Xoxoday recognized in the Sales Performance Management Landscape, Q4 2023
We are thrilled to announce that Xoxoday is recognized in the Sales Performance Management(SPM) Landscape, Q4 2022 report. The report highlights how the role of compensation and data in sales performance management is evolving and how the future of SPM has great potential to transform how companies effectively manage their sales teams.
Forrester's definition of SPM
Automated solutions that help optimize incentive compensation, territory coverage, and quota assignment for direct and indirect sellers.
These solutions enhance stakeholder collaboration, increase sellers' motivation, and provide business leaders with a systematic way to operationalize their company's sales strategies.
Market Dynamics
The report outlines that market dynamics are driven by the following factors that will dictate how the market will play out:
Eliminating cross-functional barriers will support the shift to holistic revenue performance management while increasing the transparency and enablement of revenue teams
The legacy siloed methodology obstructs sales leaders from having access to the right insights that can help them go about targeting and engaging buyers in their journey. This makes it difficult to assess or implement new technologies accurately.
Personalized dashboards and real-time payments enable sales leaders to motivate better, engage, and retain talent, increasing sales productivity. Having predictive analytics can help sales leaders with the right insights to go about targeting and engaging buyers in their journey.
Ideal sales performance solution
According to Forrester, SPM's primary use case is incentive compensation management(ICM) followed by territory and quota management. To enhance sale's ability for insights-driven sales planning it is important to manage business performance and changes made throughout the year. SPM should include :
- Data Management
Data management enables market, customer, and other sales data to be cleansed, enriched, and mapped increasing quality and usability.
2. Predictive sales insights
With enriched data, a business can derive better insights about their seller productivity, accounts, opportunities, and more through advanced analytics. This ranges from statistical modeling to simulations to AI and machine learning. These become actionable inputs to the core sales planning elements, including territory planning, quota planning, capacity planning, and incentive compensation planning.
3. Planning, execution and optimization
After annual planning, sales operations must effectively administer the plans, manage performance, and own the change management process as rep and business needs change throughout the year. Sales and revenue operations leaders optimize the value of the data and predictability of the insights and optimize sales quotas, territory, staffing, and compensation plans.
How does sales performance management landscape help?
According to the report, sales and revenue operations leaders must implement SPM to :
- Increase sellers’ motivation and effectiveness
- Optimize sales territories and quotas
- Align sales execution to the business strategy
Problems that hold enterprises to scale
Expecting maximum productivity and performance with a sales strategy or planning will result in missing the targets, poor output, and an unhappy sales team. Some of the major problems that organizations commonly face while planning sales strategy include:
- Designing and setting up complex commission plans across sales teams with multi-tier approvals.
- Calculating thousands of records in seconds while preventing payment errors and delayed disbursals.
- Igniting motivation in the sales team to perform and engage.
- Driving insights in real-time and tracking the performance using advanced analytics.
How Xoxoday Compass delivers?
Xoxoday's sales incentive compensation and commissions management platform, Xoxoday Compass, helps businesses to manage and automate sales incentive programs, from launching incentive plans to calculating and paying incentives.
Xoxoday is already well-placed to address the future needs of sales leaders, with in-built communication & engagement channels and advanced analytics with powerful insights. Xoxoday successfully integrates with a universe of leading CRM solutions, communication, & productivity tools, seamlessly slipping into the flow of work. Further, with an automated payouts infrastructure that minimizes delays and errors, the platform ensures sales teams can focus on what's essential - making sales.
Access Forrester’s Q4 2022 SPM Landscape report here (available to Forrester subscribers and for purchase).