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Businesses need customers to make revenue and grow. And that's where your sales team comes into the picture. Your sales team completely owns your sales cycle. The sales team is responsible for the value creation of the company. It drives different operations that work in tandem to turn a prospect into your client.
You don't close a sale; you open a relationship if you want to build a long-term, successful enterprise -Patricia Fripp
For most businesses, the sales cycle is something like this. Sales reps prospect contacts, nurture leads and ultimately persuade them into becoming your customers. But let's say a rep keeps prospecting the wrong contact, you end up with disinterested leads in your pipeline. That means, other reps end up nurturing the wrong people through emails and sales calls. And finally, the leads don't convert and the time and effort that went into the sales activity are wasted.
And this will cost your business dearly. When businesses don’t know what’s working and what is not, there is stagnation. And when there aren’t new customers coming your way, you may have to dive deeper to fix that. It becomes difficult to identify the personality and traits of the salesperson that compounds the outcome.
Today, most interactions your salespeople have are online. A report by Vidyard states that the use of video in customer and sales conversations, as well as prospecting, has increased by 93% since 2019. This means you accumulate data from different digital touchpoints like phone calls, video meetings, webinars, and more. So how do you put all this information to your advantage? The answer is simple, through sales performance management software.
Sales performance determines how efficient your sales reps are at hitting their sales quotas. Sales performance management is the process that leaders rely on to monitor sales performance, identify weak spots, and measure the impact of the sales reps. The information is then applied to coach sales reps into helping them sell better, close more deals and generate revenue.
Sales performance management helps you track sales performance, identify areas of improvement and help sales reps sell better to increase revenue.
Sales performance management is effective when it is centered around data and analytics. It also helps to find out the gaps in resources that your team requires to sell better. Sales leaders can discover friction that prevents sales reps from accessing tools, sales collateral, or pitches that prevent them from doing their best.
Sales performance management gives you the much-needed visibility into what matters, how to educate your reps, and transform your sales process. It also helps you structure the compensation and incentive program to reward your top-performing sales reps and motivate the rest.
Even the most renowned business in the world requires a sales team to do the selling. Similarly, businesses need a robust selling approach to market the right product to the right prospect and convince them to buy.
A study by Mckinsey reveals that the top 30 percent of reps will outperform the bottom 30 by as much as a factor of four. When you have a sales team that collaborates and shares, you create that cohesive unit that works towards one goal - to acquire more customers. With sales performance management, you integrate data into methods that amplify the efficiency of your sales team.
The art of selling is unique but teachable and that's the end goal of sales performance management. It helps you weave data points into training your sales reps through sales coaching.
While enhancing the way you sell is the primary objective of sales performance management, it isn't the only one. When you analyze the sales performance of your team, you factor in the following as well:
Sales performance management today has a much more vital role to play. It helps leaders acquire granular-level visibility into their team's functioning. It also helps them make informed decisions to accelerate sales and increase revenue with the help of real-time data instead of guesswork.
To see how sales performance management helps you reinvent your sales strategy, you need to understand the impact it creates. Sales performance management can be ingrained into four critical sales enablement processes:
1. Recruitment and onboarding
2. Sales training
3. Territory assignment
4. Sales commission and compensation
When you set out to build your team or add more people, the insights you have about your existing team help you fill the skills gap. You understand the skills that the new member should possess to support your team better. This helps you narrow down your search better and bring in a resource who proves to be a valuable asset who can complement your team.
The most important impact of sales performance management is the effect it has on transforming sales training. The quality of training you provide is tangible in how effective the sales rep is in creating an exceptional experience on a sales call. When you evaluate sales performance, you understand the weakness of your sales team. This helps you find the core focus of your sales training to guide your reps better and improve their conversions.
When you know the strengths of your sales reps, you can have them transition into specific areas of selling seamlessly. You may have someone who is an expert in product demos while some reps are good at handling frustrated prospects. When you create territories, you trust your team to handle specific legs of the sales cycle. This way, you don't have one sales rep handling everything and burning out easily. You have a team that owns different operations of the sales process, collaborate better and collectively win more customers.
