Sales Performance Management solutions automate sales processes, enhance visibility & accuracy, increase productivity, motivate sales employees & improve decision-making. Kennect provides state-of-the-art solutions for the life sciences industry with its no-code capabilities.
‘What keeps reps motivated?’ is a question that has a lot of nuances. On the face of it, it seems like a straightforward question. Most sales leaders would tell you that ‘Incentives’ are the most significant motivating factor for sales reps. It is easy to understand why- the more revenue your reps bring in, the more money they will earn as incentives.
However, most sales leaders need to mention that it is not just incentives but good Incentive Compensation Management that drives reps to optimal performance. A missed decimal point in your data could be a minor inconvenience and a colossal nightmare at worst.
This is especially true for life sciences, where complex calculations and massive data sets make it even harder to compensate reps. Add a comprehensive set of products and territories to this, making it almost impossible for sales leaders to carry out this daunting process accurately!
Another challenge that looms over the industry is that it faces both slow-to-no-growth markets and burgeoning investment-hungry markets like biopharma, gene therapy, and cell therapy. Sales need to adapt to these binaries. Therefore, restructuring is crucial at this point.
But how do you attempt to transform models that have been in the picture for as long as you can remember? The solution- start with the basics. Rethink Sales Comp!
- Complex sales processes and products - The life sciences industry is characterized by an ever-increasing number of products and services, which can make it difficult for sales employees to keep up with the latest offerings and effectively sell them to customers.
- Managing a dispersed sales force - Many life sciences companies have a large, dispersed sales force, making managing and motivating them challenging.
- Inaccurate sales forecasting - It is essential for life sciences companies to make informed decisions, but it can only be possible with real-time data.
- Lack of transparency and visibility - Traditional compensation management methods can make it difficult to provide real-time visibility into the sales team's performance, making it hard to make data-driven decisions.
SPM solutions are designed to help manage the sales force effectively and improve sales forecasting accuracy. With SPM solutions, life sciences companies can:
- Automate sales processes - SPM solutions automate the sales process, making it easier for sales employees to keep up with the latest products and services and sell them more effectively.
- Enhance visibility and transparency - With real-time data and reporting, SPM solutions provide better visibility into the sales team's performance, allowing life sciences companies to make data-driven decisions.
- Improve sales forecasting accuracy - SPM solutions make it easier to achieve accurate sales forecasting, providing life sciences companies with better insights into future business growth.
The implementation of SPM solutions in the life sciences industry brings numerous benefits, including:
- Increased sales productivity - Automating the sales process and providing real-time visibility into sales performance leads to increased sales productivity.
- Improved sales employee motivation - With accurate and real-time data, sales employees are better motivated, knowing that their performance is being accurately tracked and rewarded.
- Increased operational efficiency - Automating the sales process and improving visibility into the sales team's performance leads to increased operational efficiency.
- Better data-driven decision-making - Life sciences companies can make better decisions, leading to improved business growth.