Traditional sales incentive schemes only reward for the destination
Putting modesty aside for two seconds. As sales leaders, there is very little we don’t already know about our own sales process.
Our knowledge of what is necessary to succeed runs deep. We’ve built our team to drive that success. Next, we have constructed a sales incentive plan that focus our reps on the most important sales KPI – closed business. So, we are all set, right?
Well, no, not really. We know what it takes to successfully navigate the sales process, what the right activities are at each stage of the deal lifecycle.
However, we seem to struggle to effectively drive our reps using these sales lifecycle KPIs.
The result is our sales reps get lost along the sales journey. Their deals stall and are unhealthy because they haven’t successfully covered the basics along the way. We are failing to capitalise on the opportunity that is in front of us.
Innovative sales leaders have realised the fastest way to increase sales is by “maximising the middle”. The “Sales Executive Council” call out that driving a mere 5% performance increase in the middle ground sales performers yields a whopping 70% increase in revenue.
As sales leaders, we know our sales process. We know what the right steps are to navigate it. Yet we persist in rewarding only for the final step, for a single sales KPI, when we should be driving high-quality sales interactions throughout our deal lifecycle.
In conclusion, driving an improvement across your team and sales process by breaking it down into multiple sales KPIs will deliver increased sales, faster.
Reward Multiple Sales KPIs & Maximise the Middle!
Avoid the cost of firing your Larry Laggards and dodge the risk & time associated with the recruitment, training and ramping of a new set of sales hires. Instead, this innovative approach focuses on coaching and motivating every sales rep across your whole sales process to increase the chances of creating more Paula Perfects.
Modern sales techniques focus on using data analysis to identify the frequency and timing of the activities exhibited by the most successful sales reps across the sales lifecycle. The activities that ultimately result in positive sales outcomes.
This series of sales KPIs or “winning way” can then be used to guide and nudge every one of your sales reps, across every deal. Reps are coached and motivated to exhibit the right sales behaviours at the right time. The result is accelerated deals cycles and increased likelihood of closure.
By breaking down your optimal sales process into manageable sales KPIs, you will be better placed to coach your sales reps and prompt them to follow best practices for every deal. This approach quickly enhances sales productivity & effectiveness. By reinforcing the “winning way”, you can quickly ensure your sales team grow stronger together.
Avoid the common mistake of rewarding only for a single sales KPI – closed deals. Inspire your sales teams to achieve daily by rewarding for sales KPIs that span the whole sales process.
For more information on deploying behavioural motivation to drive sales, feel free to get in touch with our expert team. They can guide you on how you could be rapidly scaling up your sales success.
Where do I start?
You are already sitting on the only resources you need to bust your quarter; your team and your CRM tool. All you need to do is motivate and incentivise the sales journey as well as the destination.
The sheer volume of behaviours, indicators and data can be daunting at best. To put your mind at ease, we have put together a checklist of Leading KPIs you should think about tracking to ensure your team is on the right path to bust the quarter.