Motivated sales reps consistently crush quotas, have higher close rates, and generate more revenue. But finding ways to motivate salespeople isn’t always easy. In this post we’ll explore seven unique ways you can use real-time data to engage and motivate your sales team.
First things first, what exactly is real-time data?
Real-time data is information that is collected and delivered instantly, with no delay. For sales teams this data might include number of dials, number of email outreaches, size of pipeline, total dollars closed, sales stats for teammates, etc. The great thing about real-time data is it allows salespeople unprecedented insights into their day-to-day sales activities, and those of their teammates.
Read on to learn new ways that you can use real-time data to motivate your team.
Using real-time data to host and fuel friendly sales competitions is a great way to motivate your sales reps. In fact, building gamification into your sales process can have a big impact on your bottom line. A survey completed by Salesforce indicates that 90.4% of sales leaders who implement gamification initiatives in their team see positive results on motivation. Of those surveyed, 71% indicated sales performance increases of 11%-50%. Other research indicates that 30% more first-year reps hit their quota when motivated by gamification tactics.
Real-time data allows sales leaders to set-up data-driven competitions between reps, or teams of reps. Real-time data visualization displays the status of the competition and can fuel motivation to win. When reps keep constant tabs on their progress and the status of their competitors, it makes everyone more motivated to sell. When creating sales competitions, teams are recommended. A team competition encourages teammates to collaborate and share best practices, meaning everyone wins.
2. Just-In-Time Sales Coaching
Research from The Corporate Executive Board Company indicates that reps who receive just three hours of coaching per month exceed their goals by 7%, boost revenue by 25%, and increase average close rate by 70%. Although most new reps receive rigorous sales training, studies show that up to 80% of sales training is lost in just a few months. For sales coaching to be effective, it needs to be done regularly.
This is where real-time data can make a big impact on your sales coaching efforts. Data visualization tools allow sales leaders to monitor and manage rep performance using key data insights. Using real-time insights on rep activity and outcomes, sales leaders can provide timely and relevant sales coaching. Immediate feedback has been shown to have a greater impact on sales performance than static sales training programs.
3. Goal Monitoring
Everyone knows goal-setting is a crucial component of any sales rep’s success. But, what’s underrated is the power of actively monitoring progress towards a goal on a consistent basis. A study done by Harvard University showed that people who set a goal, created a plan to achieve it, and then actively monitored adherence to that plan, performed 30% better than those who didn’t.
Real-time data makes it easier than ever before for reps to not only set goals, but also track progress towards those goals. When reps see the impact their day-to-day activities are having on their ability to meet their goal, motivation can increase tenfold.
4. Peer-to-Peer Recognition
Real-time sales data makes is easier for salespeople to display their outreach activities and achievements to others on the team. And a little public recognition can go a long way. Studies done by SHRM indicate that peer-to-peer recognition has a 35.7% higher impact on revenues than manager-only recognition. Making real-time sales activity data available to your team through leaderboards or other technology can help you capitalize on a rep’s desire for recognition.
5. Data Visualization
Perhaps one of the greatest benefits of real-time sales data is data visualization, or a rep’s ability to see a graphical representation of their sales activity and results. Real-time sales data visualizations allow reps to closely monitor their activity and performance of outreach efforts. This gives reps greater control over their sales output and can help them refine their strategy. When salespeople see themselves consistently improving over time, it’s a great source of motivation.
6. Engagement Tracking
Real-time data on prospect email outreach can have a huge impact on your team’s motivation. Research has shown that sales emails have a 2x higher ROI than than cold calling, networking or trade shows. The problem is, 44% of reps give up after just one follow-up email.This drop-off is primarily due to a lack of motivation. When reps send dozens, or hundreds, of email outreaches a day and get no responses it can become discouraging. Without seeing results from their actions morale falls, leading to a drop-off in follow-up emails. This leaves potential revenue in your sales pipeline untapped.
Real-time data can help you combat this leak in your pipeline. Offering real-time sales email insights, a.k.a. email tracking, for sales outreach can alleviate the demotivation that sometimes comes with sending sales emails. When reps are able to proactively manage their email outreach, and see, in real-time, when prospects are opening, reading, and clicking their email links, it’s motivating. Email tracking is simple to implement and can positively impact your team’s morale and email outreach strategy.
7. Save Time
The reason most people go into sales is to, well, sell. So when endless paperwork and data entry starts eating into their sales time it can become demotivating. Toutapp found that 71% of sales reps say they spend too much time on data entry. Not only is endless data entry a vibe killer for salespeople, the data created is less beneficial. Static data is not as useful as dynamic, real-time data in refining sales strategy. Real-time data alleviates the need for manual data entry and provides reps with the best, most relevant data to evaluate their sales performance.
- Using real-time data to implement gamification in your sales process can have a positive effect on motivation and increase revenue.
- Just-in-time sales coaching has a bigger impact on sales results than static coaching programs. Sales leaders should use real-time data to provide timely and relevant feedback.
- Tracking progress towards sales goals is just as important as goal-setting.
- Displaying real-time data in a team setting can help satisfy the need for peer-to-peer recognition and boost morale.
- Data visualization can help reps proactively refine their strategy over time.
- Using email tracking can boost morale and increase the impact of your sales team’s outreach efforts
- Real-time data can help your reps focus their time on what they do best, selling!
How can you start using real-time data with your sales team?
The easiest way to get started with real-time sales data is to implement a sales tool which includes real-time data functionality. Some examples of tools that can enhance your team with real-time data insights include gamification tools, email tracking with real-time engagement insights, or a CRM with real-time data.
Real-time data can not only help motivate your reps, but also improve your sales coaching and impact your bottomline. No matter which strategy you choose, leveraging data to enhance your sales efforts is a win-win.
About the Author
Carolyn is the marketing manager at RepIQ. RepIQ’s prospect database and lead generation tools help salespeople discover the right customers for their business.