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Wednesday, August 17, 2022
Top 5 Sales Performance Management Software in 2023
Sales performance management (SPM) software is essential for any organization looking to optimize processes and streamline operations. With so many options on the market, choosing the right SPM software can be challenging. It's essential to make the right choice; after all, this isn't just another tech tool your company can live without.
A good SPM platform will help you track and analyze sales performance, uncover hidden inefficiencies, and take actionable steps toward improving your sales results. To get the maximum out of your investment, you must choose the right solution that provides you with advanced features to cover all your business needs.
Wonderway, our sales performance management software, uses machine learning to identify skills your sales reps need to improve and helps you create personalized training programs to make your sales team more efficient.
In this article, we will explore some of the most noteworthy features of SPM software, along with key considerations when selecting a platform. We will also share the list of the top five sales performance management software you should test in 2022.
What is sales performance management
Sales performance management (SPM) is a strategic approach for measuring and improving sales teams' performance. It involves collecting and analyzing sales activity data to make informed decisions on how to train, promote, and reward sales team members.
SPM can help sales teams increase efficiency by identifying which practices are working well and which need improvement. It can also help sales leaders refine their performance forecasts and make accurate strategic decisions.
Why is sales performance management important for sales teams
Sales skills and a well-trained sales team are not enough to reach your sales targets. You need a framework to understand individual sales reps' roles in the organization and to measure their performance against goals. Sales performance management provides such a framework.
Apart from that, SPM can help you in many different areas. Let's discuss the most important ones.
1. Improving sales efficiency
By tracking sales key performance indicators (KPIs) such as revenue, order size, and cost per sale, sales managers can gain insight into their team's strengths and weaknesses, highlight areas for improvement, and plan accordingly.
In addition, sales performance management can help sales teams optimize their sales processes and make more informed decisions throughout the selling cycle. For example, a sales team can adjust their strategies by knowing which customers are most likely to buy and when they are most likely to buy.
A strong sales performance management strategy can help organizations increase revenue while reducing costs. Better performance management also leads to increased efficiency and higher service quality.
2. Increasing sales productivity
Sales performance management systems allow managers and employees to track sales volume, revenue growth, cost reduction, and customer satisfaction.
By tracking these metrics over time, sales managers can identify trends and adjust as needed to ensure that their teams focus on improving performance.
Additionally, sales performance management systems can help managers reduce employee turnover by clearly showing their goals and how sales reps perform concerning those goals. By motivating employees to focus on improving their performance, sales performance management can help increase your team’s sales productivity.
3. Improving sales effectiveness
Sales performance management differs from traditional sales management because it focuses on goals and metrics and involves a team approach. SPM improves sales effectiveness by reducing waste, increasing revenue, and improving customer satisfaction.
Another vital aspect of sales performance management is measurement. Sales leaders should track sales KPIs to measure the impact of their programs. They also need to set sales goals and review progress regularly.
Finally, SPM includes training and development. Sales teams must have the training and support they need to be successful.
4. Improving operational efficiency
Sales performance management can help increase operational efficiency by providing detailed insight into current and past performance.
It can also help managers make better decisions about allocating resources and improving employee motivation.
By tracking and analyzing sales performance, companies can identify future performance trends. It helps them adjust how they do business to minimize the impact of any changes.
Moreover, sales performance management can improve operational efficiency by helping companies manage their time more effectively. When managers know what they need to do, they can work more efficiently and reduce the number of time-consuming tasks sales reps need to complete.
5. Identifying the most effective selling strategies
Sales performance management involves tracking a sales rep's performance over time. It helps sales representatives and managers learn what works best and what doesn't.
They can also see which sales reps tend to get stuck in specific patterns and are more likely to try new things. It can help them figure out how to improve their overall sales results.
Why use a sales performance management software
Sales performance management software helps sales representatives to automate tedious and time-consuming tasks that can otherwise affect their productivity and sales performance.
When used alongside a CRM, it enables salespeople to track their activities and progress against key metrics such as pipeline growth, revenue generation, and account retention.
By combining these different data sources, salespeople can identify opportunities for improvement and prevent gap development in their pipeline. It also helps to create a more consistent sales experience for customers, which can result in higher sales volume.
