No surprises here. Revenue growth continues to be top of mind for sales leadership. The multi-million-dollar question – how? The 2022 Gartner study reported that the second priority for CEOs is technology. In a market that has proven to be difficult (putting it mildly) to navigate, a Sales Performance Management Solution (SPM) can be a driving force behind profitable and predictable revenue growth.
Go-to-market strategies are complex and require a necessity for focus and strategic clarity that spreadsheets can’t simply provide. Recently, the Incentive Compensation Management benchmark report found that spreadsheet users wish they had better access to incentive program assessment and analysis (43%), incentive plan design and strategic alignment (41%), and inquiry management (40%). Those who use in-house developed and CRM-derived solutions also had similar unmet needs.
There is no shortage of solutions out there. SPM solutions can range from relatively simple payment calculators and dashboards to sophisticated revenue planning and reporting systems used across multiple functions to drive strategic growth initiatives.
Today, sales leaders are facing the pressure to contain costs, improve operational efficiency and address the changing needs of their customers. An SPM solution can address all of this, but it’s important to get it right. Taking a systematic approach will increase the likelihood of stakeholder satisfaction and benefits to your bottom line.
Our latest SPM Buyers Guide outlines best practices for those preparing to adopt a Sales Performance Management solution. Here are the three takeaways from the guide.
1. Worth Repeating – Take a Systematic Approach
One size doesn’t fit all when it comes to SPM solutions. In the quest to find the right software that meets your unique business needs, it’s beneficial to take the time and effort to conduct a comprehensive view of the business case, stakeholder list, solution evaluation and vendor selection process, and solution implementation. Download our SPM Buyers Guide to get the details of an effective approach based on the expertise of those who have designed, implemented, and managed SPM solutions.
2. Set Up Your Cross-functional Dream Team
Build for a diverse and engaged project team and leverage everyone’s experience and unique perspective towards the business and technical requirements specific to their expertise.
Your team’s network can prove valuable when it comes time perform reference checks. For a detailed survey to use during these discussions, download the SPM Buyer’s Guide.
3. See It In Action…. Realistically
Your solution should be flexible and the approach forward-looking to address issues that come with company growth and increased operating complexity. To get a realistic perspective on whether a solution meets your objectives, a detailed demonstration is required using your company’s data and day-in-life scenarios. When done right, a demonstration demands a fair amount of time and coordination. Once demo day arrives, a detailed checklist will focus your team on evaluating the vendor against your company’s requirements. The SPM Buyers Guide provides an example using a 5-point scale measuring the vendor’s characteristics and solution capabilities.
4. Clear Communication Changes Everything
Your ROI depends on people adopting the solution. However, you can bank on some resistance to change. Instead of being welcomed as a solution, it may be viewed as a disruption. This is where your implementation team is critical. Communicating the business case and expectations will go a long way to improve adoption. Download the SPM Buyers Guide for best practices on how to plan for implementation and successful adoption.
Fuel Revenue Growth with a Sales Performance Management Solution
The right SPM solution can transform how you go-to-market in a number of ways. Master true sales yield with incentive strategies that motivate and align with your revenue targets. Uncover insights to understand what is driving your outcomes, so you can adjust and outdo past performance. And maximize your revenue potential with insight-driven sales planning.
From building a business case, through to implementation, download our latest Sales Performance Management Buyer’s Guide to get insight into a systematic approach that is adaptable to your unique business needs.