How Companies Can Make the Shift from Sales Enablement to Revenue Enablement Through a Sales Performance Management Solution
Sales enablement focuses on providing sales teams with the tools and resources they need to be effective in their jobs. Revenue enablement takes this a step further, focusing not just on sales enablement but on the overall goal of generating revenue for the company. To make the shift from sales enablement to revenue enablement, a sales performance management solution can be a valuable tool.
A sales performance management solution is a software platform that helps organizations manage and optimize their sales performance. It typically includes features such as sales forecasting, territory management, sales planning, incentive compensation management, and sales analytics.
By implementing a sales performance management solution, organizations can:
- Align Sales Efforts with Business Goals
A sales performance management solution can help companies align their sales efforts with business goals, which in turn can lead to increased revenue. According to a study by CSO Insights, companies that align sales and marketing see 36% higher customer retention rates and 38% higher sales win rates. By setting targets and goals for the sales team that are tied to revenue goals, sales teams can focus on generating revenue rather than just making sales. This can lead to increased productivity and higher revenue growth.
- Provide Better Coaching and Training
Leveraging a sales performance management tool can be the key to unlocking improved performance for your team. A study conducted by CSO Insights has demonstrated that when managers provide formal coaching, there's an average 17% increase in quota attainment and 19% higher win rates compared to those without it. Using data-driven metrics and analytics helps you distinguish which areas require extra attention so you can create tailored training plans - ensuring maximum growth potential across all members of your sales force.
- Optimize the Sales Process
Companies can unlock significant growth potential using a sales performance management solution, based on research conducted by McKinsey. Enabled with powerful analytics and tracking features, this tool allows businesses to uncover opportunities for enhancing their sales process - from reducing cycle times to increasing win rates. With optimization strategies in place, organizations could see up to 30% increased revenue generation.
- Improve Collaboration between Sales and Other Teams
A sales performance management solution can help companies improve collaboration between sales and other teams, such as marketing and customer service. According to a study by SiriusDecisions, companies that align sales and marketing achieve 24% faster revenue growth and 27% faster profit growth. By sharing data and insights across teams, companies can work together more effectively to generate revenue.
Overall, by implementing a sales performance management solution, organizations can make the shift from sales enablement to revenue enablement. There are lots of opportunities for not only improving your sales process but having a material impact to your bottom line with the benefits of adding a Sale Performance Management solution to your sales and revenue operations. At Intangent, we believe in the shift to Revenue Enablement through the incremental benefits that mature SPM solutions can bring to an organization. We’d love to connect and tell you more about how we have achieved this with our many clients.
You can also catch us at the Gartner CSO & Sales Leader Conference 2023, May 16 – 17, in Las Vegas, NV. Save $450 on the standard registration fee when you register with code CSMUS23EDC. See you there!