Getting the word out to your potential students that you are the right school for them is tough. It’s more than just setting up your school’s website and advertising a bit on social media. Your prospective students want to engage with their future school on a personal level in a world that is full of impersonal advertising. Today’s students know how to use technology to find what they’re looking for in their education, and it’s vital that a college knows how to utilize technology for student recruitment and not alienate them.
Technology is what should drive your student recruitment campaign if it doesn’t already. If you’re not seeing the results that you want, it is time to reconsider what your students need from you. Your school may be where they possibly spend the next few years learning. They want to know what you have to offer them as individuals and as future professionals. Your institution can use technology to tell its story in a way that will resonate with its pool of potential future students.
By combining the power of the marketing department and technology with the drive of the recruitment section, your enrollment can increase significantly.
Find Out What Your Students Want
It’s more than just finding out what your students want from an educational institution that will help them want to apply to your school. You have to learn what motivates them. When you know your audience, you can better adjust your marketing to meet their needs. Using technology tools, you can find out what resonates with your audience by keeping track of the data and analytics that result from each of your student recruitment and marketing efforts. You can then adjust in real-time and make improvements.
Brand Your Organization
Each brand out there has a story. That story connects with their audience, and that is what keeps their clients coming back. Define your organization’s story. What is its history, and where is it going? Develop a story to tell students that will attract and resonate with them on a personal level.
What is it about your organization that students will want to learn more about and engage with? Utilizing your website and social media outlets is the best way to get the word out there about what your organization can provide students. They have many choices, so why should they select you?
Leverage Technology to Connect with Potential Students
Since just 34 percent of colleges reach their enrollment goals, it makes sense for your organization to use technology to get the students it needs. For example, one way to do this is with drip marketing. You can use our visual workflow builder to plan out the conversation paths you can create with your students. When a trigger starts your workflow, you might send out a welcome email, and then resend the same email with a different subject if it’s not opened or update the lead to warm if the prospective student opens the email.
Additionally, you can automate funnel movement to update lead stages automatically when a certain lead activity occurs. You can also get instant sales notifications if an admission activity occurs that could lead to enrollment. That empowers your admissions team to take immediate action to create that relationship with a potential student. Other helpful tools are the ability to sync complex business processes or create a connected system to update data in other marketing apps and CRMs the institution utilizes.
Email Marketing Can Create Relationships.
Use beautiful emails from our drag-and-drop builder and our many templates to create personalized content to send to your email lists. This can help keep your institution at the forefront of the minds of your students. Your student recruitment team will not need any coding skills to create stunning emails that engage and get positive responses from potential students. Delivering your emails whenever you want and making the content relevant to your audience means that your engagement and conversion rate increase. When you see an email campaign is working well with the email analytics we offer, you can replicate it in the future.
Landing Pages Keep Your Potential Students Involved.
By putting our well-designed landing pages on your site, you can keep your website domain, but we host them. You reap the benefits of creating engaging landing pages that start possible future students on the path to enrollment. With autoresponders, you get future students’ attention with the promise of personalized contact. With landing pages that students respond to, you’ll be able to up your enrollment rates.
Customize Your Interaction.
You want to reach your audience and create a personalized relationship with them all the way through to the registration process and the first day of class. By segregating your leads based on demographic profiles, activities, interests, and more, you can create emails and other marketing data that will show what you can offer your student. Using our smart list segmentation, you can perform custom list actions like sending all of the leads on a list to a call center application for automated dialing. Do more with less work.
Our technology can be integrated with many other marketing apps and tools so that you can continue to lead capture from different sources and then sync data with your CRM tools. The syncing of all of this information empowers you to reduce your response time significantly so that you create more conversations and relationships with potential students. By analyzing all of the data that your institution generates from its various marketing outlets with our simple integration tools, you can react to trends, try new techniques and better reach your target audience.
