Webinar - Build a Better Sales Force using SPM technology
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The document discusses strategies for enhancing sales performance through effective hiring, onboarding, and incentivizing sales personnel. Emphasis is placed on utilizing analytics and technology to streamline compensation management and provide transparency, enabling faster ramp-up for new hires and better decision-making in sales strategies. Ultimately, it advocates for a holistic framework in sales performance management to drive higher returns on investment.
Webinar - Build a Better Sales Force using SPM technology
- 1. Building a Better Sales Force Hire better, increase sales, and reduce cycle times in your Sales Organization Uncover Hidden Insightsin Your Sales Compensation Data
- 2. A holistic framework for SPM Building a better sales force: — Technologies and mindsets — Success stories — Things to consider Q&A Agenda Fred Sass Worldwide Marketing Executive IBM Sales Performance Management
- 3. ► Leading sales forces are gaining an edge by using technology to attract, motivate and empower top talent ► Solutions that make smart use of analytics will drive the highest ROI Our Point of View
- 4. If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it you almost don't have to manage them.” — Jack Welch “
- 5. Profile your “A” players Hire the best sellers Onboard for a quick ramp Learn to be a better seller Model & deploy changes Use analytics to close more sales Assign quota & territory Incent desired behavior Process incentives Visibility for alignment A holistic view of Sales Performance Management
- 6. Profile your “A” players Hire the best sellers Onboard for a quick ramp Learn to be a better seller Model & deploy changes Use analytics to close more sales Assign quota & territory Incent desired behavior Process incentives Visibility for alignment 1No. STACK THE DECK
- 7. Profile your “A players” and filter accordingly ► Analyze top sellers and create an optimal candidate assessment ► Sales candidates are automatically filtered before progressing to interviews ► Market compensation data enables a competitive offer
- 8. Profile your “A players” and filter accordingly Candidates in 691BR: Regional Account Executive My Open Reqs
- 9. Profile your “A players” and filter accordingly Candidates in 691BR: Regional Account Executive My Open Reqs
- 10. A C Sales hires from a Fortune 100 company who were rated “A” on the IBM Kenexa interview averaged more than twice the sales productivity as those rated “B” Sales B
- 11. “nearly 50% of reps take 10 months or longer to become adept enough to contribute to company goals.” — CSO Insights - 2013 New Hire – Time to Sales
- 12. Sales Management Association – “Research Brief – Salesperson Onboarding” Feb 2015 Direct Manager Coaching 6.2 Subject Matter Expert Access 6.1 Easy Access Training 6.0 A Formal Program 5.8 Special Training 5.7 Account Plans 5.7 SMA Study - What’s most important for Sales Onboarding?
- 13. Social onboarding technology for sales hires can result in quicker time-to-sales
- 14. Profile your “A” players Hire the best sellers Onboard for a quick ramp Learn to be a better seller Model & deploy changes Use analytics to close more sales Assign quota & territory Incent desired behavior Process incentives Visibility for alignment 2No. ALIGN & MOTIVATE
- 15. Variable incentive processes can get complex Visibility Crediting Compliance Retention Draws Clawbacks Accruals Grievances
- 16. Many firms still rely on a patchwork of spreadsheets, email, manual processes, and outdated legacy systems to manage and administer variable comp plans
- 17. “many plan participants maintain their own compensation tracking documents that they use to double check their compensation departments' calculations.” — David O'Connell, Aite Group
- 18. Cost of errors and commission overpayments estimated at greater than $1 million per year — Director of Compensation
- 19. Focus Sellers on Selling “When people didn’t understand what their achievement was, we got pushback on everything about our plan” “By having transparency into the system we don’t have to worry about them saying, ‘Wait—I don’t get this.’” “…spend more time selling” Chief Financial Officer < Mobile E-Commerce Technology Provider >
- 20. Align incentives with Strategy “(Sellers) can have an immediate impact on profitability by focusing on pricing” “Now that we have moved to a net- based sales plan a territory manager can see a direct relationship between his behavior and the amount of his check.” Project Manager for Commissions < U.S. Based Manufacturer of Flooring Products >
- 21. Track key metrics of the sales team using Incentive Compensation Management dkarey@rti.com
- 22. Do targeted coaching using metrics
- 23. Attributes of Best in Class
- 24. Profile your “A” players Hire the best sellers Onboard for a quick ramp Learn to be a better seller Model & deploy changes Use analytics to close more sales Assign quota & territory Incent desired behavior Process incentives Visibility for alignment No. BE SMARTER3
- 25. Analytics can help sales leaders improve decisions about issues such as sales strategy, sales force size and structure, and the recruiting of sales talent …(legacy) approaches can blindside sales forces with undesired consequences in terms of sales force effort allocation and financial risk.” https://hbr.org/2014/09/sales-data-only-matters-if-it-helps-you-take-action/ “
- 26. Social-oriented learning tools foster continuous development in the sales force
- 27. Scenario modeling to understand impact of plan changes that are being considered
- 28. Pay for Performance YTDSales YTD Quota Attainment Boom Bust Analysis 2013Attainment 2014 Attainment Quota Distribution Top & Bottom Performers Ranking 1 2 3 4 Rep Marilyn Abdul Steve Jian Attainment 183% 121% 98% 42% #ofReps Quota Attainment % Traditional Incentive Compensation Analytics
- 29. IBM Watson Analytics to uncover hidden insights
- 30. Ask a question in plain language Which sales territories are the best? How does Sales for Territory Reps compare by Region? How does Sales for Territory Reps and compare by Region? How does Sales for Territory Reps and by Region? How does Sales for Territory Reps and by Region? How does Sales for Territory Reps and by Region? How is pay related to performance? How does ProductSales for TerritoryReps compare by Region? How does SalesUnits for TerritoryReps compare by Product? How does Education for Payee compare by Region? How does Avg. Sales for Payee compare by Region? How does QuotaAttainment compare by Region?
- 31. Watson Analytics figures out potential paths to pursue Which sales territories are the best? How does Sales for Territory Reps compare by Region? How is pay related to performance? What is the grouping of YearlyRating for TerritoryRep How does BaseSalary compare by YearsInRole? How does TotalComp for Payee compare by UnderstandPlan? How does AvgSales for PlanType compare by AvgCalls? What is the breakdown of QuotaAttainment by YearlyRating?
- 32. PayvsPerformance Top Predictors of Yearly Rating What influences Yearly Rating? AnnualRating Target2 Target3 Field Field Field What predicts Yearly Rating? CustomerSat AverageDealSize AvgCalls AvgSale WorkLocation
- 33. Staff & Organize the Team Know Where to Focus Optimize the Sales Process Manage the Sales Team Admin & Control What attributes contribute to purchase Lead analysis & prioritization Propensity to churn & upsell Sales strategy optimization Account team skills optimization Funnel progression analysis Sales rep alignment & motivation Assign optimal targets Tracking against targets Forecasting — For accruals — For business planning Sales comp process reporting Compliance reporting Sales talent acquisition Sales talent retention Territory and coverage optimization Where’s this all going?
- 34. Recap: Our Point of View ► Leading sales forces are gaining an edge by using technology to attract, motivate and empower top talent ► Solutions that make smart use of analytics will drive the highest ROI
- 35. An additional resource Chapter 1: What you need to know about SPM Chapter 2: Seeing the benefits of SPM solution Chapter 3: Ten things to look for in an SPM solution Download Your Copy: https://ibm.biz/spm-dummies1
- 36. Q & A