Implementing Analytics is a lot like making pizza. The end result is fabulous, a very yummy pizza with our favorite toppings. But how we make that pizza, can vary quite wildly. Even the ingredients we use can vary as do the toppings.
If the goal is our favorite yummy pizza, businesses have the goal of building an analytics program which represents their business model and their strategy. These Key Performance Indicators (KPIs) can vary wildly, even for businesses operating in a similar market. The KPIs are our toppings. Pepperoni for some and others avoid the anchovies.
How we support those KPIs can be vary as well. What type of dough do you like? Do you make the dough from scratch or buy a premade dough? What do we add to the dough for interest? Basil? The dough is our technology stack. You can build something completely custom with anjular.js and d3.js or you can buy something off the shelf, like Google Data Studio or implement Alteryx and Tableau. There are no right or wrong answers, just the best decision for the needs of your business. Low-budget frozen pizza to high-end gourmet pizza cooked in a pizza oven, the flavors vary.
The best advice I can give is to consider the sustainability of any stack before implementing. Knowing the complexity and amount of data will ever increase is crucial. Being able to modify reports and deploy new ones fast is key to success. Don’t forget KPIs can evolve as well and need to be reviewed regularly.
Happy Pizza Making! Er… happy analytics developing?
For a bit more than the last decade, my career has focused on data and data visualization within sales, marketing and finance. From understanding data architecture and database design to deploying insightful and effective reports to teams across the organization, I have come to appreciate the profound role data plays in today’s highly competitive marketplace.
Understanding how to use data and integrating it into one’s daily routine is a challenge for many. As I reflect back on my career and the challenges for sales reps and analysts ahead, I chose to shift gears and focus on sharing my experiences with a greater audience.
With the purpose of sharing my skills, I created Saalun. Saalun is short for Sales Analytics University. The subscription based service is geared toward sales reps and analysts. While sales leadership can also benefit, the product is to help reps get the training they need without relying upon corporate leadership to provide it.
While we are just launching an early preview, we will open the doors in Q4’17 with content, newsletters, webinars and podcasts. Head over to our site and signup for notifications, early previews, and the latest news on this exciting project.
Sales Compensation is not easy. Throughout my career, I have seen plans which break the sales budget to plans which do are insulting to the rep as they pay too little for a lot of work. I refer to sales compensation programs as a form of art which requires a bit of science.
Science is pretty easy as it is understanding how your team should be selling your product and how it translates to the pipeline and corporate goals. This understanding translates to key performance indicators (KPIs) which one can use to monitor rep performance and team performance.
The art plays in as you develop the actual plan and which KPIs enter that plan. Average Deal Size, Number of Meetings, or Conference Attendees may not necessarily be the best indicators of sales. With a mix straight sales revenue compensation (say 2%) and additional kickers and bonuses, the art of using plan structure for influencing rep behavior can take trial and error to get right.
Finally, the best compensation programs leverage transparency, reporting, and recognition. This is plan implementation where making sure the rep understands their KPI progress and how it translates to their paycheck. Regular reporting and team leaderboard distribution are essential, motivating and drive revenue. A proactive analytics program can ease the calculation and payout of compensation at the end of the quarter.
As a specialist in the field, I encourage you to follow Spiral Analytics, my consulting firm dedicated to sales team optimization and small business promotion. Follow us on Facebook