Sales performance management removes friction in evaluating the overall performance of your sales reps. This is key when it comes to setting compensation and rewards for your team members. When you have performance-based insights, you avoid underpaying your team members and creating resentment. Sales performance management helps you reward your team appropriately by celebrating their wins. You drive your team to deliver consistently and create a happy team focused on taking your business to the right people.
A sales performance management software benefits leaders, managers, mentors, and trainers. With transparent reporting and analysis, various stakeholders can derive benefits that improve the team's performance overall.
Sales leaders can identify the most common query that prospects ask during the sales calls. This helps them in making informed decisions in awareness-raising campaigns, creating sales decks, and refining the sales pitch for the sales team. With more insights, sales leaders can confidently make business decisions like committing pricing, discounts, improve pipeline management, set sales forecasts, and more. They can also utilize the inputs from the performance assessment to change the framework, adopt strategies that work, and improve sales productivity.
Sales managers are responsible for overseeing if the sales reps discharge their duties. This also means finding out where the reps are struggling, communicating needs to improve their selling, and identifying winning practices. By identifying gaps and addressing them proactively, managers guide reps in qualifying the leads better, creating a healthy pipeline, and shortening the sales cycle. They play an important role in setting up their sales reps for success on every call.
Each sales rep requires a peer to coach them, help them get the nuances of selling right. With sales performance management software, mentors get access to how reps are handling calls, identify things that could be better. This can be weaved into their ongoing training and coaching plan to create high-performing sales teams. Regular call audits and auto transcription saves more time, helps them skim through the important section of calls, and create solid sales coaching and training materials.
Sales reps are the biggest benefactors of the sales performance management software. The performance analysis is extremely resourceful and helps reps build their skills. It helps them refine their selling by giving them an opportunity to learn from their mistakes and improve. Some sales performance management software also compartmentalizes sales calls based on patterns. This helps reps identify if their talk ratio was adequate, if they spent time addressing queries, or asking the right question.
When you have a large team of sales reps, reviewing every call is important. With limited time and other pressing tasks requiring your attention, it becomes overwhelming to review every sales call. But that doesn’t mean it is impossible.
Convin brings AI-powered sales performance management to empower you to assess your team’s calls, breaking them down into segments and simplifying them for your team to review.
Convin gives your team a powerful dashboard that lets you find how active your sales reps have been. This gives you an overview of the calls they answer, the time they’ve spent with your prospects and more. Identify how productive your team has been in one centralized platform.
Hour long call with a prospect? No problem, transcribe the calls in minutes and skim through the pleasantries exchanged easily. Convin helps you easily transcribe calls to minimize the effort involved and simplify sales call reviews.
Convin’s state-of-the-art AI-powered technology lets you surface vital insights by breaking down your sales calls automatically. Discover customer sentiments, get to core areas of your call and offer feedback that helps your sales reps improve.
Discover the edge your top performing reps have by comparing their performance with that of your low performing reps. Unlock the traits your team requires to become high-performing sales reps and close more deals easily.
When you’ve got back-to-back wins, let your team study them closely and get inspired. Help your sales reps improve by collating a sales call playbook that contains your best wins for them to learn from. Create a playlist of your memorable wins and deliver exceptional sales training that makes things stick.
With effective call reviews and instant feedback, you can coach your sales team as soon as the call is over. This will help them to absorb the takeaways, fix their course of action and reach the prospect before they slip away.
Your sales team is responsible for connecting with prospects, building their trust and convincing them to try your product/service. Without real-time inputs of your sales rep’s performance, offering feedback becomes complicated and your training will be inadequate.
With a sales performance software, you can easily surface actionable insights from sales calls. This helps you offer data-driven feedback rather than feedback based on assumptions and guesswork.
With Convin as your sales performance management software, you get end-to-end visibility into your sales call, reduce the time needed to evaluate calls and obtain solid insights to offer benefits and compensation for your sales reps.
Get AI-powered sales performance management software to spend less time on call review and more time on training your sales team.Use a Smarter Sales Performance Management Software