India’s insurance industry is at a turning point. But challenges like profitability, operational efficiency, and innovation still hold the industry back. One solution that often flies under the radar is - Incentive automation!
Effortlessly manage DSA sales commissions in NBFCs with automation. Simplify unique plans, ensure GST compliance, automate invoices, and integrate systems for accurate, transparent, and efficient financial processes.
Delayed or miscalculated incentives in the BFSI industry can lead to a domino effect—damaging morale, causing retention risks, and low productivity. The blog explores strategies to prevent the domino effect by building a resilient, transparent incentive management system that keeps your team motivated and aligned with company goals.
LIC recently responded to new IRDAI guidelines mandating higher surrender values by reducing agent commission rates. Learn how Incentivate’s dynamic sales commission solution can support compliance, maintain agent motivation, and enhance customer retention.
AI-driven cross-functional integration aligns sales compensation with broader business goals, optimizing strategies by uniting teams and eliminating silos.
Tips for Improving Sales Management
- Amit Jain
- Aug 04, 2021
- 4 min read
What is sales management?
Sales management involves planning, directing, and controlling the salesforce to achieve business objectives. It involves recruiting and building a cohesive team, empowering the sales force, and fostering a culture of motivation to drive optimal performance in their roles.
Sales Management is affected by many factors. Making your pitch in a limited time, selling the product or service to as many people as possible, and being on top of your game every single day will only make you enthusiastic, motivated, productive, and efficient in your field of work. The sales department is one such department that requires determination and consistency from the employees. Patience is another factor that comes into play here.
There are many types of customers, and every sales rep must maintain a professional relationship with their customers which can be daunting sometimes. To manage a Sales team can only mean much responsibility. It is much like managing many little competitive children who all want to win. Sales Management is not an easy job, and as a matter of fact, every job in the Sales department is challenging.
Here are some tips that might help you manage your sales team effectively:
1. Strong Sales Strategy
If you want your sales team to go out of their way and have the outcome of a remarkable sale, then you would need to make sure that you prepare a powerful sales strategy that will allow them to push their boundaries. Focus on important things like the target audience, your pitch, which employee should handle a certain audience, etc. Sales management is primarily concerned with designing and sustaining this plan. It’s what should guide all of your decisions and ensure that your team’s efforts are all directed toward a common objective. Neglecting these small things is not possible as they collectively contribute significantly.
2. Change your Approach
The practice of repeating existing plans year after year is one of the most typical and costly Sales Management blunders. The purpose of Sales Management planning is to improve on the previous year’s performance, so why should it work the second time around if it didn’t work the first time around? This is also true for partially successful ideas. The strategy you made last year was amazing. It increased sales by 30%, but are you sure that the same strategy will work this year?
The answer is uncertain. It might, and it might not. You don’t want to duplicate your performance; instead, you want to enhance it. You won’t be able to achieve this if you keep recycling the same strategy without making improvements to enhance it. With so much competition out in the market, you just cannot take such a huge risk. It becomes crucial to have an approach that aligns with today’s trends, the latest demands, and newly developed software that will ease the process.
3. Communication
Communication is key to efficient Sales Management, perhaps management anywhere. Talk about any field of work; communication is necessary. With proper communication, your team members will be able to understand what exactly is going on in your mind and what is expected of them. Their hard work and talent will be utilized efficiently. Good communication skills will also ensure that the sales team has everything they need, no doubts in mind, and are working on the path you asked them to follow. This will save a lot of time, speed things up and make for efficient Sales Management.
4. Transparency
Trust is a two-way street. If you expect the sales team to work a certain way, meet the necessary goals, and accomplish the targets, then you should also let them know why they need to work a certain way, meet the necessary goals, and accomplish the targets. This has a dual purpose: it improves your salespeople’s understanding of their duties, putting them up for success, and it keeps them in the circle, allowing them to stay informed when the strategy evolves.
Transparency between the two teams will build trust and open space for more effective communication, making for efficient Sales Management. The sales team deserves to know why we are going after this set of audiences, why we are making changes in our pitch, how they meet our customers’ expectations, how they are performing, etc. It's even better when salespeople can see where they stand concerning their quota.
Salespeople in many firms spend weeks or months figuring out how they’re performing or how many and what sort of transactions they need to make to reach their targets. One highly beneficial method to Sales Management is using software that can display salespeople in real-time how much money they’ve made in a particular period and what steps they need to take to attain their target.
5. Examine the Data
To succeed in today’s market, you’ll need to be smarter about where you send your salespeople, how you segment your accounts, and how you inspire your staff. And this necessitates the usage of data. Data plays a crucial role in Sales Management. Work with what you already have. Pick up the previous year’s charts, sheets, and documents, and sit. Analyze your data and identify the moves that are helping the company grow and those that are not working out for the company.
Plan a strategy such that all the employees get a role they are best suited for. This will result in better outcomes for the company and enhanced Sales Management. Sales executives must prioritize acquiring data and effectively evaluating it now more than ever. To be fair, salespeople still need to form personal ties with their consumers to succeed. But knowing how and where to leverage those relationships effectively is how a sales leader can propel the team ahead of the pack.
6. Be Open to Feedback
Having more power in your hands means having more responsibilities on your shoulders. Take these responsibilities seriously and work towards accomplishing them. One of the best ways to ensure that you are doing everything right is to ask the right questions to the right people. More feedback you can get from those around you—both above and below you in the hierarchy—the more effective your Sales Management will be.
What is the effectiveness of your compensation plans? Ask the sales team, the management team, and everyone about their take on the strategy you have planned. When making a huge choice, ask individuals down the chain to come up with difficulties and see what they come up with. This activity strengthens your sales management style and reduces the likelihood of making poor judgments. You do not need to take all their thoughts and ideas and change your plans. Consider their ideas and change your strategies after critical thinking and choosing what’s right for your company.
Conclusion
Every sales team represents their respective companies, but behind them stands the Sales leadership. A phenomenal sales team requires phenomenal leaders. These leaders help them in any and every way possible. The end goal of both teams is to increase sales, and if they work effectively and efficiently with each other, then sales are bound to increase.