Your student recruitment team will be able to see their schedule on their dashboard each day. They’ll know who to follow up with, and the program will help them call at the right time by sending email and phone alerts. All email, phone, and chat conversations are recorded in one clean area so that your admissions officers can effectively cultivate leads and guide them toward enrollment.
The recruitment process and marketing efforts combine into a powerful program with LeadSquared that can increase communication and success on the part of both departments. You can save the institution money with a connected system that provides integration, do-it-yourself tools, data, and analytics that can effectively increase student enrollment.
Basic website analytics can tell you how many users are visiting your website and where they come from, but the benefits tend to end there. As a result, you’re left scratching your head trying to figure out more about your mysterious website visitors:
Who are they?
Why did they come to your website?
What did they do on your website?
How long were they on your website?
Where did they go next?
Did they come back?
Website tracking may be able to deliver the answers that traditional analytics ignore. And, with those answers comes more opportunities to increase your sales.
What Is Website Tracking?
All websites have the ability to collect information about user sessions, but it doesn’t always happen organically. If you want to know more about specific users rather than website activity as a whole, you’ll need a website tracking tool.
Website tracking follows the path of each user on your website to gain more insight into their activity. Tracking helps you discover what pages they visited, what they clicked on, how long they spent on each page, how they found your website and more.
Think of it as a two-way mirror into the user experience: you can see exactly what your visitors are doing without relying on guesses or confusion that most analytics tools create. This not helps you build a profile on your lead’s interests.
What Can Website Tracking Do?
What website tracking does in a technical sense pales in comparison to what it can do in a business sense. The benefits for sales and marketing teams alike are many, giving you direct insight on what customers respond to so you can better tailor your content to their needs and expectations.
Follows the Journey of Every Lead
Website tracking is one of the most clear-cut ways to find out what the customer journey looks like from the perspective of the customer. By tracking each user’s activity on your website, you can discover what content they’ve already seen, what content attracted them to remain on your website or sign up for an offer, the products they viewed, and how far they are in the buying cycle, among other details.
Knowing this information, sales reps are better able to connect with leads and continue moving them through your funnel (more on this in the next section).
Unifies Sales and Marketing Efforts
Marketing and sales teams alike can benefit from the data collected by website tracking.
For marketers, it’s a direct look at how the content they create is performing. They can use data-driven facts rather than guesswork to switch out content and images, upgrade their CTAs, and revamp their offers.
It’s also a unified channel to see where leads are ultimately coming from. In marketing, the initial source is just as important as how the purchase was made. For example, LeadSquared’s website tracking product can tell you if a lead came from social media but actually purchased via a Google AdWords campaign.
For sales reps, website tracking can tell you where a prospect is in the sales funnel by examining the customer journey. This is great news considering that the majority of the buying cycle takes place online – before a prospect ever reaches out to a salesperson!
When a salesperson can see what research the prospective buyer has already done, he or she is better positioned to sell to them based on their existing experience.
Marketing and sales automation is becoming more of a reality for companies of all sizes and industries. According to Salesforce, over two-thirds of leading marketers are already using some level of automation, and the field is poised to expand even further. Salesforce studies predict that an additional 21% of marketing leaders will adopt some form of automation over the next two years.
Website tracking is an important piece of the automation puzzle, especially as it pertains to lead generation. By implementing tracking, you can create automated tasks like sending emails based on website behavior, creating custom offers, scheduling phone calls for sales teams, and other historically manual tasks.
Not every website visitor will turn into a paying customer. But what makes some users buyers while others leave?
Website tracking is your best bet to answer this age-old question. By knowing where your drop-off points are, you can better determine why some visitors are more inclined to leave without converting.
How to Put Website Tracking to Work
Website tracking can be a powerful secret weapon in helping you understand user behavior and how to tailor your experience to their needs. General analytics tools like Google Analytics aren’t enough to use your data to its potential, which means you’ll be better off investing in a website tracking tool designed to improve how you market and sell your products.
