Strategic Sales Plan Component #1: Sales Performance Indicators
Sales Integrity's most popular service thus far in 2010 is our Sales Coaching service. Whether we provide outsourced Sales Coaching services on a monthly basis for an entire salesforce of a company, or provide Sales Coaching services directly to individuals who invest in their own personal development and success, the first place we start is with Strategic Sales Planning.
Strategic Sales Planning is akin to goal-setting for sales professionals and is the basis of sales coaching for sales managers. Operating without a Strategic Sales Plan is like a business owner operating without a business plan. It happens more often than you think. But the best of the best - those sales professionals and managers in the top 5% - are goal-setters and more specifically put together, execute and consistently measure against a well-thought out Strategic Sales Plan.
This is the first in a series of blog posts where we will focus on the various components that make up a good Strategic Sales Plan. Look at these components as the table of contents of your Strategic Sales Plan. The first component we will start with is "Sales Performance Indicators".
Sales Performance Indicators (SPI's) derive from sales activities you conduct on a regular basis that contribute to you achieving your sales goals (quota, budget, target, etc.). Look at SPI's as metrics crucial to your sales success that you need to monitor on a monthly basis (if not a weekly basis) to determine whether you are on track to achieve your sales goals or not.
What are some examples of SPI's? They are different for everyone depending on the specific role (i.e. inside sales, outside sales, account managers, etc.). However, some examples include: number of phone dials, number of phone conversations, number of prospect meetings, number of sales proposals, total dollar value of sales pipeline (possibly broken down per stage of the sales cycle) and most importantly - amount (or dollar value) of closed business (sales). There are many other examples but these are just a few of the popular SPI's.
If you determine the right SPI's, and consistently track them, then you can start to develop some good trending information to determine whether you need to keep doing what you are doing or quickly make some changes to correct the course of action. Do you feel like you meander your way through each sales day and sporadically work on whatever grabs your attention at the moment without a method to your madness? If so, then it's probably a good idea to determine your specific SPI's, document them, and begin tracking your progress against them on a regular basis. That's the first step in creating a solid Strategic Sales Plan and will provide clarity as to what you should spend your time working on each day, week and month.
If you have questions about Sales Performance Indicators, creating a Strategic Sales Plan, or Sales Coaching services to help you achieve your strategic sales goals and objectives, then feel free to post your questions below this blog. If you have a more personal and specific need then contact me directly through our website at http://www.salesintegrity.com/contact. Sales Integrity also hosts a monthly Sales Achievement Roundtable where we cover the topics addressed within this blog in more detail in a group setting. On Thursday, February 4, 2010 in Dallas, Texas our Sales Achievement Roundtable topic is "Strategic Sales Planning" where we will provide a template and discuss in detail how to apply Strategic Sales Planning to your business. To learn more about that event, and to register and reserve your seat, click here.
Strategic Sales Planning is akin to goal-setting for sales professionals and is the basis of sales coaching for sales managers. Operating without a Strategic Sales Plan is like a business owner operating without a business plan. It happens more often than you think. But the best of the best - those sales professionals and managers in the top 5% - are goal-setters and more specifically put together, execute and consistently measure against a well-thought out Strategic Sales Plan.
This is the first in a series of blog posts where we will focus on the various components that make up a good Strategic Sales Plan. Look at these components as the table of contents of your Strategic Sales Plan. The first component we will start with is "Sales Performance Indicators".
Sales Performance Indicators (SPI's) derive from sales activities you conduct on a regular basis that contribute to you achieving your sales goals (quota, budget, target, etc.). Look at SPI's as metrics crucial to your sales success that you need to monitor on a monthly basis (if not a weekly basis) to determine whether you are on track to achieve your sales goals or not.
What are some examples of SPI's? They are different for everyone depending on the specific role (i.e. inside sales, outside sales, account managers, etc.). However, some examples include: number of phone dials, number of phone conversations, number of prospect meetings, number of sales proposals, total dollar value of sales pipeline (possibly broken down per stage of the sales cycle) and most importantly - amount (or dollar value) of closed business (sales). There are many other examples but these are just a few of the popular SPI's.
If you determine the right SPI's, and consistently track them, then you can start to develop some good trending information to determine whether you need to keep doing what you are doing or quickly make some changes to correct the course of action. Do you feel like you meander your way through each sales day and sporadically work on whatever grabs your attention at the moment without a method to your madness? If so, then it's probably a good idea to determine your specific SPI's, document them, and begin tracking your progress against them on a regular basis. That's the first step in creating a solid Strategic Sales Plan and will provide clarity as to what you should spend your time working on each day, week and month.
If you have questions about Sales Performance Indicators, creating a Strategic Sales Plan, or Sales Coaching services to help you achieve your strategic sales goals and objectives, then feel free to post your questions below this blog. If you have a more personal and specific need then contact me directly through our website at http://www.salesintegrity.com/contact. Sales Integrity also hosts a monthly Sales Achievement Roundtable where we cover the topics addressed within this blog in more detail in a group setting. On Thursday, February 4, 2010 in Dallas, Texas our Sales Achievement Roundtable topic is "Strategic Sales Planning" where we will provide a template and discuss in detail how to apply Strategic Sales Planning to your business. To learn more about that event, and to register and reserve your seat, click here.
Labels: goal-setting, sales, sales achievement roundtable, sales coaching, sales management, sales performance indicators, sales planning, sales professional, SPI's, strategic sales planning
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