Some good advice on how to organize processes in the company to make it work.
27 April 2022
And to increase sales.
Some good advice on how to organize processes in the company to make it work. And to increase sales. Business is all about making it profitable! To achieve the divine profitability, three things are needed: high productivity, low costs and constant income. However, it is difficult to obtain transparency and clarity in the process enough to identify ways to improve sales performance. According to Gartner’s research, 94% of leaders do not believe that they will be able to achieve or exceed their revenue goals. At the same time, McKinsey publishes a report where 85% of companies declare that they are not able to increase profitability for a long time. To increase revenues, you need to know how your business works and whether you can do anything to improve it. To begin with, here are five tips for using data to improve your sales performance.
1. Believe in technology
According to Dell Technologies, 80% of companies have made digital transformation in the last few years. Technology and digital transformation ensure that your data is accurate and accessible to everyone in your organization. This allows you to review processes and provide insight into how you sales performance improves.
2. Understanding and optimizing
A thriving company knows how the business operates at a granular level. Knows exactly what activities bring income and what changes need to be introduce to improve sales results. At Xactly it’s called Intelligent Revenue. Intelligent Revenue updates data, identifies trends, and provides insight into planning and decision making. Helps you make changes to your sales plan so your sales representative have better access to the right customers and are rewarded for getting the best revenue streams.This means that your sellers spend their time running and closing the best deals. They are better equipped to do their jobs and earn more while helping the company increase profitability. Isn’t it a win-win situation?!
3. Choose right benefits
The incentive pay is the main motivation of the sales team. Proper preparation of your sales plan and commission plan is critical to improving sales performance. The most important factor of employee’s commission is the adjustment of sales benefits to the superior goals. This ensures that your sales team selects the right opportunities and prioritizes the best deals to achieve their goals.The sales plan and commission plan do not play the same role in closing the deal. Creating incentives specific to each position motivates your team and gives them strength to succeed.
4. Build accurate forecast
According to the Xactly 2021 State of Global Enterprise Sales Performance Survey, more than half of sales & revenue leaders say that forecasting has become more difficult. The main problem is lack of real-time insight into the process. Unfortunately, manual forecasting only shows why transactions slow down or move to the next quarter. So the sales representative can only fill the gaps with the notes in the company CRM.Intelligent forecasting technology bridges this gap by analyzing CRM data, then identifies at which stage transactions tend to slow down and marks offers at risk due to inactivity. It also provides sales tips to help sellers improve their results.
5. Client – the greatest good
The rule is simple: successful companies have satisfied customers. This means that your customers play an important role in improving your sales performance. The Acquia report says that 78% of consumers remain loyal to brands that understand their goals.Today’s market is bombarding buyers with thousands of sales offers every day. It’s not enough to sell a product and move on to the next transaction and the next customer. You must position yourself as a partner for your clients. Understanding the needs builds stronger relationships and improves sales results.
A pro-tip for the end:
You need as much data as possible about your company to improve your sales results. Technology gives you deep insight into your organization processes and shows how you can improve its performance and increase profits. This allows you to customize your plans so you are always on track to achieve (and exceed) your goals in any situation.
This article was created by our partner, Xactly Corporation and published with their approval.
Xactly is leading the way in Sales Performance Management, enabling businesses to unleash their true Sales Power. Check for more information: https://www.xactlycorp.com