LeadSquared’s website tracking product offers a comprehensive suite of features that help your team lead with insight. Take it for a spin in our free 15-day trial to see what you can learn about your customers – and how to tap into that data for your own benefit.
https://www.leadsquared.com/wp-content/uploads/2021/11/banner-5-2.png4001000Meenu Joshihttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngMeenu Joshi2019-01-25 16:06:002021-07-05 17:59:00How to Use Website Tracking to Grow Your Sales
Too often, marketers and sales teams focus on building a list of leads and they Stop. Right. There. But taking it a step further by applying lead segmentation rules will help you get more value out of every lead.
Studies have shown over and over that segmented lists see better engagement and increased sales. The DMA noted that a whopping 77% of email marketing revenue comes from lists that were segmented, targeted, or triggered. With that kind of potential, you’re leaving money on the table every time you miss a chance to segment your list.
Let’s explore what exactly list segmentation is, when it’s used, and how you can use it to maximize your marketing.
What Is List Segmentation?
List segmentation is the practice of dividing your email or lead list into groups, or segments, where each lead in the group shares a common denominator.
For example, you might find that a sizeable portion of your leads are bar owners, CMOs, repeat buyers, or have a birthday in March. Other common segmentations include geography, age, gender, income, job title or industry, social status, interests, online behaviors, or customer status.
Once you segment your list, you can tailor messages specific to that group. This is your chance to provide value, offers, and insight that wouldn’t necessarily be as well received to others on your list. Remember that targeted nurturing gives you better results than random promotions.
The Criteria of Strong List Segments
List segmentation is simple enough to understand, but putting it into practice takes a bit of finessing.
There are tons of common denominators you could discover about your leads, but effective segmentation focuses on the value of how you group your leads.
If your list segments don’t meet the following criteria, they won’t deliver their intended benefits:
List segments can look similar to other segments, which makes it difficult to tell why you separated them in the first place. Each segment should be easily differentiated from another to avoid confusion and ensure you’re using the right segment for the right purposes.
Laser-focusing on specific groups or needs can result in revenue, but make sure the expected revenue justifies the investment. Focusing too narrowly can result in a negative ROI, so make sure your segments are significant enough to bring in the most benefit.
Segments should be relevant to your company’s marketing goals. There’s no point in segmenting by, say, household size if it has nothing to do with your product.
Marketing teams must be able to design messages and campaigns for your list segments. If a segment isn’t actionable, there’s no potential for ROI. Make sure the segment’s messaging can be valuable enough to drive revenue.
List segments should be relatively stable to reap long-term benefits. Some characteristics like interests or purchase behavior are subject to fluctuate, making the list less successful than a stable one. When choosing how to segment your leads, consider if any of the criteria is likely to change, and how often.
3 Ways to Use List Segmentation to Grow Your Profits
Once you create your lists, your marketing team can use them to craft segment-specific messaging and campaigns. Here are three of the most common ways you can put segmentation to work:
We said it earlier: targeted emails generate as much as 77% more revenue than mass email promotions. Other data shows that segmented emails received more than 14% more opens, 60% more clicks, fewer bounces, and fewer unsubscribes than non-segmented campaigns.
Use segmented buying behavior and user engagement to create attractive, user-specific offers, coupons, and discounts to boost conversions. For example, if a person bought a laptop, you might send them an email promoting laptop accessories, like a mouse or Bluetooth keyboard.
Segmenting your list makes it easier to personalize your messages. When you narrow your focus, your message sounds more like you wrote it just for the person reading it.
For example, let’s assume, you sell furniture online. Someone has visited your website and spent quite a while browsing through your living room collection. Automatically add them to the ‘living room’ list and send them campaigns about all the latest models you have. Or better, give him a nice personalized coupon. And watch the conversions roll in.
Not just offers and promotions, you can also use list segmentation to keep your leads informed of product updates, upcoming events or any exciting news. You can send them invites for webinars, upcoming events or exciting releases that you have had. And if there’s an exciting event going on in a certain city, and you are going to be there, you can just send a quick email inviting your leads to come to say hi.
