Those who work in the sales industry have probably heard of Sales Performance Management (SPM) and how it can help them improve their business. For those who are still unfamiliar with this, it is the process of employing corporate performance management techniques to sales teams to determine the best ways of encouraging the types of behavior that drive sales.
It aims to motivate and educate sales agents to set goals and increase customer satisfaction. The SPM software monitors and guides sales reps with the aim of improving their selling skills by combining revenue analytics and performance. Sales managers are able to track sales processes, understand what changes need to be applied and apply them based on sales KPIs.
To meet the goals of a company, the SPM software uses various techniques, the most important ones being sales training and coaching, incentive compensation management, sales gamification, territory, and quota management, sales planning and monitoring, sales pipeline management, and sales forecasting and sales performance analytics.
There are various SPM solutions available, and choosing one depends on the managing sales performance approach a company takes. Here are three SPM solutions as examples of how they’re used in some companies.
1. Anaplan
Anaplan is a platform for managing sales organization to empower your market strategy. The platform provides an insight into the entire organization, so you can predict market changes and act on time. The platform also helps its users motivate and encourage sales behaviors, design future performance, and maximize selling time, keep the whole organization connected, flexible, and ready for the changes in the future.
With Anaplan, you can create and optimize your own sales strategy: account segmentation, quota planning, and sales capacity. To encourage and motivate the desired behaviors, the platform provides the option of creating sales incentives plan based on the data, and insight into pipeline management, prices and discounts, and sales forecasting.
2. Insidesales.com
Insidesales.com helps sales companies by building better pipelines. To improve sales quota attainment, they use SaaS-based sales applications that, with the help of artificial intelligence, score and prioritize the right accounts, connect with the right people, identify the weaknesses, strengths, and risks in a pipeline, and focus on the deals that are the most important.
It offers various solutions, some of them being:
- PowerDialer – a communications product for sales professionals which includes email, voicemail, one-click call, fax, robust reporting, inbound availability, etc.
- Playbooks – a product that provides a sales acceleration platform to representatives.
- Predictive Pipeline – a forecasting solution that combines data with sales judgment and predictive analysis.
- Neuralytics – a solution used for prioritizing leads based on speed, size, and close rates.
3. InsightSquared
InsightSquared provides analytics created specifically to aid sales. Their different sets of tools are used in objective performance analysis and forecasting based on data, identifying high-opportunity leads, examination of user-defined pipeline stages and lead progress, etc. The platform helps in better management of pipelines, more accurate forecasts, creating rep coaching, and conducting data-driven planning and analysis.
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