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CallidusCloud Webinar: 5 Steps to Better Sales Performance Management

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CallidusCloud Webinar: 5 Steps to Better Sales Performance Management

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Recent opinions in leadership articles and blogs have made the statement that you can't necessarily motivate sales people - but you certainly can demotivate them by setting them up for failure. Leaner teams and tighter budgets require sales leaders to deploy coaching and motivation tactics that go beyond basic incentive plans. To stay competitive, best-in-class sales organizations are rolling out data-driven coaching plans paired with gamification. In this webinar, we will cover five areas to ensure your sales reps are set up for success - not failure.

Hear about best practices in:

- On-boarding
- Effective territory & quota planning
- Coaching and appraisals
- Compensation and rewards
- Gamification techniques

Recent opinions in leadership articles and blogs have made the statement that you can't necessarily motivate sales people - but you certainly can demotivate them by setting them up for failure. Leaner teams and tighter budgets require sales leaders to deploy coaching and motivation tactics that go beyond basic incentive plans. To stay competitive, best-in-class sales organizations are rolling out data-driven coaching plans paired with gamification. In this webinar, we will cover five areas to ensure your sales reps are set up for success - not failure.

Hear about best practices in:

- On-boarding
- Effective territory & quota planning
- Coaching and appraisals
- Compensation and rewards
- Gamification techniques

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CallidusCloud Webinar: 5 Steps to Better Sales Performance Management

