productivity.
The aim of a broad-based compensation approach is also to fulfill these employee recognition efforts but not constrain rewards and recognitions to any one team but to all employees.
In this article, we will explore more about broad-based compensation definition, its benefits, and strategies for its effective implementation.
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The broad-based compensation plan offers incentives to nearly all employees based on their performance. When all employees of the organization receive recognition in various forms of rewards it will holistically enhance the company culture and improve the growth potential.
By acknowledging employee efforts and contributions, broad-based compensation creates a work culture where employees feel appreciated and part of the organization.
These ways of recognition will thereby ensure that there is enhanced employee engagement, performance, and motivation to work toward fulfilling the company objectives, ultimately driving employees to achieve their on-target earnings.
Certainly, a workspace that celebrates its employees will be returned with commitment, dedication, and loyalty.
So here are a few benefits of adopting a broad-based compensation structure to your company operations.
Every employee expects appreciation from their managers and organization. Receiving recognition and rewards, such as MBO compensation, will give employees the validation that their efforts play a huge part in the company's success. Employee motivation is a decisive factor in the overall growth and progress of any organization.
Only when an employee feels they are a part of the organization will they be driven to fulfill their responsibilities with commitment, initiate newer ideas for better growth, and participate in every organizational initiative. Recognitions help employees celebrate company success as the success of their efforts.
Organizational work culture changes when employees voluntarily come up with innovative ideas and take up initiatives aimed at improving the company's growth. Incentives have a crucial part in creating such a healthy and motivated work environment.
Broad-based compensation rewards employees based on their performance, including incentives such as non-recoverable draws, to motivate employees to achieve their individual goals, improve their performance, and contribute to a healthy and competitive work ambiance, which plays an important part in holistic business development.
The benefits that incentive tools offer in improving employee performance and company growth show the importance it has in boosting business operations.
For further read on benefits of incentive compensation, check Maximizing Productivity: Benefits of Employee Incentive Programs
Broad-based compensation has proved its relevance in enhancing employee engagement and company growth. This calls for a strategic way of effectively implementing the approach in your business operations.
The effectiveness of a tool is determined when it caters to the needs of the beneficiaries and brings the desired results it was intended for. Therefore, organizations must first understand their employee needs before designing their compensation plan.
The effectiveness of a tool is determined when it caters to the needs of the beneficiaries and brings the desired results it was intended for. Therefore, organizations must first understand their employee needs before designing their compensation plan, ensuring that it aligns with target compensation goals and objectives.
Organizations must be clear about the purpose of their incentive program and the resources available to reward the employees. Timely paying the promised incentives without any calculation errors is a small but decisive part of ensuring the effectiveness of your incentive program.
The beneficiaries of your incentive program are the accurate indicators of the effectiveness of your incentive program. The improvement in their performance and their satisfaction with their work reflect the improvement the incentive program has brought. Based on such improvements and asking for regular feedback, organizations must evaluate the effectiveness of their incentive program regularly.
Hence, the effectiveness of a broad-based compensation approach is determined by the intense groundwork done in building the program and the regular evaluation and revamping to make it better.
To know more about building an effective compensation plan, refer Understanding the Basics of Sales Incentive Compensation
Incentive compensation has always been an effective tool in keeping the salesforce motivated and ensuring their high performance.
When such a powerful tool is made effective among all employees then it is sure to bring in a holistic and comprehensive improvement in the overall business operations.
Broad-based compensation hence can enhance employee motivation, performance, and engagement while building a work culture where everyone feels appreciated and belongs.
But calculating incentives for your entire team can become a tedious task! The easy solution to making compensation calculators error-free, seamless, and easy is through automation.
Kennect builds, runs, and automates your incentive compensation plans to create transparency and achieve operational efficiency. For more information, Book A Demo today!