List Segmentation Goes Beyond Email
Up until now, we’ve largely focused on list segmentation as it relates to email marketing. But its benefits go beyond the digital sphere. You can use these same list segmentation techniques to craft direct mail campaigns, billboard ads, and even telemarketing (if you’re into that kind of thing).
The benefits of list segmentation are too great to ignore, so stop missing out! See how LeadSquared can help you put list segmentation to work with a free 15-day trial!
https://www.leadsquared.com/wp-content/uploads/2021/11/banner-4-2.png4001000Meenu Joshihttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngMeenu Joshi2019-01-25 14:51:202021-07-05 17:59:00How to Use List Segmentation to Streamline Your Marketing
Everybody wants to make more sales, but not everyone knows how to determine what is going wrong. You may find it hard to visualize how your business is faring – are you making more sales, more profit, reaching new areas…or is everything in decline?
By finding out where you are and projecting what will happen in the future, you’ll be able to make educated decisions on how to make changes for the better. This is where sales analysis comes into the picture.
What sales reports show and how to analyze them
At the most basic level, a sales report shows you how much sales (in numbers of sales or income from those sales) were made over a period of time. If it were to show sales of $1 in January, $2 in February, and $4 in March, you could project sales of $8 in April as the figures have doubled each month. You can assume there is little that needs to change, and things seem to be going well.
This information can be split in various different ways to give you more and more detail on how these sales are happening.
Imagine that the whole of your sales information is an onion, and you are the scientist who is about to investigate the onion. You can see it growing in the ground, and by measuring the size of it every week, you can predict how the onion will grow in the coming weeks – that’s your sales forecast.
If you pull the onion out of the ground, you can slice it in half and you’ll see there are many layers inside. These layers could represent geographic locations where your sales team operates. If you could non-destructively measure these layers, you could predict how each layer (location) would grow over time, and see which layers might need a little more nutrition.
But you’re a scientist, so you’re always on a quest for more information. You take out one of these onion layers and place it under a microscope. Lo and behold, there are cells visible inside the onion now!
The cells could represent individual members of your sales team. If you measured them and saw how each cell grew compared to the other cells, you’d most likely find that some grew faster than others. You’d know which cells needed a little bit more attention to grow properly.
Of course, when it comes to onions, there’s only so much you can do to enhance their growth, but with employees within your company, you can respond to their needs accordingly.
Your onion might be growing faster on one side, rather than the other. This could be due to that side of the onion receiving more sunshine than the other side. Maybe particular locations convert more easily in your business, giving you this unbalanced onion shape.
Knowing this information – that sales are growing faster in one area than another – allows you to more accurately predict the future sales levels. When the sales have gone $1, $2, and $4, the next month may be $7 instead of $8 – the increase wasn’t due to doubling overall, but the sales in one area first increased by $1 (from $1 to $2 total) and then by $2 (from $2 to $4) and will now increase by $3 – 1, 2, 3 is the logical progression.
Who works hard and who works well?
Your sales report can also include the amount of time that each salesperson worked – the time they checked in and the time they checked out can also be recorded. Some salespeople may work many hours to make a few sales, while others work a very short time and achieve double the sales figures. Do you let the long-workers go, and find replacements? You might just replace them with more long-workers. What you need to do is see the type of customer the high-achievers are working with, if there is a connection by location, if they are all selling the same product, and so on. By guiding the long-workers towards the practices of the high-achievers, you’ll build a stronger sales force.
But you’ll only be able to do this if you have access to the data in the first instance.
The success of your sales team depends partially on the availability of leads to work with. Information relating to how many people are in each stage of your sales process will identify the areas in which you need to make the improvement.
If your leads are perennially stuck in the first stage of your sales process, then something needs to be done to kickstart the entire sales system – the offer or appeal clearly isn’t strong enough to draw the crowd in.