Furthermore, it can help sales reps take control of their performance by providing insights into where they are falling short and how they can improve. This information can help them identify areas for improvement such as sales planning, forecasting, and follow-up, all of which have the potential to impact their overall performance positively.
Let’s look at the best sales performance management software that can help you improve your sales team’s efficiency and performance.
Top 5 Sales Performance Management Software
So many sales performance management software out there claim they can help you track your sales and revenue, but how do you know which one is right for your business? We prepared a comparison of the five best performance management tools to help you make your decision faster. Let's begin with our list.
1. Wonderway
Wonderway, our performance-based sales training software, can boost your revenue per rep through proper sales coaching.
Wonderway helps sales teams become more efficient to survive and thrive in a recession. Wonderway provides personalized training recommendations by aggregating your team's performance data (CRM, training progression, calls, emails) in one place to help you see their strengths and weaknesses. You can forget about wasted time or guesswork.
Apart from that, Wonderway connects to your call and messaging systems and picks the best examples to learn from. You can show these examples to team leads and present where sales reps need to improve.
Moreover, our onboarding programs help you automate processes and cut ramp time when hiring new team members.
You can use our sales performance management software for
- Onboarding – it reduces ramp time by 50%
- Upskilling – it increases close rates by 40%
- Certifications – it reduces time to market by 50%
- Increasing sales performance and efficiency
Who uses it
Companies from different industries like SaaS, computer software, healthcare and wellness, retail, finance, and fintech use Wonderway.
Features list
- Onboarding
- Interactive sales training
- Certifications
- Performance metrics
- Document management
- Goal setting and tracking
- Assessment management
- Gamification
- Learning management
Integrations
- Hubspot CRM
- Salesforce
Customer support
You can reach our support team via email or phone.
Pricing
We have three pricing plans: Basic, Performance, and Enterprise. Details are available upon request.
Pros
- It’s based on machine learning
- It provides advanced analytics
- You can connect it with your CRM
- Easy to set up and configure
- Affordable pricing
- Excellent customer service
- Proven results
Cons
Some of the features are still developing
Request a demo to see how Wonderway works.
2. HubSpot Sales Hub
Sales Hub is an easy-to-use sales CRM that offers configure-price-quote (CPQ) functionality, sales engagement tools, and sales analytics for growing teams.
Sales reps can benefit from Sales Hub, which is built on the HubSpot CRM platform, where customer data, tools, and teams converge to generate a single source of truth for unprecedented sales rep performance.
Reps can use the entire CRM platform to gain richer insights, warmer leads, and aligned enablement materials that maximize their performance.
User Rating
G2 rated HubSpot sales hub 4.4 out of 5 based on 9,266 user reviews.
Who uses it
Computer software companies, information and technology services, marketing and advertising companies, and financial services use Sales Hub.
Features list
- Email templates
- Email tracking
- Document management and tracking
- Conversation intelligence
- Call tracking
- Sales automation
Integrations
- Linkedin Sales Pro
- Zoom
- Aircall
- Gmail suite products
- Mailchimp
Customer support
Depending on your plan, you can contact their 24/7 customer support via live chat, email, or phone.
Pricing
HubSpot Sales Hub has a free plan. The Starter plan costs $45 per month, the Professional $450 a month, and the Enterprise costs $1,200 monthly.
Pros
- Pre-built reports and trackers
- Ability to customize to get your forecasting, analytics, and insights
- Advanced integrations
- In-depth data tracking
Cons
- It doesn't integrate with Outreach
- Hard to implement (requires a dedicated person)
- The meetings tool has limited features
- Email templates lack some features and are hard to modify
3. Salesloft
Salesloft provides a sales engagement platform to help sellers and sales teams increase revenue. With the Modern Revenue Workspace, Salesloft gives sellers a single location to perform their digital sales activities, communicate with buyers, determine what's next, and gain coaching and insights to succeed.
User Rating
G2 rated Salesloft 4.5 out of 5 based on 3,096 user reviews.
Who uses it
Computer software companies, information technology and services, marketing and advertising companies use Salesloft.
Features list
- Call list management
- Call recording and tagging
- Contact management
- Archiving and retention
- Email management
- Email templates
Integrations
- Salesforce
- Linkedin Sales Navigator
- Fusion Funnel
- Gong.io
- Gmail
- DemandBase
Customer support
The help center is available via email, chat, and phone. You can also browse their knowledge base and FAQ base.
