Be it your sales team or any other, team morale depends on how you set goals. It must be relevant and should be humane. In this article at BMS Performance, know how to improve sales team morale by setting healthier goals.
When Goals Influence Sales Team Morale
Popular metrics for sales team are present in project management, CRM, and pipeline management tools. They are calls (26%), wins (23%), opportunities created (19%), emails sent (8%), and meetings (8%). Cost per acquisition and client engagement are two trackable metrics that come in handy. However, you should not depend on KPIs or metrics a lot. They might be too literal at times, so companies are measuring Objectives and Key Results (OKRs) alongside to stay sane.
Either Train or Let Go:
KPIs and metrics are designed to point out performance lags. However, companies invest in training only when employees come up to them or when they fail to meet goals. So, training becomes more of a repair mechanism rather than a career growth activity. When you set healthier goals for the sales team, you can identify improvement areas and act proactively rather than reactively. Create a KPI to know how many training sessions the sales team needs attending per quarter to maintain skill relevance.
However, if the performance of some of the sales team members is not getting after repeated training, let them go. While being an empathetic leader is good, you must look at the overall performance of the team. In the UK, the employee turnover rate is 15.5%, so you are not alone. Ensure that you have a candidate pipeline ready before you start firing the underperformers.
A good hike and an annual reward can be good incentives to up sales team performance, but you should aim higher. Using stretch targets can work but not always. You cannot blame employees for not achieving something that is not their core job roles or goals. Similarly, reward employees as per the reward types they prefer—awards or cash. If you can increase the retention rate by 5%, it can improve profitability by 25% to 85%.
To view the original article in full, click on the following link: https://bmsperformance.com/blog/sales/tips-to-set-smarter-sales-goals-for-your-team/