End of quarter is fast approaching, the pipeline is full of potential but time is limited … where should the focus of your sales force be to make the biggest impact? This decision that is made every pay period by everyone in your sales force and can be difficult, time consuming and have far reaching strategic implications. What would be the impact of putting accurate, easy to use “What-if” analytic tools at the fingertips of your entire sales force?
Well designed sales compensation plans will encourage sales efforts focused on activities that will help the company fulfill its strategic mission to deliver profitable revenue growth. Plans are often composed of between 3-5 key performance measures, each with its own individual performance targets and payout characteristics. For an analytic sales modeling tool to be effective, it should take each performance measure into account and enable the sales professional to model scenarios across the any performance measure or bonus opportunity of their compensation plan.
A performance modeling tool for your sales force must meet the demanding requirements of a world class sales team. To be effective, it must enable sales professionals:
• throughout your entire sales force to model their performance no matter which plan they are on.
• to perform any modeling activities based on the very latest and most current sales results.
• to model performance against any of their plan components (i.e. new sales, renewal sales, service contracts, etc.)
• save of various scenarios for future use and reference. Performance modeling is an iterative process and requires quite a bit of reflection and collaboration to be effective.
• take into account the various time dimensions of their plan as they apply to the performance period, payroll period and quota time period. A best in class modeling tool should account for Performance that can be measured over multiple payroll’s and ‘trued up’ against on a periodic basis against a quarterly or annual quota.
NetCommissions Payee Performance Modeling is ideal for organizations that want to provide their sales force with decision making tools to assist them in focusing their time and attention on activities that will help the company, and impact their wallet, the most. It is a critical to transforming sales performance management into an interactive collaborative process that focuses all on achievement of corporate sales goal of profitable revenue growth.
The sales force of the 21st century must be able to react to shifts and emerging market opportunities faster than ever before. Sales Incentive compensation is a strategic tool that enables sales teams to react quicker than competitors to these changes, but only if the correct systems, technologies and skill sets are in place. Performance modeling is an emerging critical analytic tool that will enable sales teams to achieve best-in-class performance. Providers of Sales Performance Management solutions such as NetCommissions can help.