Sales Force Performance Optimization Assures Increase in Productivity and Improvement of Sales Revenue
Quantzig’s recent study on sales force performance optimization and performance tracking for a leading medical device company assure 17% increase in deal wins.
Increasing effectiveness of the sales force performance
Managing an effective sales force is the best way to increase consumer engagement. Various organizations are collaborating with the sales team to identify the performance of each sales personnel so that they can train and motivate them accordingly. Building a strong sales force will increase effectiveness and improve execution capabilities, resulting in higher growth opportunities. Companies are leveraging analytics to track sales force effectiveness and improve their performance. Quantzig’s sales force performance optimization solutions assist companies in tracking and enhancing the effectiveness of their sales force and improve sales revenue. The team designs and recommends effective compensation plans to reduce sales force attrition, improve performance, offer analytical solutions to identify possible changes in sales trends, and forecast sales volumes.
Implementing software tools such as predictive analytics, cloud computing, and big data will help organizations in the healthcare sector to make swift decisions that have a high impact on business deals and growth. Organizations are using dashboards to analyze the team’s performance and forecast the future growth plans. Moreover, a productive analytical tool will enable the organization to understand the training gap and other assistance that might be required by the sales staff.
Growing importance of sales forecasting
A well-defined business goal and accurate sales forecasting will enable a clear plan to achieve revenue projections. These projections will permit organizations to design the sales strategy to improve the revenue and the team’s sales performance. An increase in the accuracy of sales forecast will have a positive impact on the profit margin, allowing organizations to improve their marketing and sales strategies to increase profits based on the forecasted sales details. By analyzing the past and current sales trends, companies can determine the opportunities in the pipeline.
Leveraging CRM to build a stronger sales force
Gaining clear insights on consumer demand and preferences will help the sales team to strategize consumer engagements. A focused CRM will allow the organization to design marketing and sale strategies in accordance with the review and feedback received from consumers. CRM tools analyze consumer buying patterns and suggest realistic sales targets. Furthermore, it helps increase communication between the consumer and sales, helping the company enhance their product offerings.
Outcomes and solutions offered
Quantzig’s sales analytics team developed an effective solution based on the data collected from various sources and information on the sales representatives for a leading medical device manufacturer. Some of the solutions offered are as follows:
- Developed a more targeted approach that resulted in higher returns on investment, leading to 35% improvement in sales productivity
- Identified the activities that played a significant role in a winning bid and KPIs for tracking important performance metrics across various geographies
- Guaranteed 25% reduction in sales effort based on efficient call planning
- Tracked and updated data based on sales representative activities and deals in the pipeline
- Classified several key influencing factors for deal conversion including deal size, business segment, incumbent vendor, product, opportunity type, time span, and seasonality
- Helped the client forecast revenue and identified prospective clients at each stage of the pipeline
The complete case study on sales force performance optimization and performance tracking for a leading medical device company is now available.
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