Alternatively, if every lead is stuck at the penultimate step and not buying, your sales team will need to improve their closing skills.
When Analysis Cannot Occur
There is only one occasion when sales analysis cannot occur – when there is no data to look at. The reasons that cause you to have no data can vary.
Perhaps you are a startup, with no track record – that’s fine. Get working, results will come.
Perhaps you haven’t made any sales – that’s OK, but not great. Put some more work in, data is coming.
Perhaps you don’t bother to record this information – that’s really not OK. You cannot expect to build and grow a successful business without knowing where your business is right now.
Not tracking this information is like driving into the desert without a GPS and hoping to find a single tent. You don’t know where you’re going, even if you did you don’t know how to get there, and when you look behind you, you don’t know where you’ve been as all you see is sand. Everywhere.
By recording your sales data with LeadSquared you open up a whole world of reports and analysis. Not only is the information saved and presented to you as you want it, but it can also be segmented and rearranged exactly as you need it.
It’s like having a GPS, a book of maps, and a multitude of signposts to guide the way. Wouldn’t you feel better if you knew where your business was headed?
So how do you start analyzing your sales results? By having a good sales analytics tool that helps you to know what is happening at every single stage of your sales funnel. It should also give you detailed insights into the performance of your marketing campaigns and your sales team in terms of efficiency and revenue.
And that’s why LeadSquared is your best bet. Don’t believe me? Take a quick 15-day trial to check it out yourself.
There’s no doubt about it: some leads are just better than others.
Which is why it makes sense to separate the bad from the good, from the great, to help you focus your efforts on the right people.
Enter lead qualification, a process that helps you separate qualified leads from the unqualified ones. Integrate’s Cost of Bad Leads report concluded that about 45% of leads weren’t marketable due to insufficient lead data, duplicate content, or other gaps.
Imagine if you were to spend an equal amount of time and money on each of your leads – almost half of your time and resources would be wasted!
Lead qualification provides a way to mitigate the risk of pursuing bad leads so you can focus on your best opportunities and maximize your results. Here’s the abridged version of everything you need to know about lead segmentation.
What Is Lead Qualification?
Basically, lead qualification is the process in which you set certain quality criteria for your leads. And only when they meet these requirements salespeople consider them good enough to pursue. Which is why the process is also called as lead segmentation. It’s very effective in filtering out leads with missing data or duplicate content, which will waste your sales team’s time, without producing results.
That’s not to say you only respond to high-quality leads and ignore the rest. Sales can still be made from leads that aren’t as seemingly qualified as others, but you can prioritize the “hot” leads first and handle the others later. Hot leads tend to close faster, which means a shorter buying cycle and more time to focus on warming up your less qualified leads.
Use Cases for Lead Qualification
There are several ways you can qualify leads and sort the good ones from the substandard ones. A good lead qualification tool will help you expand the boundaries of what you consider a good lead.
For instance, LeadSquared’s Lead Qualification tool allows you to set your own criteria when determining lead quality, such as location and activities. In addition, you can create custom criteria to assign high scores to leads that meet your requirements. The best part is that you can set a quality score for your leads, which allows your sales team to understand how ‘good’ the lead is, at just a glance.
Take a look at the following common use cases to put lead qualification into perspective:
Activity-based lead qualification is usually the most common way to segment your leads. For example, a user that reads one blog post on your website isn’t likely to be as qualified as a user that has subscribed to your email list.
Consider the types of activities your customers perform on your website, such as requesting information, reading blog articles, browsing product data, or signing up for a free trial. Then, determine which of these activities are most indicative of someone with the most potential of becoming a customer. You can then assign a priority score to the ones who have performed more desirable activities and call them first.
Every business has their own target audience. And most buyer personas are defined by a person’s demographics. In which case, segmenting leads by this information makes the most sense. For example, if you’re targeting women ages 25-55 and also has children, you’d want to reach out right away to anyone that fits that criteria.