Pricing
The vendor doesn't provide pricing details. Neither a free trial nor a free version is available.
Pros
- Allows to create cadences
- Email tracking is very helpful
- Navigating through the software is easy
- The software automatically logs your actions: emails, calls, etc.
Cons
- The tool is sometimes a bit slow
- There are times when the whole program becomes unresponsive
- Occasionally, it misses to record some of the calls, or they show up after a long time, i.e., over a day.
4. Outreach
Outreach provides sales performance management software that helps companies increase productivity and improve customer engagement. The platform integrates conversation intelligence, sales engagement, and revenue intelligence.
User Rating
G2 rated Outreach 4.3 out of 5 based on 2,972 user reviews.
Who uses it
Computer software companies, information tech companies and services, internet companies, marketing, and advertising companies use Outreach.
Features list
- Real-time enablement
- Task management
- Email sequences
- AI-driven reports
- Meeting scheduler
- CRM synchronization
- Integrated sales dialer
Integrations
- Gmail
- Salesforce
- SFDC
- Vidyard
- CRM
- Hubspot
- Sendoso
- Drift
Customer support
You can find answers in their knowledge base or contact the support team via email or phone.
Pricing
The vendor doesn't provide pricing details.
Pros
- Building email templates is simple
- Very good search functionality
- Ability to share campaigns with peers across the organization
- Possibility to track open answer rates
Cons
- The calendar feature is a bit unstable
- Customer service is very poor
- The UI is messy
- The LinkedIn integrations are limited in general
- Bad quality calls
5. Groove
Groove is a sales performance management solution that increases revenue per sales representative across company departments. It helps sellers to reach peak performance by providing them with repeatable playbooks and AI-powered insights.
User Rating
G2 rated Groove 4.7 out of 5 based on 2,332 user reviews.
Who uses it
Computer software companies, information and technology services, marketing and advertising companies, education management companies, and financial services use Groove.
Features list
- Email, calendar, and activity tracking
- Campaign automation
- Workflow management
- Call logging
- Conversation intelligence
- Online meeting scheduler
- Revenue intelligence
Integrations
- Salesforce
- Google Workspace
- Microsoft 365
- LinkedIn Sales Navigator
- Highspot
- RevShoppe
- Seismic
Customer support
You can contact the support team via email or chat or browse their knowledge base.
Pricing
The vendor does not provide pricing details. Groove has a free trial.
Pros
- Allows integrating calls, texts, and emails into Salesforce
- The Flows feature is convenient
- Allows sending follow-up emails to a target set of contacts
- It keeps track of your interactions with prospects
- Simple to navigate
Cons
- Formatting issues happen with templates
- Generally slow and sometimes crashes
- The implementation process is complicated
Sales performance management software: Our verdict
There are many things to consider when choosing sales performance management software. You need to think about the kind of data you can store, the type of reports you need, and the support your software will provide. It's essential to do your research before making any decisions.
Sales performance management can help you generate valuable insights, and you need a great sales training platform to implement them.
Sales performance management software: FAQ
1. What is sales performance management software?
Sales performance management software is a tool that salespeople use to track and analyze their performances. It helps them identify problems with their sales activities to improve their sales results.
2. What is performance management CRM?
Performance management CRM is a software platform that helps you improve employee performance with data analysis. It can help identify areas for improvement, track progress toward goals, and provide insights into how employees perform.
3. How do you manage a sales rep's performance?
You can do several things to manage a sales rep’s performance.
You can provide training, as well as support, for your sales reps. It will help them develop and grow their skills and knowledge over time. It will also help them become more competent and confident in their roles.
You can also set clear goals for your sales reps. It will help them understand what you expect and enable them to measure their progress against these expectations.
Finally, you can communicate consistently with your sales representatives and conduct performance reviews regularly. It will allow you to see how they are performing and what areas they need to improve. Regular sales team performance reviews will help you monitor your sales team's success.
4. How do you track sales performance?
You can track sales performance in several ways, including using CRM software or manually logging sales data into a spreadsheet. Regardless of the chosen method, monitoring sales performance is critical in ensuring the business reaches its goals.
If you want to optimize sales performance quickly and effectively, consider using a good sales performance management software like Wonderway. Our technology is based on machine learning and helps you improve sales processes and reach sales success faster than you could expect.