Corporations are continually looking for ways to streamline their operations. Becoming more agile and more efficient enables the organization to react faster to changing market conditions while increasing the value of operations.
Shifting corporate structure and introducing new technology allows businesses to increase productivity and reach a broader audience. The trend is bolstering the value of each individual within the organization. A study by the consulting firm PI Worldwide found that the general trend of streamlining operations has increased the importance of every individual working for the company. For firms to achieve maximum potential, each piece of the machine had to be working at its optimal level. This makes sales performance management essential to the continued success of the company.
Sales incentives motivate teams to complete more transactions and generate more leads, but it can be just as important to ensure that people receive the right training. The PI Worldwide survey found that as companies become leaner, focusing on professional development becomes even more important. Salespeople need the skills and knowledge to successfully promote the product, answer questions, address issues and close deals and the faster companies get their workers up to speed, the better results they will see.
Utilizing behavioral data can help companies both internally and externally. Most organizations know that identifying customer trends can lead to higher sales, but using the same strategies of collecting and analyzing performance can increase employee production. Forbes notes that some companies have begun using data analysis to measure customers' experiences. Knowing what information is available through various sales channels can drive engagement practices. The data provides the means to anticipate common questions increasing the efficiency of the salesmen.
Similarly knowing what items are selling in various regions can increase upsell or cross-sell opportunities by allowing tailored programs to be created based on location. Technology is making it easier to customize offers based on customer needs, but it requires accurate data to deliver relevant promotions. Tracking information about response times or channel preferences makes it easier to develop strategies that appeal to consumers. This information can also be used to coach staff to deliver information at the right time increase the chance of a positive response. Knowing which personnel are able to consistently deliver results enables companies to improve the efficiency of their organization.