Demographic information can include age, geographic location, gender, job title, budget, income, or other significant traits.
Leads can be broken down into three distinct categories:
Top of the funnel leads are usually information-qualified. They surrendered their information in exchange for something, such as an ebook, whitepaper, or downloadable. They got what they came for and may or may not be interested in whatever else you have to offer.`
Marketing-qualified leads are those that responded to some form of marketing, such as an email campaign or Facebook ad. Information-qualified leads may become marketing-qualified leads through careful lead nurturing. They start discovering your company and what you can do for them to solve a problem.
Sales-qualified leads are the most qualified of the three. They’re in the decision-making stage, showing interest in what you’re offering. Signing up for free trials, demos, or consultations are characteristic of sales-qualified leads.
You can segment your leads based on these qualifications to shorten your buying cycles.
Lead qualification is largely an automated process. Once you set your specific criteria, your Lead Qualification software goes to work figuring out which leads give you your best opportunities for conversion.
Of course, this process can also be done manually. You could use forms that customers can fill out and use their responses to indicate whether they’re a good lead or not. But like other manual tasks, this is the more time-consuming way to filter your leads and may not be the most accurate.
LeadSquared offers Lead Qualification to help you identify key opportunities so you always know where to focus lead conversion resources. Sales teams are immediately alerted of high-quality leads and aren’t bogged down by junk leads that can steal valuable time and energy from the sales process.
https://www.leadsquared.com/wp-content/uploads/2021/11/img1-2.png378700Meenu Joshihttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngMeenu Joshi2019-01-25 11:14:122021-07-05 17:59:00The Abridged Guide to Lead Qualification and How to Do It Effectively
“A product like ACE is definitely going to be part of a sales future, be it any industry”
Gaurav Jha – Senior Manager, Strategy and Programs, Unacademy
In 2013, LeadSquared began its journey with one goal in mind: Improve Sales Efficiency. Since then, we have built sales solutions for multiple industries and use-cases and helped more than 2000 companies achieve higher sales productivity.
ACE: The Sales Performance Management Suite is the latest addition to LeadSquared’s product repertoiré. It is our attempt to cater to the last mile – the individuals, the teams who run the show.
Before we walk you through ACE—a product built to help you achieve more, let’s quickly look at the various aspects of sales performance management.
Sales is generally associated with hardcore numbers—leads, targets, expense ratios, conversions, and, of course, revenue. However, within all this jargon, we tend to forget the most important pillar of a sales program—The individuals behind the numbers.
Sales Performance Management or SPM is the art and science of getting the most out of your salespeople. It involves a range of interdependent processes to increase employee productivity, effectiveness, and performance.
The components of sales performance management include:
Identifying and defining metrics
Setting goals and objectives
Incentives and payouts
Let’s look at these aspects in detail.
#1 Identifying and defining metrics
Sales KPIs (Key Performance Indicators) or metrics are the data points that help sales teams measure their effectiveness. They can be defined for individuals, teams, and organizations. Tracking sales metrics helps managers in strategic and financial decision-making.
Note, sales performance metrics should be measurable and relevant to your business.
For example, in a tele-calling setup, your input metrics could include dialed calls, connected calls, phone call duration, and the number of counseling sessions. Subsequently, output metrics can be conversion rates, sales cycle length, and average profit margin.
Similarly, you can track the following sales performance metrics that could impact your business.
Once you’ve identified what metrics to measure, the next step is to establish sales goals. i.e., how much to achieve within what time frame. For example, close 5000$ in new sales by the end of Q4. Goals are usually broad. They help teams see the bigger picture and stay motivated.
Often used interchangeably with goals, objectives underline the specific, measurable actions employees can take to achieve their goals.
We asked 100 sales leaders about their goals for 2022. We found that increasing revenue (28%) and improving sales efficiency (29%) are the main focus areas for the majority of them.
