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How to Coach, Motivate & Incent Sales
 

How to Coach, Motivate & Incent Sales

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Sales leadership’s planning and development efforts in the last quarter of the year will have a profound effect on next year’s performance. What considerations are essential for sales leaders ...

Sales leadership’s planning and development efforts in the last quarter of the year will have a profound effect on next year’s performance. What considerations are essential for sales leaders planning for 2014?

This presentation covers best practices for assessing current performance, leveraging supporting data, developing course corrections, and implementing change for 2014, all from the sales leader’s point of view.

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  • Interesting to see that there is a noticeable emphasis put by sales organizations on sales coaching and on boarding initiatives rather than just focusing on Incentive programs to manage sales performance.
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    How to Coach, Motivate & Incent Sales How to Coach, Motivate & Incent Sales Presentation Transcript

    • #SalesQuota Sales Management Association Webcast How To Coach, Motivate & Incent To Exceed Sales Quotas in 2014 7 November 2013 Presented by © Copyright 2013 The Sales Management Association.
    • About The Sales Management Association A global, cross-industry professional association for sales operations and sales management. Focused in providing research, case studies, training, peer networking, and professional development to our membership. Fostering a community of thought-leaders, service providers, academics, and practitioners. Learn More: www.salesmanagement.org © 2013 The Sales Management Association. All rights reserved. #SalesQuota Slide 2
    • Today’s Panelists #SalesQuota © 2013 The Sales Management Association. All rights reserved. Slide 3
    • Incentive Compensation Trends and What They Mean for 2014 Sales Planning November, 2013
    • #SalesQuota Key Themes impacting Incentive Compensation Key Drivers Impact on Companies Flexibility Need to be increasingly agile to support evolving customer-centric business models and achieve speed to market Enhanced compensation programs are configurable using rules in a week instead of IT projects over months Transparency New generation of more techsavvy workers and regulators are demanding greater access to information Compensation transparency and reporting analytics must be standard and self-serve; auditors must be able to clearly ascertain how commissions were calculated Sales to Strategy Alignment Sales-led organizations adapt to challenges and opportunities with a focus on optimizing sales performance Compensation and incentives must align with strategic objectives (i.e. growth, retention, account penetration) to maximize ROI Performance Optimization Companies looking for ways to get more from their existing sales force Sales performance including training, coaching, and gamification together develop next generation capabilities PwC Impact on Compensation Slide 5
    • #SalesQuota Ongoing pressure on sales incentives Internal environment External environment What sales have positive and negative implications for brand and reputation? What are the commercial opportunities of reviewing the approach to sales? What competencies, behaviours and outcomes are you looking to drive in the sales force? Regulatory pressure What do regulators expect in the structure, governance, controls and performance management of sales incentives? What do customers want? Commercial opportunity Customer need Need for cultural change (e.g. relationship building and risk behaviours) Who will be the best performers going forward and how will you reward them? PwC Focus on brand and reputation Sales incentives Retention and motivation of key sales force Competitor activity Competition for sales force talent • Multi channel? • Interaction experience expectations? • Value? How do you take a leading role in the market to position your sales force ahead of the competition and take first mover advantage? How to ensure you retain and recruit the best sales talent? 6
    • #SalesQuota PwC Sales Capability Framework – the wider sales process The value of applying a framework when considering change to your existing processes and infrastructure is in ensuring you don’t recreate old problems in a new solution wrapper Growth Business & Marketing Strategy Sales Planning and Strategy Sales Management Sales Process Acknowledge and Establish Rapport Customer Value Proposition People Management Customer Segmentation & Profitability Pipeline Management Market Coverage Sales Forecasting Confirm Interest & Overcome Objections Alignment of sales to Business Strategy Performance Management Client Acceptance Alignment to Product & Product Development Sales Support / Operations Mgt Portfolio Management Compliance & Accreditation Management Understand customer issue / need Identify Solution Confirm / agree contract Client On-Boarding Establish Future Contact Plan People and Skills Technology and Tools Reward and Incentives CRM Solutions Structure, Roles and Governance Customer Data Management Sales & Management Competencies Financial Planning Tools Recruitment, Onboarding & Development Knowledge & Best Practice Management Performance Culture & Behaviours Sales Tools, Guides & Portals Compliance and advisor quality accreditation Sales MIS Regulatory Framework and Requirements PwC Slide 7
    • #SalesQuota There are strategic relationships between the details of planning tactically for 2014 Marketing, Sales/Distrib., Ops Agreement Objectives align with corporate strategy like persistency, new accounts, account penetration Cash, Noncash, MBO Visualizations emphasize how close agents are to achieving a particular goal PwC Decisions must be made on how much transparency to allow to support the strategy Corporate Strategy Alignment How to incent Flexibly Planning for 2014 Getting More from your Sales Force Training & Gamification Assessing Performance Transparency Training is based on success stories supported by hard data Sales people naturally want to compare them selves against peers Slide 8
    • #SalesQuota PwC Case Study • Through both acquisitions and organic growth, PwC has experienced tremendous growth • In US, have gone from 55 sales people to 175+ in last 5 years, and currently process commission on revenue of ~$1B • Compensation program contains mixture of commissions and MBOs, quotas and caps • PwC is currently migrating its compensation calculations from a homegrown solution onto a modern ICM platform • Benefits will include: • greater speed to market for plan changes, • more controls and audit capabilities, • improved business intelligence for assessment & planning, • greater sales person and partner productivity (reduced manual work), • and a more cost effective solution • PwC Advisory team delivering new platform utilizing an Agile framework PwC 9
    • #SalesQuota CallidusCloud Sales Landscape • Fast growing SaaS High Tech Company • Revenue Expectations for 2014 Significantly Higher than 2013 • Sales Tasked with Meeting/Exceeding Revenue Goals
    • • How do we get more out of existing sales reps? Key Sales Challenges • How do we hire the right sales talent? • How do we accelerate the time to revenue for new hires? • How do we pivot to align sales with changing strategies? #SalesQuota
    • #SalesQuota 3 Ingredients – Key to Solving Challenges People Process Technology
    • • Motivate Through Gamification Getting More out of Existing Sales Reps • Coach Based on KPI’s • Guide Selling – Maximize Deals, Show Estimated Commission #SalesQuota
    • • Source from many channels (i.e. employee referrals) Hiring the Right Sales Talent • Profile successful reps by role (hunter/farmer) • Use profiles to help filter & focus on the right candidates • Automate initial sales interview process #SalesQuota
    • Accelerating the Time to Revenue for New Hires 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 #SalesQuota
    • Pivoting to Align Sales with Changing Strategy • Communicate Changing Strategy to Sales Team • Align Sales Force to New Strategy: • Incentives to Reinforce Adoption • Modified Key Sales Performance Metrics • Internal Systems & Processes that Promote Strategy • Sales Process • Sales Configuration, Pricing, & Proposals #SalesQuota
    • Tying it All Together #SalesQuota
    • Questions and Discussion © 2013 The Sales Management Association. All rights reserved. Slide 18
    • Thank You. © Copyright 2013 The Sales Management Association