Sales Performance Management is the foundation for sustainable top-line growth and an engaged sales team, it's much more than defining the annual performance quotas. The process includes setting clear-specific expectations for sales initiatives and providing specific in time feedback on results.
For performance measures to have meaning and provide useful information, it is necessary to make comparisons. The comparisons may evaluate progress in achieving given goals or targets, assess trends in performance over time, or weigh the performance of one organization against another (Poister, 2003).
Playlyfe's product Catalyst is operational cadence for effective sales performance management and boosting sales productivity by tapping intrinsic motivation and tying it seamlessly with the organization's extrinsic motivation efforts.
Using catalyst sales leaders can connect their high-level goals and objectives with individual rep activity to achieve that last mile adoption of organization vision.
Setting measurable expectations using scorecards
What gets measured is defined, What gets defined is rewarded and what gets rewarded is done. Catalyst scorecards consist of 2 point systems:
Activity Points - Activity Points are a measure of the amount of effort a sales representative has put in.
Objective Points - Objective Points are a measure of the results achieved by a sales representative.
The Activity and Objective Points of an agent are calculated on the basis of the metrics configured under them.
The per unit point of each of these metrics is determined by their respective benchmarks (the expected number of units an agent must achieve on a metric within the evaluation frequency) and waitages (the amount of points an agent should earn if they hit their benchmark.) this Point Per Unit of a metric is determined by the formula:
Weightage / Benchmark * 100
This two point system sets a clear expectation of what success looks like and how is one expected to achieve it. The point systems are designed to reward both Sales Activities and Goals to ensure process adoption and visibility.
Kick start your continuous improvement cycle Growth Hacks and agile processes are the key to sustainable success in the age of disruption. OPDCA(observe-plan-do-check-adjust) is a scientific methodology that helps sales leaders increase the knowledge of their sales process that converges on the ultimate goal- meeting the sales target, each OPDCA cycle gets the sales organization closer to its final goal then than the previous when repeatedly implemented in spirals the process yields a continuous improvement cycle for your sales process.
This is based on the fact that knowledge and skills are limited, but improving. The OPDCA Process provides feedback to justify or nullify management hypotheses and provides a thinking path for the next strategic plan.
Most teams enter a stage of "analysis paralysis" when trying to get processes perfect the first time and this results in long meetings on what would work and what won't and finally implementation of an over optimized process that might not work after all (but at this stage no one wants to see the process fail so, managers do everything in their power to get the process working even it that means less engagement).
In our opinion, it is better to be approximately right than exactly wrong. One can refine or alter sales goals and sales process (ideal state) based on continual real time feedback on what works and what doesn't. Catalyst sales productivity management system provides real time customized sales dashboards and insights to help sales leaders quantify what works and how, while the Benchmarks aid the plan-do-check and adjust part of the OPDCA cycle by breaking down a bigger organisation goal to activity and objective benchmarks for every individual sales rep.