Some of the critical challenges that sales teams face are transparency in compensation, incentives and sales goals. Let’s briefly gloss over these challenges here.
Transparency in goal setting : For sales in your business to excel, you need them to let in on what you require and how the company will move towards its goals. What is it that they need to invest in to succeed at selling your products and solutions?
Transparency in performance tracking : If the salespeople do not have a way to know how they are doing at any given time, how will they be held accountable if their performance is substandard? A clear indication of where they are relative to the sales goals is what salespeople need to keep them interested and motivated.
Transparency in compensation and incentives : This challenge is a significant bone of contention in the sales workforce. After all, this is what they live and work for. An element of opacity in the incentive plan could quickly shift their focus from what they do best: sales to operational hurdles, sometimes even demoralizing them.
A good part of sales performance management is also invested in insights derived from analytics. An intelligent analytics solution can bring up gaps to be closed much quicker than conventional methods and drive quicker solutions.
Time for the sales pitch (Transparency, remember!)
We at Kennect bring to you a solution that tackles all those crucial sales operation pain points while also delivering insights based on Artificial Intelligence. Our Kennect system offers to help you keep a tab on your sales, and it will help your business scale newer heights in sales. It helps you keep a hawk’s eye on sales with just a few simple, intuitive and clean interfaces.
Features of Kennect Sales Performance Management (SPM)
Sales team awareness Kennect SPM lets your team take charge. It allows them to keep track of all their Key Performance Indicators (KPI) in real-time. You know that you have a fully aware sales team once you have them on Kennect SPM. Now nobody is left guessing.
Artificial Intelligence-driven insights Not that it will replace your sales coach, but an Artificial Intelligence-driven personal sales coach for each of your sales team generates insights gained from thousands of data points. Insights into how they are doing in real-time lets sales teams stay on the right track.
Single Dashboard, multiple systems Won’t you love to view and control everything from a single, intuitive and straightforward screen? That’s what we bring to you. A unified platform that helps you automate your routine and mundane processes. A single dashboard that lets you derive insights from intelligent reports in real-time. Data backed decisions Keep uncertainty out, let your team decide their course based on hard facts, and rely on their intuition. Decisions that maximize revenue and optimize expenditure.
Performance Review Platform Sales Managers have their team literally at their fingertips here. The managers can quickly bring up and review how their sales teams are performing.
Why invest in Sales Performance Management
You might want to agree that it is not only the product that needs attention but how you bring it to the marketplace and present it also matters equally. Sales Performance strategies play an essential role in getting your product to the market in the best possible way. It is said that a great sales team with a great sales strategy can sell virtually anything. Innovation in the ways you sell to your customer is the crucial differentiator in the marketplace today.
Sales Performance Management solutions help sales managers develop strategies that consider all parts of the sales cycle. It allows you to derive the maximum benefit for your sales efforts. With the various aspects of sales performance like incentives, you can adopt sales forecasts, insights, new strategies and techniques to bring in innovation. In all likelihood, in the absence of an SPM, your business sales are driven by exceptional sales managers. Let’s be pragmatic, they might be good, but can they give you the best all the time?
Help them achieve the best every time with a purpose-built Sales Performance Management solution. Today sales leaders need to look in all directions, derive insights and drive sales forward, yet are expected to steer sales in the right direction every time. It is a big ask, don’t you think? But you can help them achieve results every time with the right Sales Performance Management solution. An SPM will give them all the insights they need to keep their workforce motivated on every campaign.
Large Multinational Pharma Studies to conclude with
Kennect has a success story to share with you. An association with a Large Multinational pharmaceutical giant. They had a challenge at hand when we joined hands. With minimal visibility across hierarchies, sales representatives had trouble understanding new incentive plans. Sales leaders could not estimate the efficiency of the new incentive plans. This communication gap led to a lot of misunderstandings and queries from sales reps. Until we joined hands, the Large Multinational pharma company had their entire product strategy run from spreadsheets in Excel.
This method also led to many discrepancies in pay-outs. A lot of focus was lost on operational hurdles rather than focusing on sales quotas and territories. Kennect proposed a solution that could bear the load of information and be responsive and insightful in real-time. Kennect ensured a short kick-off of two months to go live, and the Large Multinational pharma is now enjoying the benefits of an efficient Sales Performance Management solution. Cutting out almost 90 per cent of time spent on incentive processing, Kennect gave back sales teams valuable time to focus on sales strategies and individual quotas. Sales leaders can now assess the efficiency of compensation plans with reasonable accuracy.
Kennect’s SPM solution was not only a great fit, but it also proved to be a scalable one too. Some key highlights of the Large Multinational pharma company and Kennect synergy are
- 210 days saved annually for the Sales Operation team by way of incentive automation.
- Over 400 schemes configured and implemented every quarter across 20+ business units.
- A 12% faster issue resolution for the operations team.
- Short take-off period of fewer than two months.
Read more case studies at Kennect Case Study
Your success is our success, and we at Kennect fully invest in making your sales team the most successful they have ever been. We at Kennect not only offer you a solution, but we also offer you a partnership to set your team up well enough so you can leverage the best out of Kennect Sales Performance Management. For a quick first-hand demo from our experienced sales professional, request a demo today at KennectLive. Invest in your future growth; invest in your sales today!