  1. 1. 5 Steps to Better Sales Performance Management September 10, 2014
  2. 2. Today’s Featured Speakers Dan Koellhofer Vice President, Product Management CallidusCloud dkoellhofer@calliduscloud.com Jennifer Kling Product Marketing Manager CallidusCloud jkling@calliduscloud.com
  3. 3. Pace of change •25% of goods and services shipped and sold in the last 10yrs Pace of Change Products & Services
  4. 4. Pace of Change – Broadcast Media Channel 1 Channel 2 Channel 3
  5. 5. Pace of Change - Communications
  6. 6. The pace of change is staggering. Are you keeping up?
  7. 7. Agenda On-boarding Effective territory & quota planning Coaching and appraisals Compensation & rewards Gamification techniques
  8. 8. On-boarding
  9. 9. What are bad sales hires costing you? •Interview Costs •Training •Compensation •Lost business Opportunity •Negative Impact on Customers •Negative Effects on Morale 15 times base salary Reference: Dr. Bradford Smart, PHD; Publication Avoid Costly Mis-Hires >500k Cost of a bad hire
  10. 10. Do you hire your problems? •Do you hire when you need new reps? •Do you hire who you “like”? -The sales “halo” effect!. •Do you hire the bottom 20% that most companies are just recycling. (Someone else's non-performer) •Do you hire someone who can sell you product vs. just themselves? •‘Poor fit to the job’ – one of the top five reasons for high sales turnover •Do you verify performance or Income? Verifying income is easy, but verifying performance is tricky. Reference: 2012 Sales Rep Hiring/Compensation Analysis 47% Companies that say their sales hiring needs improvements
  11. 11. The Secret Recruiting Formula 1.Begin with the end in mind 2.Use quantitative tests 3.Cast a wide net 4.Share and collaborate 5.Timing is everything
  12. 12. SalesSelector Solution 18% shorter time-to-hire 52% Shorter time-to-productivity •Quantitative Sales Test •Powerful Videos Interviews •Collaborate with Distributed Stakeholders
  13. 13. 42% CSO Insights, Sales Management Optimization Study 2014 Time is Money. >10months Time to become productive for new sales hire % Reps don’t make quota
  14. 14. 1. Pre-Boot Camp Training •Self-Service Product & Solution Training •Certification Testing 2. Boot Camp •1 Week Sales & Solution Training •Builds on Initial Training 3. Mentor Program •AE Assigned Sr. AE Mentor •Mentor Includes in Meetings/Calls 4. Performance Tracking •KPI’s Tracked & Monitored •Proactive Coaching in Weak Areas Accelerating the Time to Revenue for New Hires
  15. 15. eLearning overview
  16. 16. eLearning on Any Device
  17. 17. Effective Territory & Quota Planning
  18. 18. POLL: Do you have a good idea of what each territory’s potential value is? ❏Yes ❏For some ❏No
  19. 19. Typical Quota Process •Forecast science •Technology limitations •Inadequate governance and process •Over and under assignment policies •Reliance on historical performance •Intuition stacking •Static hierarchies •Rigid / forced interlock •Opportunity disconnect from forecast •Gaming & agent influence in goal negotiation •Quota frequency FORECAST & GOAL LAYERS INPUTS QUOTA QUALITY INFLUENCERS Source: Accenture
  20. 20. How to Improve the Process 1.Understand your current process 2.Understand territory previous performance 3.Understand territory values 4.Create territories based on value 5.Reconcile territory plan against overall corporate goals
  21. 21. How Technology Can Help •Standardization & Automation •Data Analysis for Decision Making •Enablement •Tracking & Monitoring Through Data Analysis
  22. 22. Standardization and Automation •Systems Can Define & Support Standards •Must be Flexible •Support, Not Inhibit, Change •Automation •Workflow Processes •Communications •Supports Rapid Change #SalesTerritory
  23. 23. Data Analysis for Decision Support Data Supported Decisions: Bring different sets of data together to support the decision making process. •Historical data to support recurring revenue, account retention targets •Market data – market share, addressable market, product penetration – to support new business and growth targets •Pipeline data from CRMs to support both •Training and coaching to match capabilities #SalesTerritory
  24. 24. Simplify and Streamline Financial Planning
  25. 25. Easily Allocate Products and Accounts to Territories
  26. 26. Coaching & Appraisals
  27. 27. Challenge •Companies lack of visibility into detailed sales performance metrics to support the sales management process •Without complete view into performance, sales managers are unable to understand individual and team strengths and weaknesses •Inefficient sales coaching and limited tools has led coaching to be the weakest competency of all front line sales managers
  28. 28. Why Coach Sales Reps? Sales people who receive fewer than two hours of coaching per month achieve 90% of quota. Sales people who receive at least three hours of coaching per month achieve 107% of quota. Sales people who receive 2-3 hours of coaching per month achieve 92% of quota.
  29. 29. POLL: Does your company follow a formal sales coaching process? ❏Yes ❏No ❏Every manager has their own process
  30. 30. Coaching Process? CSO Insights, Sales Management Optimization Study 2014
  31. 31. Top Performers Sales Rep A Sales Development Plan: Sales Rep A
  32. 32. A recipe for successful coaching and performance management Ingredients: •Sales Manager •Sales Rep •Process •Metrics Directions: •Align results with activities and skills •Evaluate existing team •Develop plan •Socialize Tips for meaningful coaching: •Timely •Objective •Accurate •Relevant •Individualized
  33. 33. Dashboard Overview
  34. 34. Compensation & Rewards
  35. 35. Challenge •Companies spend on average 11% of revenue on incentives and commissions •Gartner estimates that organizations that use spreadsheets and homegrown tools to pay out commissions, overpay by 5-12% annually •Low to no visibility to over-payments •Complex, opaque plans lead to lost time due to disputes and shadow accounting
  36. 36. #1 Desired Improvement to Compensation Program Source: World at Work & OpenSymmetry Sales performance and Technology Survey
  37. 37. Things to Consider •Simplify incentives structure •Remove layers and clauses that cause confusion •Saves time and money
  38. 38. POLL: How confident are your sales reps in the accuracy of their commission payouts? ❏Very confident, no issues ❏Somewhat confident ❏Not at all confident
  39. 39. Opportunity to Modernize: Commissions Modernize with Compensation Management: •Commissions calculation automated •No need for separate tracking – track via mobile device •Minimal need for review and corrections •Eliminate over-payments
  40. 40. Gamification Techniques
  41. 41. Cash is Not Always King Motivation beyond financial: •Intrinsic motivation •Extrinsic motivation •Achievement motivation
  42. 42. Top Motivators of Sales Success Source: Aberdeen Group
  43. 43. Popular Gamification Techniques •Leaderboard for transparency and recognition •Rewards for incentives •Group board for group incentives
  44. 44. Benefits
  45. 45. Incent Tactical, granular behaviors with non- monetary gamification programs
  46. 46. Summary
  47. 47. Questions? Dan Koellhofer Vice President, Product Management CallidusCloud dkoellhofer@calliduscloud.com Jennifer Kling Product Marketing Manager CallidusCloud jkling@calliduscloud.com

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