#3 Tracking Performance
Monitoring and reviewing employee performance is a critical part of sales performance management. Performance reports can help identify trends and areas for improvement. It also helps managers reward top performers, forecast revenue and gauge the effectiveness of their sales strategy.
#4 Field Planning
This part of sales performance management includes operational functions like territory creation, balancing, and assignment. Field planning ensures every part of the total addressable market has equitable sales coverage.
#5 Incentives and Payouts
A sales incentive plan (SIP) is a business tool used to motivate and compensate a sales professional to meet goals or metrics over a specific period.
The rewards can be both monetary and non-monetary and are designed to enhance performance. You can also run short-term incentives programs like SPIFFs, track conversions, and reward your team members accordingly.
Note, while curating a compensation plan, align incentives with overarching goals. It ensures salespeople target the right customers and prioritize the best deals to reach your goals.
If implemented correctly, a sales performance management program can improve the efficiency of your sales program, thereby increasing the bottom line.
However, you’ll have a tough time if you’re still relying on manual methods of tracking your team’s performance. In the next section, we’ll give you 3 good reasons to opt for sales performance management tools.
Why you need specialized performance management tools for your sales program
When you scale, it becomes nearly impossible to track the activities and outcomes of individuals. Result—you may not recognize the exact problem that is preventing you from getting the desired results.
Sales performance management tools are built to address these challenges. Below are the reasons to opt one.
1. Automate Manual Tasks
As important a function performance management is, most sales managers still use basic spreadsheets, which entail downloading data, organizing it according to different metrics, and manually creating pivot tables to analyze performance.
While excel can work for small teams with limited functions, they become infeasible as teams get bigger and processes become complex.
Performance management software can increase efficiency manifold by automating manual processes.
Sales performance management is a mix of operational and analytical capabilities that connect back-office processes, like sales planning and compensation, with front-office sales functions.
Due to the number of teams and functions involved, sales leaders often have to work with multiple sources of truth. A sales performance management software can act as a single, connected platform which consolidates information and facilitates transparency for all stakeholders.
With this, we now know the importance of sales performance management tools. However, with so many options available, each with its own specifications, the next big question is—which one should you choose?
The next section answers this.
What should you look for in your sales performance management software?
Choosing the right performance management software can help leaders improve sales efficiency by leaps and bounds. Keep these 5 factors in mind before making your decision:
Is it a centralized solution for all your processes?
Sales Performance Management is a web of interdependent functions. Each part of the process influences the other. Using multiple solutions for your SPM program may not be the best use of your time, and in some cases is even counterproductive.
Adopting a centralized solution allows you to track sales metrics accurately at any scale across various teams. It enables faster data consolidation and makes analysis significantly easier.
Does it facilitate near real-time performance tracking?
Time is of the essence in today’s hyper competitive world. Traditional performance reports are useful, but only capable of showing what has already happened. By the time you analyze, identify trends, and predict any instance of failure, it might be too late to make the right fix.
Real-time performance tracking helps leaders identify problems faster and take immediate corrective action. The following image illustrates how LeadSquared helps you track assigned vs. achieved goals in near real-time.
Is it adaptive and scalable?
As your business grows, the number of teams, processes, and employees change faster than you imagine. To prevent any lead leakage or conflicts, sales managers should be able to configure these changes with their SPM software quickly. For such situations, your software should be designed to scale, and intuitive enough that new members can use it easily.
Does it have gamification features?
According to Finances Online, Gamification can increase company productivity by up to 50% and employee engagement by 60%.
In Fact, most competitive SPM tools in the market today are built keeping psychological principles in mind. Features like leaderboards, nudges and achievement recognition keep employees motivated and help improve their performance.
How good are its insights and forecasting tools?
Does your SPM software analyze performance data and identify patterns that can potentially affect sales performance?
