The document discusses setting SMART goals for sales representatives. It defines what SMART stands for in goals: specific, measurable, attainable, relevant, and time-bound. It then provides strategies for setting individualized goals for sales reps, including assigning goals based on job role, using historical performance data, implementing performance-based compensation, and regularly reassessing goals. Examples of specific goals outlined include increasing monthly turnover, profit, qualified leads, and reducing costs, close time, and customer churn.

1. SMART GOALS FOR
SALES REP
• DIKSHITH M
Financial Analyst

2. What is [ SMART ]
Goals
• S = Specific [ Defined as it is a quantifiable
goal]
• M = Measurable [ Track the goal’s progress ]
• A = Attainable [ The goals have to be realistic ].
For example, if the reps can get a 20% increase
in sales, you should set a goal of 25% for the
next month instead of asking them to aim for
50%.
• R = Relevant [ Goals must always fit into the
definition of your business ]
• T = Time Bound [ Goals must have a deadline ]

3. Individual goals
Setting quarterly goals for sales reps can be challenging, especially
when the members of the sales team are changing frequently. Here
are a few strategies we can use to set and track individual sales
goals:
1. Assign goals based on job role: If you have a clear understanding
of the responsibilities of each sales role, you can assign goals based
on those responsibilities. For example, a sales rep responsible for
lead generation may have a goal of generating a certain number of
qualified leads each quarter.
2. Use historical data: If you have historical data on the performance
of previous sales reps, you can use that data to set goals for new
sales reps. Look at the performance of past reps in similar roles and
use that as a benchmark for setting goals.

4. Individual goals
Cont…
3. Use a performance-based compensation model:
Implementing a performance-based compensation
model can motivate sales reps to reach their goals.
When setting individual goals, tie them to
compensation so that reps are motivated to
achieve them.
4. Regularly reassess goals: Since sales reps are
changing frequently, it's important to regularly
reassess individual goals to ensure they are
achievable and relevant to the sales role. You can
make adjustments as needed based on the
individual's performance and responsibilities.

5. Increase Turnover
How to Make it happen ? EG :-
We will increase month-on-month turnover by
$10,000 for the next 12 months. This will be
achieved by onboarding two new customers a
month, with an average customer value of
$5,000 per month.”

6. Increase profit
• Increase overall profit in the 23-24
financial year by 12%. This will be
achieved by increasing the annual
value of our 5 largest accounts by
3%, whilst only increasing overall
cost of sales by 0.5%.

7. Reduce Cost’s
• “Reduce all non-essential business
travel by 40% in the next 12
months. This will be achieved by
facilitating better quality video
conferencing and by publishing a
statement highlighting our intent
for our clients to review.”

8. Increase
Qualified leads
“Generate 50 qualified leads on a
monthly basis in the 23-24 financial
year.”

9. Lower Customer Churn
• Many sales teams spend time finding new
prospects and converting them into
customers. However, lowering your customer
churn rate is important too: some studies
suggest that onboarding a new customer is 25
times more expensive than retaining a new
one.
• We can set goals—and reward sales reps—for
client renewals of contracts with our company
by this we can reduce customer churn

10. Lower Salesperson Churn
Sales teams can be high pressure environments, which can lead to a high
churn rate of team members. Salespeople who stick around build long-term
relationships with customers, so it’s advantageous to keep staff on board.
“Increase the average employment time of a salesperson from 6 months to
3 years in the next 10 years by creating a new onboarding program and
holding bi-annual performance reviews.”

11. Reduce Close Time
• Closing sales quickly frees up your team’s
time, allowing for more focus on other profit
growing activities.
• “Reduce the average close time on deals from
3 weeks to 2 weeks by the 7th July 2022, by
keeping in regular contact with the customer.”

12. Increase Customer
lifetime value
• Increasing the lifetime value for
your customers can be a great
strategy for sustaining growth in
profits over a long period of time.
• “Develop all current accounts and
increase their average value by
3% over the next 3 years by ”

13. • Thank you