Sales performance management (SPM) is the practice of training and overseeing employees to advance their sales results, processes and skills. SPM involves observing sales practices either with software or manually, drawing conclusions, comparing to metrics and then execute changes for motivating and advancement sales representatives to perform at the best of their abilities. SPM software typically includes feedback, goal setting and planning, performance review and skill development. SPM software can also be used to keep tabs on the information about territories, sales quotas, forecasting, job evaluation and incentive compensation. To improve sales performance management, one must need to maintain visibility into employee’s activity and have a crystal understanding of what their employees are doing. Furthermore, they must also be able to find out which employee activities can be enhanced, and again, what drive sales representatives to perform at best of their capabilities. SPM applies a more productive organizational structure, more advanced and focused strategies, rigorous metrics and next-generation technologies that are bench-marked to produce paramount results and offer continued competitive advantages to the company.
Increasing adoption of new sales performance management software by various prominent companies instead of traditional sales management is expected to drive the SPM market. As, SPM possesses multiple features that could help organizations to get the most out of their employee, which in turn improves the company sales. Key features of sales performance management include, “smart onboarding” that give new sales hires the resources and skills they need to become better contributors right away. Make partners and sales talent productive and generating money as promptly as possible. It also helps to guide them through the first few days with the information they need about the services, processes, products and organization. It could maximize the ROI of the organization for sales talent. Other features that SPM provides that could propel the company’s sales growth is analytical capabilities. It could help tap the company’s most definite source of customer data to decipher critical performance insights on channels, sales, customers and marketing to predict future performance drive change. It could exponentially improve the accuracy of sales forecasting.
The challenging factors for the sales performance management market are lack of awareness about the prevailing sales data security apprehensions, its benefits and positive impacts of the sales performance management market. However, the companies present in the sales performance management solution space are spreading awareness through the various webinars and free demos.
The advancement in the sales performance management solutions could bring novel opportunities for the sales performance management market. The sales performance management solution can be customized to suit the distinct needs of the users, and can be comfortably used to propel the greater levels of capabilities in enterprise applications such as human capital management (HCM), customer relationship management (CRM), e-commerce, enterprise resource planning (ERP) and social media using various sales performance management tools. The catalyst for various organizations to adopt the sales performance management include growing sales cycles, increased in the sales team churn, lack of calibration with marketing and inaccurate sales forecasts.
The sales performance management market is segmented on the basis of deployment type, solution, end-use industry, and region. On the basis of deployment type, the sales performance management market is segmented into on premise and cloud based deployment. The sales performance management market on the basis of solution is segmented into sales analytics, sales onboarding, sales training, sales incentives & communications, coaching & appraisals and others. Furthermore, on the basis of end-use industry the sales performance management market is classified as automotive, communications, financial services. Geographically, the sales performance management market is segmented into Europe, North America, Middle East & Africa, Asia-pacific and South America. North America and Europe regions are expected to lead due to the growing adoption of the sales performance management solutions by various prominent companies. The Asia Pacific region is expected to grow due to the increasing competition amongst various organizations as a result of booming economy, which makes more companies to adopt this solution.
Some of the key players in sales performance management market are InsightSquared, Callidus Software Inc., Xactly Corp, IBM Corporation, Oracle Corporation, Salesforce.Com Inc., Synygy, Nice Systems Ltd., SAP S.E and others.
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