With sales forecasting, sales managers can share information about future sales with supply chain, finance, and the other functions of the company for better decision making. Make sure your SPM software has the capability to leverage the data points your sales teams generate daily!
Now that you know what to expect from your performance management software, checkout ACE, the freshest in the game.
LeadSquared ACE: An End-to-end Sales Performance Management Suite
While working on sales problems with our customers, our team discovered a need for an end-to-end performance management tool.
To develop a better understanding of the problem, we surveyed 100 sales leaders about the challenges they face while managing their teams.
While a few performance management solutions exist in the market, very few offer a single, integrated platform to build and implement an effective SPM program. This is where ACE comes in.
The ACE Concept: Integrating CRM and Sales Performance Management.
Like any competitive sales CRM, Leadsquared has all the data you’d need for tracking employee performance according to personalized metrics. Thus, instead of downloading, exporting and tracking employee performance on 2-3 different software, we decided to equip Leadsquared CRM with all the tools you need for running a comprehensive Sales Performance Management program.
With ACE, our aim is to develop a one-stop solution for sales performance management. The product suite would include Performance Analytics; Goal Setting; Gamification; Nudges and Coaching; Incentives and Payouts, and Insights and Forecasting. All of these fully integrated within our CRM software.
Ease Of Use
Ace is built on Leadsquared; hence it doesn’t need integrations with third-party tools and shows your progress real-time.
Ace is made with a user-centric approach to adapt to ever-changing business needs.
Ace is built on Big data technology to work at any scale and stage of business.
The first and the foremost step in your sales performance management is setting up the goals and monitoring them in real time.
ACE Goals lets you do just that. You can set goals based on your key metrics, across organizational hierarchy, and track them in near real time.
With ACE, sales leaders can set clear objectives for their sales team and equip them with psychological and analytical tools that ensure accomplishments. It is a flexible, user-friendly tool capable of handling complex scenarios.
For a better understanding of Goals, you can watch this 10-min walkthrough given by our product manager – Abhishek Jain.
In this walkthrough, Abhishek will demonstrate:
How to create goal templates using any input/output metric.
How managers can assign both sales and revenue goals to their teams
What every stakeholder’s dashboard looks like, how managers can monitor progress and how employees can stay motivated to accomplish their goals.
Business Impact of ACE SPM Tool: See what our customers have to say
We’ve beta-tested the concept with over 20 sales-led organizations and improved the offering based on their feedback.
Here’s what our customers feel about the product.
ACE eliminates the need to manually assign objectives and track progress in Excel sheets.
Users can configure these with simple IF, OR, and AND logic.
“ACE Goals is a time saving experience. Earlier I used to download data, make pivot tables, and run reports for an hour, now I can do it all in 5 minutes.”
Kartik Thakur, Business Development Manager, upGrad
Increased Employee Productivity
Leadsquared ACE is built keeping psychological principles in mind. The achievement dashboard, nudges and leaderboards keep employees motivated and increase their productivity.
“Leadsquared’s Goals is a fantastic solution that has assisted us in increasing sales efficiency in terms of active funnel moment, traceability, and overall agent productivity!” This was a much-needed feature to assure our sales staffs’ seamless operation and keep them motivated.”
Sourabh P Upadhyaya, AVP – Business Development, Multibhashi
Tracking input and output metrics simplified.
Ace Goals enables managers to easily define and track various input and output metrics. One can create templates for different use cases, be it revenue targets, calling targets, lead funnels or demo targets.
“In our sales pipeline, input and output metrics are highly correlated. With ACE, we were easily able to see dig out past data in order to gauge where the employee didn’t perform well, and subsequently take corrective action.”
https://www.leadsquared.com/wp-content/uploads/2021/11/banner-2-2.png4001000Rishabh Jainhttps://www.leadsquared.com/wp-content/uploads/2022/04/340-x-156-300x138.pngRishabh Jain2019-01-24 18:19:082022-09-24 01:45:14Sales Performance Management: How to Choose the Right SPM Tool