It is a common scenario in many trading environments for businesses to set monthly, quarterly and yearly targets in order to help sales staff maintain a consistently high level of performance. These targets provide sales teams with an incentive to drive more sales into the business and increase profitability. By monitoring target achievements, companies are able to identify if the performance of sales people and customers are as expected, highlighting when further investigation may be required to identify and remedy the reasons behind under performance or replicate what has exceeded expectations.
Although the benefits of setting targets is clear, businesses can often find it difficult to accurately compare targets to what has actually been achieved and correctly identify why sales performances aren’t as expected. Also comparing purely on sales values may not provide the full picture, while value targets may appear positive it may be hiding margin level that is not sustainable.
Another obstacle businesses can be faced with when trying to compare targets to actuals is that often the only way to view this information is to run a report. Due to the static nature results will be out of date very quickly, multiple reports may be required to analyse different date ranges and reports only highlight the headline figures, not the causes. This makes running reports unsuitable for managers and supervisors who may want to regularly check staff are on course to meet targets, compare against performance from previous periods, as well as evaluate the data at the end of the target period.
Should issues be highlighted, managers will want to be able to drill down further to identify the cause of the shortfall, has a product range not been selling, has the sales person not been contacting as many customers as expected or having meaningful discussions? With targets providing businesses with essential performance data from which sales strategies will be built, companies should ensure that comparisons to actual achieved is not only accurate but able to easily view at a glance.
How Quickly Do You Know About Customer Leakage?
Targets not only are important to ensure sales person performance is maintained but also to monitor customer performance against expectations. A customer whose actual spend is falling away from target can be an early indication of business being lost to competitors. By being able to keep a constant check on customer actual performance against targets managers are able to identify potential issues early, highlighting that further investigation is required to determine why targets are not being hit, have they started getting a particular item cheaper elsewhere, is there a problem with the sales person handling their account?
Accurate One-View Dynamic Comparison Of Targets And Sales Stats
Last month, OrderWise introduced a monumental new Business Intelligence module which enables users to revolutionise company performance. Using this module, companies can drill down into their business data, quickly identify issues, plug the source of leakage and highlight areas for improvement in order to unlock more sales. One of the key features of this fantastic module is the ability to set a variety of monthly targets for customers, territories and users over previous, current and future years. This target functionality provides businesses with the tools to develop achievable targets that can be positively monitored in order to maintain focus on consistently maximising future sales opportunities and increasing business profitability.
Now new functionality added in version 9.12 of OrderWise has enhanced this great feature, enabling users to pull these targets through to the relevant Business Intelligence screens for Account Managers, Sales Reps and Customers. These columns are named according to the targets they show, with Customer grids showing customer targets and user targets displaying for Account Managers and Sales Reps. Once brought through to the grid, whatever date range is being reviewed, targets for the corresponding months will be totalled in the case of sales value targets or averaged in the case of margin % targets to allow direct comparison to the data being viewed.
Capitalising on the power of the Business Intelligence module, users are then ideally placed to immediately drill down and fully investigate any variations that give cause for concern so the reason behind performance is identified and actioned.
With this new enhancement the power of the target functionality provided by OrderWise Business Intelligence is further extended, enabling users to quickly identify within a one-view grid which members of the sales team are performing highly and which staff need to increase their profitability in order to meet the goals set by the company.
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