For many organizations, the next month is more than the end of Q3—it’s the start of budget season. As you decide how and where to invest your resources for 2020, think about what changes you want to make to improve performance at your sales organization. That’s a daunting question, especially when you only have internal data to consider. A better option is to find external benchmarking data, which will shed light on the gaps in your organization. That data is hard to come by, but we have a solution that puts it at your fingertips: the Sales Performance Meter.
Fueled by world-class research from CSO Insights, this diagnostic tool shows you the optimal ways to invest your time and resources. By spending just 10 minutes taking this online assessment, you’ll discover where you need to allocate your budget to maximize your sales results.
What the Sales Performance Meter Reveals About Sales Transformation Initiatives
The Sales Performance Meter is built on research from CSO Insights in the 2019 World-Class Sales Practices Study. This study analyzed survey responses from more than 900 global companies, looking for evidence of the essential organizational practices that leading sales organizations have in common. From there, CSO Insights identified the 12 practices link to better sales results: higher revenue attainment, quota attainment, win rates and customer and seller retention rates.
Of the nearly 1,000 sales organizations that took part in the study, fewer than 9% met the criteria of a world-class sales organization, meaning they excelled at all 12 leading sales practices. And excelling at these 12 practices makes quite a difference. Compared to the rest of the respondents, world-class sales organizations significantly outperformed the rest. They had:
- 23% higher win rates
- 23% better quota attainment
- 7% higher seller retention
- 5% better revenue plan attainment
Imagine the potential gains your organization will reap o if you begin to implement these 12 practices. Even focusing on a few priorities can move the needle. By deciding now where to make additional investments in learning and development, including sales training programs and sales consulting, you’ll be able to measure your progress and demonstrate how these investments deliver ROI.
What You’ll Learn From the Sales Performance Meter
Once you complete the Sales Performance Meter, you’ll receive a report that compares your performance to the key behaviors of leading sales organizations in three areas that make up a sales system—the functions, processes and strategies that build and grow client relationships.
First, the report examines your customer engagement, including the processes, methodologies and skills that your teams use to initiate and manage opportunities, including sales, customer success and customer service.
Next, the report evaluates your performance support functions—the tools and guidance that your sales professionals use to create the desired customer experience. These functions include sales management, operations and enablement functions such as coaching and training.
Finally, the report looks at the strategic alignment between marketing, sales and service in your organization. It considers items like your go-to-market strategy, organizational design and culture, talent strategy and data analytics strategy.
Applying the Lessons From the Sales Performance Meter
Armed with the results of the Sales Performance Meter, you’re ready to identify areas your organization falls short of the top 12 sales practices. Review your results and start to plan your next steps.
How do you know where to begin? Don’t try to do everything at once. Instead, prioritize your efforts.
There’s no one “right” place to begin, but a good starting point is an area or two that cause the most pain. The goal isn’t to achieve world-class status overnight; it’s to take the short-term and long-term actions designed to move your organization toward sales system excellence.
For additional insights into your results, Miller Heiman Group experts will walk you through your report, building a roadmap to guide the transformation of your sales organization. We’ll also show you how to prioritize the resources that will help you achieve your goals.
For example, if your organization lacks a holistic sales talent strategy covering hiring, coaching and career paths, we can help you build one and with it, a sales team with the right people in the right roles with the tools they need for success. We can also create a customized sales organization diagnostic and action plan that improves alignment between customer-facing functions. Our sales process consultants design dynamic sales processes that eliminate the hurdles that limit sellers’ effectiveness and install metrics to monitor every phase of the buyer’s journey.
Ready to create your sales plan for 2020? Get your customized report from the Sales Performance Meter and discover the best ways to start implementing changes at your sales organization.