In the new era of go-to-market planning, two things are certain: change is constant, and there is no shortage of data to digest. Sales performance management professionals must deal with new challenges that demand innovative solutions that embrace change and dissect data. In this blog, we explore:
- The pressing issues faced by sellers, sales compensation professionals, and sales leaders in 2024
- The key areas of change management
- Why teams need to leverage data, sales compensation, technology, and collaboration for success.
Embracing Change: Why You Need to Start
Before COVID-19, 80% of organizations had attempted a “high” degree of change in the preceding 3 years, while 92% expected high change intensity in the coming 3 years. Since then, the acceleration of change has outpaced many companies, leaving them struggling to become truly "change capable." Outdated systems and processes are holding teams back in today’s fast-paced business environment. Insights from the latest Sales Management Association Research Report reveal that a select few – the "change leaders" – significantly outperform their peers by:
- Anticipating change
- Adapting strategies
- Revising tactics more effectively.
Being change-capable isn't just about implementing changes, but also about displaying a distinct set of decision-making characteristics, and leveraging the right tools. This is what sets set high-performing teams apart.
4 Challenges of Change: Navigating Transformation in Sales
In today's fast-paced business world, change is inevitable. Sales managers are dealing with evolving challenges that demand innovation and adaptability. As there is more and more data to consume, it’s imperative to secure accurate data in go-to-market planning. Then, sales compensation takes the stage as a strategic indicator. Technology is consistently impacting sales teams, with AI and sales tech reshaping how deals are made. Lastly, the need for collaboration is bigger than ever before, breaking down the silos that hinder success. These challenges are the main hurdles sellers face in this ever-changing landscape. Our team took a deep dive to highlight and unpack some of the key findings in the report.
In Part I of Go-To-Market Strategies for Creating Resilient Revenue, we unravel why companies struggle to adapt to change and how a connected GTM plan can support making smart decisions and managing change in the whirlwind of sales evolution.
1. Data Dilemma: How to Navigate Information Overload
In the age of information, sales management professionals are faced with an overwhelming amount of data. The challenge lies not only in processing this data but also in identifying what is accurate and instrumental for guiding sellers to success. We cannot stress enough the importance of accurate, current data inputs for effective go-to-market planning and adaptability. Recent research indicates that organizations excelling in sourcing accurate data are 8 times more effective in GTM planning, impacting multiple business functions including sales compensation, goal setting, and strategy development.
2. The Strategic Role of Sales Compensation
Sales compensation serves as a "bellwether indicator" of management effectiveness, playing a pivotal role in driving strategic decisions. In fact, the intricacies of incentive compensation planning can be a reflection of a firm's strategic direction. Organizations that successfully manage incentive compensation-related changes are more likely to make effective decisions across all go-to-market disciplines. Currently, only 40% of sales organizations rate their overall go-to-market planning as effective.
In Part II of Go-To-Market Strategies for Creating Resilient Revenue, learn about the downstream impact of compensation from numerous strategic decisions within a company. Discover innovative ways companies leverage sales compensation and utilize sales compensation management tools to motivate and incentivize sellers.
3. Technology as an Enabler: Maximizing Efficiency in Sales
Technology, including sales management software, is evolving rapidly. It plays a powerful role in shaping territories, establishing quotas, aligning resources, and influencing how sellers pursue deals. How can teams make sure they are properly leveraging technology? High performing teams can manage change by adopting the use of AI and sales technology. There is vast potential of AI in reshaping the sales landscape and revolutionizing how deals are approached and executed at the individual seller level.
4. The Need for Collaboration: Breaking Down Silos
Working in silos poses significant obstacles to achieving sales goals. Teams that include stakeholders and collaborate effectively, utilizing sales management tools, are 9 times more successful in their go-to-market planning. Many teams struggle in collaborative planning. However, technologies such as sales analytics tools, can be a catalyst for effective collaboration in go-to-market planning.
Leveraging Data, Sales Compensation, Technology, and Collaboration for Success
The business world is evolving rapidly, and success lies in the ability to not only anticipate change, but effectively implement it. Most companies struggle to be truly "change capable" but embracing change is more and more becoming connected to successful go-to-market planning. Successful sales management relies on accurate data. Sales compensation, a key indicator of management effectiveness, reflects an organization's strategic direction. Technology like sales management software plays a pivotal role in overcoming challenges. It can help source accurate data, streamline sales compensation processes, allowing teams to embrace change and become more collaborative.
Ready to learn more insights behind effective management decision-making and change management in the ever-evolving landscape of sales?
Download the latest Sales Management Association Research Report to understand the current state of how sales and revenue leaders can set their teams up for success in today’s change intensive environment.
