Performance management software can help you to keep track of how your company is performing. One such system is sales performance management, abbreviated as SPM which is the practice of observing and managing staffs to improve their capability to sell services or products. This is a state-of-the-art subject of sales management that focuses on propelling more optimum sales performance and best practices.
Listed below are the five essential components of sales performance management:
- SPM Technology: next-generation Sales 2.0 tools that permit greater sales productivity
- SPM Optimization: incessant enhancement of sales efficiency and effectiveness
- SPM Strategy: communication, execution, methodology, , process
- SPM Metrics: extent of performance enhancements
- SPM Organization: employing, teaching, philosophy, construction and reimbursement
Mark Stiffler, the President and CEO of Optymyze states that sales performance management streamlines sales processes, increases productivity and drives desired sales behaviors so that the business can achieve the best results.
As per Mr. Stiffler, sales performance management tools can offer lots of benefits such as:
- Wrong sales predictions can be a real letdown for companies, which is why several modern sales tools are designed to prudently analyze statistics and to keep checks on downstream metrics. Together with these predictions, SPM tools can also monitor the act in order to add more meaning to its guesses. These types of tools can comprise features such as cutting-edge and pioneering algorithms that influence CRM analytics.
- The sales performance tools offer proficient sales training and inspiration, enabling teams to work in a team, co-ordinate through social teamwork in a more efficient and creative way, and enhance sales performance in the long run. A team that cooperates together and functions as one intelligent body can do miracles for the entire company.
- As rivalry amongst brands upsurges, it is important to be able to enhance sale reach. The SPM tools try to link companies to their target consumers and audience. Increasing sales cycles necessitate augmented competence and output in order to close a sale completely, and as such, possible buyers must be persuaded to buy. The SPM tools can help with the same.
Mr. Stiffler says that the best-in-class companies that apply SPM have threefold developed annual growth in revenue than trailing companies.
Mark has also been associated with Synygy as a founder and the company has been offering sales management services to product based companies. In his current company, Optymyze, the sales performance software authorizes business users to
- Deal with incentive compensation plans and all types of variable pay in the most efficient way to drive results
- Mechanize and handle all vital sales performance procedures, including territory management, quota setting, and sales coaching.
Thus, Sales Performance Management empowers organizations to melodramatically increase sales performance by better reimbursing, inspiring, and assessing sales representatives. SPM explanations create return on investment by automating relaxed and untrustworthy procedures, removing errors, creating limpidity for the sales force, and deliberately aligning business goals with sales behaviors.
Mark Stiffler has completed MBA from the Sloan School of Management at the Massachusetts Institute of Technology (MIT) and bachelor’s degree in Management Information Systems and Civil Engineering (Project Management) from Massachusetts Institute of Technology.