Six Performance Factors Critical to Sales Success
At Decision Associates, our sales consultants have identified six performance factors that yield more leads, more quote opportunities, and more sales.
While there is some “secret sauce” to sales in any industry, we believe consistent success boils down to strict discipline and adherence to key performance metrics. Ongoing efforts to develop your company’s proficiency across each of these sales performance factors will lead to long-term success.
- Sales Planning
Sales planning is the process by which you and your sales team determine both the financial and market share targets for the organization. This is typically updated on an annual basis during forecasting and is the foundation of your sales accountability and incentive compensation programs.
- Sales Accountability
Sales accountability is the rigorous discipline of holding your sales team accountable for their actions and results. This is accomplished by enforcing annual sales plan targets and established metrics for healthy sales pipeline and prospecting activity. Your sales team members are held accountable for reaching their targets, meeting the expected metrics for their pipeline and prospecting.
- Performance Reporting
Performance reporting is a series of metrics that are monitored by your sales team and management to gauge progress towards your sales plan. The reports completed by sales team members for management highlight pipeline and prospecting activities. The reports completed by management for the sales team include sales performance to plan, quote hit ratio, lead closure rates, and other metrics.
- Sales Team Development
Sales team development is an ongoing process that is critical to winning sales organizations. Using a variety of methods, your sales leaders must continuously train and coach your sales team on sales skills and product knowledge to improve the team’s performance. Data is used to identify areas of development which may then include training programs, workshops, conferences, books, and webinars.
- Management Engagement
As a sales leader, you must be engaged with your sales team and customers to maximize the performance of your team and understand how your company can better serve your customers. You should meet with direct reports regularly, work with sales team members frequently and visit customers often to stay engaged with the sales process and customer needs.
- Resource Planning
Resource planning is the practice by which the sales organization determines the priority, location, quantity, and status of its sales representation. This includes budgeting for headcount to staff the sales team, identifying markets that need additional sales representation, establishing third-party channel relationships, talent recruitment, incentive programs, and retention.
Schedule a call today to learn more about Decision Associates’ sales performance assessments or our other marketing and sales services.